Cloud-based Accounting Keeps Businesses Grounded

Marisa Chicarelli January 20, 2021
cloud-based accounting

Moving business operations, including accounting, to the “cloud” may seem daunting to many small businesses. Even large companies may find the idea of relying on a nebulous cloud to store and maintain their proprietary and confidential information difficult.

On the contrary, cloud-based accounting can be a highly secure and efficient method of managing your company’s financial information. GPS Accounting strongly promotes cloud-based accounting, as this is how we can best serve our clients, offering secure storage and access and delivering the highest quality accounting, bookkeeping, staff expenses, and payroll services.

What is cloud accounting?

The “cloud” is an actual place. You just can’t see it. Most people will think of it more as being “online”. And whereas using your hard drive or your company’s network is only accessible by you or your company’s employees, respectively, access to the “cloud” is much more flexible. Nowadays, cloud-based services are extremely secure with high levels of encryption and security available while at the same time allowing people from inside and outside your organization to collaborate on documents, projects, and more, often at the same time.

So, cloud accounting basically takes accounting from the hard drive to online. Your data no longer lives just in your accounting department – it can be accessed by HR or any other relevant parties who can then update and share essential data, in real-time. 

Is cloud-based accounting for me?

Cloud-based accounting offers a range of benefits, including:

  • Real-time data: You can review your company’s finances immediately, without waiting for scheduled reporting.
  • Multiple users: Most cloud-based accounting packages allow you to set permissions for internal and external users to view or edit your data for better collaboration and information sharing.
  • Information sharing: Not only can you share information with different user groups, but you can link your books directly with your bank accounts so there are no data entry issues.
  • Reduce paperwork: Share information and collaborate online as well as email invoices to customers directly while accepting bills and receipts electronically.
  • Timely actions: Access your accounts online from home or while travelling to approve or review transactions, allowing you to respond immediately for more effective operations.

And depending on the cloud-based accounting software you choose, there are many more benefits you could look forward to, from alerts and notifications to automatic updates and remote data storage.

If I do this, why do I need GPS Accounting?

Cloud computing is the next step to streamlining and improving business operations. But, more significantly for smaller companies that may not have the capacity or budget to hire and maintain staff for accounting and payroll processing, cloud-based accounting offers the option to hire a third-party accounting firm, like GPS Accounting. Your business can then focus on succeeding in your industry as you allow experienced professionals at GPS Accounting handle your accounting, payroll, and other finance processing, but still with your oversight from anywhere you do business. 

Find out more about how GPS Accounting can take your accounting to the clouds with your free initial consultation today!

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