Covid-19 has forced many businesses to conduct daily operations online, including accounting and finance. A cloud based system can improve collaboration and efficiencies in financial and accounting consolidation, reporting and teamwork.
There are different types of subscription-based Software as a Service (SaaS) for accounting, such as QuickBooks Online, SlickPie, Sage 50, Zero and Kashoo. A company can select the most fitting software based on its own needs.
The cloud-based system platform has made software and data accessible online anywhere, anytime, and from any device. Accounting, bookkeeping and financial reporting are freed up from being tied up with a particular system, a hard drive or a computer. All you need is a browser and an internet connection. Cloud accounting software is the new norm, particularly during the Pandemic lockdown.
Most businesses are switching over to cloud accounting to make business operations and financial information management easier, faster, and better, since your finances will be continually updated with the most current information.
Convenient access to financial information by team members
Online accounting can put together all financial data by linking to bank accounts, credit card accounts and a system of adds-on. It enables online access to bookkeepers and accountants in an easy and safe manner. It is inexpensive, scalable and some of them, like QuickBooks Online, have excellent customer support.
You can control employee access regarding payroll without providing them access to your official bank accounts.
Cloud software improves teamwork efficiency by timely sharing of data with all stakeholders. No need to send separate e-mails or use USB sticks to share information. Team members can collaborate no matter where their locations are, as long as there is internet. CEOs and business owners can check the financial health of their companies while simultaneously their accountants reconcile a bank statement or create an invoice.
Better Security and Automatic Backup on a cloud-based system
Most small or mid sized companies do not have multiple levels of security to protect both the software and data that are used by a data center. A data center that runs the cloud accounting software usually has substantially better security than most businesses.
Additionally, the cloud vendors are responsible for system backups. Your data is often stored in multiple data centers at various locations. This can protect businesses from loss of data due to accidents, virus or thefts.
Other benefits for using cloud-based system based accounting SasS:
- Freedom to switch, no upfront purchases – Subscription based business model by accounting SasS does not require buying servers or software. If you are not happy with one cloud based software, you can leave for a better fit.
- All Platforms – Windows or Mac, it simply doesn’t matter. Cloud accounting applications are delivered via a web browser that can be accessed with cell phones, tablets, laptops, desktops and other devices.
- No need for multiple data files – cloud software is a centralized database where only one data file will suffice.
- You can work both offline and online – In case there is no internet and you work offline, your data will sync automatically the next time you connect to the internet.
- No need to worry about updates – It is the duty of the cloud accounting vendors to maintain the software and install the updates.
A2ZCFO, both the Right and Left Arms for your organization
A2ZCFO takes pride in helping small business owners prepare for either storms or calm weather, and navigate safely through rough waters like Covid-19 Pandemic. As a consulting CFO, I help business owners and management to “keep your ship on course.”
- We help with any aspect of financial management from A to Z.
- By providing trusted financial advice, I create financial and goal clarity, resulting in increases in cash, profitability and sales all the while preparing the business strategically for a successful exit when the time is right.
- Works at client’s location and directly with client’s staff;
- Affordable and flexibility in hours – 4 hours a month to short term full time assignment;
- Excels at messy and difficult clean up situations;
- Meaningful financial reporting for management, bankers, and CPA’s. Tax returns completed by 4/15;
- Cradle to grave services – from bootstrapped startups to exit transition service experience.
Please call me (925) 216-5058 or email: rolf@a2zCFO.com
A2Z CFO, we keep your ship on course.