When it comes to accounting and bookkeeping, cloud computing has a long way to go! With recent changes in the work environment and the benefits that cloud accounting offers, many businesses are opting for this option for increasing efficiency and improving connecting with clients.
What is Cloud Computing?
Cloud computing is a tool which gives easy access to data with and when connected to the internet. The data here is stored on the cloud and not in devices, providing easy access anywhere at any time. There are four main functions of cloud computing,
- Cloud Storage- Saves and syncs file from the attached devices.
- Cloud Backup- Backs up and uploads data on the cloud to avoid data loss.
- Cloud Hosting- Allows hosting services like application hosting, email hosting, data storage, etc.
- Software as Services (SaaS)- Provides services for applications like QuickBooks online, office 365, etc. using the web.
Benefits of Using Cloud Accounting
Migrating your accounting data to a cloud platform can offer your business a lot of benefits, some of which are stated below.
- Reduction in Operation Costs: Opting for a cloud accounting software such as Xero, QuickBooks, etc. can help your business in reducing the overall costs, as it stores data on cloud rather than in devices, which increases the efficiency of accountants resulting in more benefits.
- Storage Capacity: The chances of storing capacities getting overloaded are high in traditional accounting, especially now when more businesses are opting for Work from Home. In such scenarios, it can prove to be a boon.
- Multi-region Infrastructure: When a business is operating from more than one geographic region, it becomes hard to coordinate and manage various accounting functions, but that’s not the case with cloud accounting and the automation benefits it provides.
- Easy Access, Tracking and Updating: lets businesses use, track and access their cloud platform anytime as per their convenience. So, even if you are travelling, you can access your data on your devices like a laptop or even on a smartphone. Also, the automation process takes care of regularly updating the system and eliminates the need to do it manually.
- Benefits for Regulatory Requirements: In many nations like the U.K, cloud computing has become a mandate. As per “Making Tax Digital Initiative” by HMRC, all businesses having £85,000 or more as a VAT threshold have to keep records digitally and submit them online. Thus, cloud accounting can be really helpful in such mandates to ease the issue and usage.
How to Make the Move to Cloud Accounting?
Migrating to cloud accounting is not that tough a task, especially with the help of outsourcing accounting and migrating service providers like Meru Accounting. We follow a systematic procedure to ensure a smooth transition and functioning.
- Choosing a Cloud Accounting Platform: There are many cloud accounting software available in the market, and choosing the right one is crucial. Thus, we help you identify what are the requirements of your business, which software will suit your client base the best, which one would help you enhance client relationships and more.
- Set Up the System: Setting up the process for the first time can be a task. We help businesses run a rain check on their needs and program the set-up accordingly so that it can yield the best outcome. There are a bunch of features that a cloud platform provides, but not all are required for a business, thus choosing the right set of features for your business and your client becomes essential, and we proudly call ourself a pioneer in aiding businesses with the same.
- The Real Migration Process: This process is all about the technicalities of shifting traditional accounting to cloud accounting. It requires meticulousness as it involves data transfer, and losing data is the last thing that any business would want. We at Meru Accounting have more than a decade of experience in cloud accounting and migration, thus these issues get eliminated when you opt for us.
Cloud Accounting comes with many benefits, but choosing the right cloud accounting platform is equally important. But the good news is you don’t have to go through this lengthy process on your own as Meru Accounting is here to help you. To know more, get in touch with us now!
