What is Cloud Accounting?

Cloud accounting is a popular software that helps us manage financial record-keeping and other important accounting and bookkeeping duties.

Cloud accounting solutions are currently taking the lead compared to traditional accounting methods, but why? Discover more in today’s blog, where we will look into everything you need to know about cloud accounting and where you can find a cloud accounting specialist to help you manage your finances.

Understanding Cloud Accounting and How It Can Benefit Your Business

Cloud accounting is a smarter and more modern approach to traditional accounting. With cloud accounting, you can access your financial data anytime, anywhere, as long as you have an internet connection. Cloud accounting allows you to manage your business finances far more easily, especially for growing companies.

This form of accountancy works by securely storing your data on an online database, rather than a local computer or server. Our data is hosted on remote servers and automatically backed up, which means you never have to worry about losing information or handling software installations.

Cloud accounting lets you complete a range of tasks, including some of the following:

• Bookkeeping and general financial record-keeping
• Expense tracking
• Financial reporting
• Reconciliation
• Managing invoice

Additionally, cloud accounting lets you work alongside your trusted accountant – you’ll both have access to your accounts, saving time on either side by avoiding back-and-forth emails or phone calls.

What’s The Difference Between Traditional Accounting Software and Cloud Accounting Software?

There are several key differences between traditional desktop accounting systems and cloud accounting. Let’s take a look at what sets the two apart and why cloud accounting is typically used more often:

Traditional Accounting

Traditional accounting restricts flexibility as it is tied to a single computer; this is a major limitation, especially for modern businesses with remote teams. This makes it difficult for team members to access financial data or collaborate in real-time.

Older systems also lack security and advanced protection, especially with new technology that can break into your systems. Modern software can protect itself from this problem.

With traditional accounting software, updates must be carried out manually, which is time-consuming and can leave your system outdated when updates are missed. Traditional accounting software is also expensive and doesn’t offer much value for money.

Cloud Accounting

Cloud accounting offers instant access to all of your financial data. With cloud accounting, your financial information is always up-to-date and accessible whenever you need it, whether you’re in the office, at home, or on the go.

Cloud accounting platforms offer a variety of plans so that you can choose an option that works best for your business and its size. You can then tailor your plan and choose features which fit your needs.

Cloud software uses advanced encryption and automatic backups to protect your data and your clients’ sensitive financial information. So you never have to worry about a security breach.

Cloud accounting often has lower upfront costs and reduces the need for IT support and manual updates. A report by Xero found that 75% of cloud users saw an increase in profits, compared to just 54% of those using traditional methods.

Cloud accounting is flexible, secure, smart and fits in perfectly with new modern-day technology.

Key Benefits of Cloud Accounting

There are numerous benefits to using cloud accounting. Cloud accounting has helped companies across the globe and offers many advantages. The main benefits of cloud-based accounting include:

• Access to key information in real-time
• Access to accounts anywhere
• Up-to-date technology
• Ability to connect to your business bank accounts
• Enhanced data security
• Cost-effective
• Reduced paperwork
• Better control of financial processes
• Increased collaboration
• Fewer administrative tasks
• Ensures compliance
• Scalability

Regardless of your company’s size, cloud accounting software will provide some great advantages. It allows for easy collaboration between different parties, including yourself, team members within your business, accountants, and financial advisers, to name a few.

Cloud Accounting With DH Business Support

At DH Business Support, we believe that the right tools should be used to ensure success in your business. We offer cloud accounting services to clients, helping businesses across the UK manage and grow their finances.

Say goodbye to traditional spreadsheets and say hello to a modern, streamlined accounting alternative – utilise our Cloud Accounting services today.

Transitioning to cloud accounting comes with many perks, helping businesses simplify their financial processes. Cloud accounting offers scalability, allowing you to easily adapt as your business continues to grow.

As your trusted cloud accounting providers, we offer:

• Cloud accounting software setup
• Accountancy services
• Bookkeeping services
• Financial reports and analysis
• Payroll management

Among these services, we will also manage your accounts, ensure compliance with tax regulations, and offer support and guidance when needed. So, if you’re looking to simplify your accounting methods, increase collaboration, and seamlessly transition to new software, look no further than DH Business Support.

We tailor our services to suit the needs of each business. We understand that each company is different, and our experience working with a diverse range of clientele allows us to offer such services at the highest standard.

To find out more about our cloud accounting services, please don’t hesitate to get in touch today. We look forward to hearing from you.