Top 5 Benefits of Cloud Computing for Accountants

The world of accountancy has welcomed new innovations and technology within the last few decades, with each addition making the lives of professionals in this field a little easier. Many ‘traditional’ work methods no longer exist due to the introduction of enhanced tools and techniques. Read on to find out how cloud computing has changed the world of accountancy for the better and why you should be taking advantage of this.

Why is cloud computing beneficial? 

If you like the sound of flexible and remote work access, faster loading, reduced IT costs, data security and greater productivity, your organisation needs cloud computing. There are a variety of cloud computing platforms, meaning you only pay for what you use, based on the needs of your firm. As you are essentially ‘renting’ infrastructure, you don’t have to hire large IT teams as cloud computing will take care of all your tech needs and is hugely popular! According to the International Data Corporation (IDC), over a third of all tech expenditure is used for cloud services, whilst in-house IT investment is reducing.

Top 5 benefits of cloud computing

Real-time analytics

With cloud computing technology, you’re no longer required to haul all your paperwork with you, instead you can view everything you need remotely, on any device, via the cloud, as long as you have an internet connection. You can now easily keep track of all areas of your business and receive timely information, giving you the ability to make better and faster business decisions.

Remote teamwork

If you’re part of a larger organisation, your team members may be based in different locations. Cloud computing allows for remote teamwork collaboration, meaning uploaded documents can be viewed by several colleagues to work on – gone are the days when you’d have to add multiple attachments to emails – saving you time to focus on more important tasks.

This also means that you can reduce business travel as important work can be shared with clients via cloud accounting, so you no longer have to leave your workspace just to get a signature/receipt.

Enhanced security

As tech providers regularly conduct back-ups, you can be sure that your client information is safe with cloud computing preventing system failures. All your data will also be encrypted and password protected.   

Automated admin

Many bookkeepers and accountants typically carry out repetitive, manual tasks which can take up time. With cloud computing, this work can be automated, including changes to financial documents, reducing any human error.

Immediate upgrades

Cloud computing technology updates itself so you don’t need to worry about using outdated software and hardware nor systems maintenance. If you decide that a particular update is not to your liking, that’s fine as you can choose to opt-out and you’ll be warned in advance of any new features. Technical support is available anytime you need it and cloud computing providers are able to assist you very quickly.

The cloud is the future! In order to remain ahead of your competitors, whatever your business size, the adoption of this technology is a must and the benefits far outweigh the costs.