When using cloud accounting software, users can access data from anywhere with an internet connection. With the world becoming more mobile, this allows users to work from anywhere. They are no longer tied to their work computer. It allows for tremendous flexibility for small and large enterprises. Teams from around the world can access data and information as if they were all in the same building. You can invite your bookkeeper, accountant or anyone you work with to access the data and you can also limit what they view and do in the software.

Sharing data is also easier. With cloud accounting, users simply need access rights to the same system with their unique passwords. This process removes the need of emailing large files or sharing via flash drive.

Cloud accounting typically delivers a similarly secure method of storing data as traditional accounting software. Sometimes, it is even more secure. Remote servers have robust security protocols. If one laptop or tablet is lost or stolen, having remote storage rather than storage on the device will most likely keep the information safe from breach. Stolen laptops are still a top cause of breaches with multiple scenarios occurring on a regular basis. It’s easier to steal a laptop with a spreadsheet of data than it is to hack a server.

Cloud accounting removes much of this threat, as users must log into cloud accounting software to access data. No data remains on the device, as it would in traditional storage.

Companies that use cloud accounting software benefit from many upfront cost savings. Capital investment is minimal since no servers are at your location. Infrastructure is one of the largest costs associated with storing and managing data.

Cloud accounting software also means you need less IT staff, as there are no servers to maintain in-house. Less labour costs can mean significant savings.

Labour and equipment savings provide the bulk of savings. You can also consider the overall cost of keeping your company running. Without servers on site, you should use less energy.

Cloud accounting is using an accounting system that's accessed through the internet.

Some accounting systems sit on just one computer. These are called 'desktop accounting systems'. Because cloud accounting systems are internet-based, you can access your records anywhere and on any device that has an internet connection using an app or web browser.

The main cloud based system I use is Xero, this is why:

Work seamlessly from anywhere, on any device – pc, tablet, ipad or smartphone.

Create branded invoices and quotes and email on the go.

Connect to you bank, credit card and payroll allowing you to reconcile easily.

Keep data safe and secure.

Connect directly to your bookkeeper/accountant.

Easy to use and save time maintaining your accounting data.

VAT and Payroll Auto Enrolment compliant.