In the current times, with the COVID-19 pandemic ravaging across the world and disrupting the economy, businesses are brainstorming ways to keep up. Cloud-based accounting software is one of the best tools providing modern businesses with solutions to weather the pandemic storm.
Even before the COVID-19 pandemic, businesses have started to move their accounting process to the cloud. But the urgent shift from office work to working from home has made the shift to cloud-based accounting software even more important.
That being said, there might be some businesses that are still pondering if cloud accounting is the right option for them. In this post, we’ll be discussing the importance of using them during a pandemic and why you should make the transition.
1. Enhanced Security
Cloud accounting provides an extra layer of security. The applications and documents integrated into the system are supervised closely in real-time to forestall any unauthorised access.
During the COVID-19 pandemic, businesses have seen increased cyber-attacks. Because of this, businesses are looking for ways to increase their security.
Many accounting software has two- and three-factor authentication systems to keep data highly protected. Users that have their documents stored on these platforms can be guaranteed that their information will not be compromised or missing due to theft or fire outbreaks. The only people who will have access are those authorised by the company.
2. Ease of Use
Using cloud accounting is easy. The software is managed by a service provider. This eliminates the need for the IT team to spend their time fixing bugs or updating the software.
Team members do not need to worry about how to access the information. Because the data is centralised online, they can access it virtually, from anywhere and on any compatible device.
It reduces the amount of stressful paperwork that used to be necessary and manages any business’s financials with a seamless, convenient, and efficient process.
3. Integrated Business Applications
Integrating various business applications makes running a business a smooth process, especially during a pandemic. Cloud accounting readily and easily integrates with myriad business applications to ensure that financials are effectively managed and cash flow is maintained.
Some of the applications that accounting software easily integrates with point-of-sale (POS), inventory management, payment management, receipt management, and document collection and management. With all these aspects of your business working together, it becomes simple to keep on top of everything at a glance.
4. Long-term Data Backup
In the traditional accounting method, financial documents are stored in filing cabinets. Preserving them for many years can be tedious cost a lot of money. Cloud accounting tackles the challenges that come with ‘paper accounting’.
With cloud accounting, document storage is done on cloud platforms. This takes away the task of an IT team to back up accounting documents on paper. The information can be accessed at any time without fear of any disorganisation or damage.
Any changes made to stored documents can be updated to the cloud platform automatically or at regular intervals.
5. Data is Easily Accessible
A team needs to be in steady contact to keep up with tasks and changes. In a pandemic, where most businesses are closed down in adherence to lockdown rules and team members are working from home, they need to communicate with each other.
Cloud-based accounting software creates a room where team members can collaborate without being in the same physical location. Regardless of location, members can log in to access data and enhance workflow. Team members can continue to perform their usual tasks and ensure that the business is operational.
6. Saves Money
One of the significant benefits for your business is that it saves money. Invoices can be processed and stored digitally. Since they are stored online, it reduces the cost and time of printing.
COVID-19 has made business management more challenging. Moving your accounting processes over to the cloud is a necessity for your business today to keep up in these changing times.
Good and easy accounting software for businesses can help you manage your business financials. When choosing the right cloud-based accounting software for your business, ensure it has features to enable team members to communicate, save printing money, access data easily from anywhere, store information securely, and store accounting documents for as long as possible.
If you don’t take advantage of accounting software now, your business is likely to be far behind. Capitalise on it today and grow your business during the pandemic. For more information, feel free to get in touch with us.