7 March 2022

The cloud is king in the accounting world. For businesses owners, there is a vast range of software and applications to choose from.

The beauty of cloud accounting software is that it can be accessed anywhere with an internet connection across all your devices.

Good accounting software can be critical for business leaders. It makes it easier to handle company data and understand how your business performs in real-time.

This empowers you to work with your accountant to make effective decisions quickly and confidently.

Here are some areas where you can do more with accounts software:

Controlling budgets

Planning and controlling spending are essential areas for business success. Successfully implemented software can help your business grow by allowing you to allocate your budget to specific business areas that make you the most money.

Once budgets are allocated, your teams can record spending easily, so you can always see if you are on track or overspending in less profitable areas.

Multi-user access

Using traditional accounting software can be expensive, confusing, and time-consuming to upgrade. Comparatively, most cloud accounting platforms update automatically for free and under most licenses, giving you multi-user access without the need to install expensive software across numerous computers and devices.

Multi-user access aids collaboration across your teams and advisors, allowing your accountant to access your data in real-time. You can receive insights that help your business thrive and grow or warn you of potential risks on the horizon.

Staff access to the software and security

You may not want everyone to see everything, which is why you can grant different levels of access to various people within your organisation.

The cloud is the most secure way to store information, thanks to the sophisticated encryption used by many platforms’ servers.

This means that no one can access your data without a login to the online account and permission to view the information saved there.

There is an app for that!

The growth in cloud accounting platforms has been outpaced by the incredible number of connected apps that support the main functions of cloud accounting by helping with analysis and automation.

There is almost an app for everything when it comes to cloud accounting. These provide you with the tools to achieve incredible things.

Recently, the focus on cloud accounting is due to its essential compliance role in Making Tax Digitial. However, there are many additional benefits on offer for business owners.