cloud accounting as a business innovation

Cloud services have now successfully dominated the website hosting industry with its real-time technology and ready access wherever you are. And since it makes use of a “cloud” to save data and accounting information, you do not need to maintain hardware.

Cloud services now welcome cloud accounting apps. It addresses your business accounting needs, from managing your finances to real-time monitoring of your business’s financial position.

Cloud Accounting vs. Traditional Accounting

  • Cloud accounting is time-efficient. It lessens the time required to access your business’s financial statements because it’s real-time. See how your company is doing now and have the rest of your time doing more important things and making business decisions. Or better yet, spend the rest of the time you just saved with your loved ones.
  • Since cloud accounting apps only require a decent Internet connection, you can now have real-time overview of your business wherever you are. Monitor your business standing, accounting records and current financial position whether you’re at home, working, or on the go. Connect with your data and your accountants at your own time.
  • Cloud accounting apps are accessible through any device and can be used by anyone around the world. You do not need to copy your files in a USB and have it connected to a laptop or computer. Your information is literally just at the tip of your fingers and you can bring it with you wherever you go. And with the multi-user access, you can connect and discuss with your team and advisors wherever you are.
  • Cloud services save your data and business information on the Internet through the use of different servers deployed in different places of the world. With traditional accounting, one or only a few people have access to the database and require a backup for instances like file corruption. With cloud accounting, there is no need to worry about system failures because all your data are backed up automatically.
  • Cloud accounting apps offer the same services that can be provided by traditional accounting software. However, since cloud accounting apps make use of a “cloud,” you do not need to maintain hardware (as mentioned). Your own cloud service provider will automatically update the said clouds and software when the need arises.
  • Most importantly, the use of cloud accounting is cost-efficient. Some cloud accounting service providers offers scalable costs or charge hourly or monthly rates. Not only can you save without the need to constantly update your software, you can also choose the right plan to suit your business needs.

If you’re looking for an online accountant in Toronto or anywhere across Canada, look no further than Future Balance CPAs.