Businesses need to find new ways of working smarter and faster. Cloud accounting software is the best way to streamline your finances and boost productivity. Working in the cloud will give you an overview of your finances that is unmatched by traditional bookkeeping and accounting methods.
What is cloud accounting?
Cloud accounting (or online accounting) is a web-based accounting software application where the data is stored in “the cloud” where it is processed and returned to the user.
The software application allows all of the same functionality as desktop accounting except it can be accessed by other users via the internet. This means a company no longer needs to install and set up software on individual computers because the software itself is accessed via an internet web browser – and everyone in the company can access the cloud on their own devices.
Access your accounts anywhere
Cloud accounting eliminates the need for having an office-based computer. You have access to your business numbers 24/7, from any location as long as you have internet access. All you need to do is log in via a web browser, or use your software’s mobile app to access accounts from your phone or tablet.
A complete up-to-date overview of your numbers
When your data lives in the cloud, you can get an up-to-date overview of your current financial position at any time. Instead of looking at historical reports that are days, weeks, or even months out of date, you have real-time reporting, analytics and an overview of your finances. This information is vital when planning future spending and making strategic decisions as a management team.
Convenient and secure data sharing
Cloud-based accounting allows you to easily grant remote teams and branches access to your accounts. There’s no need for hard drives, USB sticks or sending emails back and forth. Your team and advisers have convenient and secure access to all your financial data whenever they need it.
As a business owner, you may be concerned about the security and data privacy of keeping your data online. Rest assured the cloud is one of the most secure ways to store information. For example, using cloud software, if your laptop is stolen, or you lose your USB stick, no one can access your data unless they have login access to your account.
Your data lives online on secure servers – as opposed to tangible storage devices. This means all data is backed up and retrievable should any unexpected disasters or events occur.
In addition to this, software providers acknowledge their responsibility in maintaining the security and privacy of their customer’s data. That’s why they spend a significant amount of time and resources to ensure their servers maintain a world-class level of security and integrity – more than what their customers could achieve themselves. If you use online banking, then you’re already primed to use cloud accounting.
Work smarter with accessible, real-time data
Thousands of businesses are familiar with the Xero accounting software already. We chose to partner with Xero in 2011 to provide businesses with a smarter way to manage their accounting and finances on a platform that’s already a leader in the cloud accounting space.
Our specialisation in single-touch payroll systems, migration services, and overall advisory services makes us the perfect Xero partner for businesses.
Lucent Advisory is here to help with the establishment and ongoing support of your Xero account.
We understand the switch to a new accounting program can be a daunting one, our team is with you every step of the way. Get in touch with us today.