Why Should You Use Cloud Based Accounting For Your Business

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Cloud Based Accounting
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Why Should You Use Cloud Based Accounting For
Your Business

• In the span of a few years, cloud technology has
  made a significant impact across all sectors.
• It has brought increased efficiency, innovation
  and productivity to numerous industries
  especially finance.
• Many cloud accounting software has emerged that
  simplify the accounting of a business.

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• Unlike the on-premise accounting system, a cloud
  based accounting solution is hosted on remote
  servers enabling you to access it through the
  internet.
• The business and financial data can be sent to
  the cloud, where it will be processed and
  returned when required.
• Cloud accounting enables businesses to get
  real-time visibility into internal operations and
  automate financial processes.

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Cloud-based Vs Traditional accounting

• There are some key differences between cloud
  accounting and traditional accounting methods.
  Cloud accounting is more flexible and allows
  anyone who has access to the cloud account to get
  real-time data from any device and location.
• Whereas, in traditional accounting, you need a
  specific computer to run the software hosted
  locally. Since these are handled manually, it
  takes time, and the users should use the same
  computer to access the software that is installed
  to handle the accounting.

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The change begins with cloud accounting

• It has been rightly said that time is money in a
  business world, and it does well with the
  accountants who act as the companys backbone.
• With cloud accounting, many things have been
  simplified, and it helps in knowing the important
  information easily, which empowers the
  accountants to increase the efficiency.

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What are the benefits of opting for cloud
accounting to your company?

• The cloud accounting software encompasses many
  solutions which are specially designed to serve a
  number of accounting or bookkeeping functions.
• For instance, Xero is cloud based accounting
  software, whereas Expensify is a cloud-based
  solution that helps manage employee expenses.

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Here are some of the benefits which your business
can get with cloud accounting

• Ability to automate manual accounting and
  bookkeeping processes
• Ability of data to be accessed regardless of the
  device or location
• Ability of the data to be updated in real-time
• Ability to easily scale up to meet the growing
  business needs
• Ability to facilitate the paperless environment
• Ability to provide automatic updates
• Ability to reduce the costs

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Is cloud based accounting secure?

• With the sensitivity of the data associated with
  the cloud computing applications, security is the
  top concern in the cloud accounting space.
• Compared to traditional accounting with software
  that could be compromised if the companys
  computer is stolen, damaged or lost, the cloud
  accounting software has many security advantages.

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What kind of cloud accounting software does your
company need?

• Quickbooks Online and Xero are the popular cloud
  accounting software.
• The key benefit of cloud accounting applications
  is that you can build the accounting software
  stack to suit the business needs better and
  improve the efficiency of the workflows.
• The cloud accounting software is often available
  for purchase as a Software as a Service (SaaS)
  subscription model.

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VISIT

• https//www.freecashflow.io/