While finance might not be your strong suit, it’s important that as a business owner, you have good understanding of how your company is performing. Whether you’ve just launched a new company or you’ve been in business for a while, cloud accounting can streamline operations, reduce costs, and increase profitability, all while painting an accurate picture of your company’s growth potential.
If you’re not using cloud accounting yet, now might be the time to switch. To help you get started, we’ve put together some of the most frequently asked questions related to cloud accounting:
Cloud accounting, also referred to as online accounting or web-based accounting, leverages the power of cloud computing to revolutionize the way businesses manage their financial processes. In essence, it involves using internet-based software and storage solutions hosted on remote servers to store, process, and analyze financial data.
With traditional accounting, financial data is typically stored locally, making it challenging to access and update in real-time, especially for businesses with multiple locations or remote teams. In contrast, cloud accounting allows users to access their financial information anytime, anywhere, using any device with an internet connection. This accessibility empowers businesses to make informed decisions based on the most up-to-date financial data, leading to improved agility and responsiveness in today’s fast-paced business environment.
From improved accuracy and efficiency to real-time insights, cloud accounting is a great way to set your business up for success. Keep track of business expenses, reduce risk of error in tax calculations, and scale your operations impressively with one of the most cost-effective and streamlined ways to manage your business’ finances.
Here are some of the ways cloud accounting can benefit your business:
While accounting errors do happen from time to time, the chances of them happening can be greatly reduced by automating manual, error-prone, and labor-intensive processes.
Not only does this automation improve your accounting systems’ accuracy, but it also makes them faster and more efficient. The sooner your systems are able to process and manage your accounting data, the sooner you can act on them.
Cloud accounting makes it quick and easy to consolidate and validate your accounting data, making it much easier to compile the information you need to file a successful remittance and stay compliant with the CRA.
Cloud-based accounting software is much more accessible and flexible, enabling users to access and view data from anywhere at any time with only an internet connection.
When you store and work on your accounts in the cloud, you can integrate your financial management system with a range of other business add-ons or apps to transform the way you work and boost your business’ performance and growth potential.
By spending less time number crunching and more time analyzing the data in your cloud accounting ecosystem, your accountant can uncover insights into how your business is performing, find potential savings and growth opportunities, and evolve strategic plans.
The cloud’s scalability makes it easy to grow with your business. You can start small with basic services, slowly expanding as your company grows using the cloud for more features and capabilities.
Yes, cloud accounting software providers use encryption to rewrite your information into a secure code to safely send and store your data in the cloud. Cloud solutions use the same type of security used to make financial data and online banking safe.
Yes, cloud accounting software allows multiple users to access and collaborate on financial data simultaneously. This feature facilitates real-time collaboration, streamlines workflows, and enables team members or accountants to work together efficiently, regardless of their physical location.
The cost of cloud accounting is primarily influenced by the selected features and the number of users. The price of a business’s cloud accounting solution will increase as its needs grow and change, but the value that the software is able to provide also rises as it enables your team to stay on top of increasingly complex processes.
Although cloud accounting can automate some of the data entry and number crunching tasks your accountant may currently handle, it’s not designed to replace your accountant entirely. It’s best to think of cloud accounting as a way to get the most out of your relationship with your accountant. The software is able to handle repetitive tasks like expense tracking customer invoicing, and revenue recognition, allowing your accountant to spend more time analyzing data and offering advice to help you make the best decisions.
Yes, seamless integrations between your cloud-based accounting software and popular add-ons or apps can save time, reduce errors, increase productivity, and make it easier to develop insights that will help your company grow.
Cloud accounting with Grant Thornton gives you the benefits of a cloud accounting solution combined with the strategic advice of an experienced advisor. We don’t just suggest industry-leading cloud accounting solutions, we suggest solutions tailored to the needs of your business. Best of all, our service frees you up from time-consuming tasks, so you can have your evenings and weekends back. Contact us today to learn how we can help your business grow better.
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