Disclaimer: Please note that this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
You're a freelance accounting consultant who's just landed your first big client. Congratulations! Now it's time to get down to the nitty-gritty of your business. But there's a problem. Your old accounting software only works on your home computer, and you'll be traveling for the next few months. So what are you going to do?
You're an entrepreneur and a traveller. But you also have to keep track of your finances, which can be a pain when you're constantly on the go. That's where cloud-based accounting software comes in.
This article will show you why you should switch to cloud accounting software for your career.
Cloud-Based Accounting Software in a Nutshell
In simple terms, cloud-based accounting software is software that you access and use via the internet, rather than having it installed locally on your computer. This means that you can access your accounting data anytime, anywhere, as long as you are connected via the Internet.
Unlike desktop software, cloud accounting software is readily available by signing up for its subscription plans. In addition, it often comes in different versions based on the scale of your business or the features you need for your finances.
Who Benefits from Cloud-Based Accounting Software?
If you run a business, chances are you will need to use some form of accounting software. Whether you're a big company with hundreds of employees or a one-person operation working out of your home office, this is true. Even if you don't run a business, you still need to manage your books.
For example, any business that has employees who work remotely or travel frequently will need to be able to access their invoicing and payroll management. This online accounting software is also ideal for businesses that are expanding quickly, as it can be scaled up or down easily to accommodate the changing needs of the business.
Virtual careers and online businesses also require this type of cloud-based accounting software because these businesses need to be able to track their inventory and finances in real-time.
Finally, businesses with different branches, either domestically or internationally, can also benefit from cloud-based accounting software. The reason is that the software can sync data across all of the business's locations, making it easy to track and manage finances.
The Pros and Cons of Moving to the Cloud
While there are many different types of accounting software available, more and more businesses are switching to cloud-based accounting software. But what is this type of software, and what are the perks of using it? Are there downsides to it?
There are many benefits of using cloud-based accounting software for businesses. Perhaps the most obvious benefit is that it allows businesses to access their accounting data and information anywhere, as long as they have an internet connection. Other things to take note of are:
- Fewer costs in setup: You don't necessarily have to own your desktop to access this accounting solution. You don't need to purchase any software or hardware upfront, and you can usually pay for the software on a monthly or annual basis. There is also free accounting software such as Wave accounting. Some popular online accounting software like Intuit QuickBooks Online offer free trial periods.
- Readily available and accessible: You can stay up-to-date with your job without worrying about losing financial data on your recurring invoices, bank accounts, and more.
- Equipped with the simplest and fastest tech: Accounting software companies are constantly updating the software to ensure that you're always using the latest version. Cloud-based accounting software also tends to have better customer support than traditional accounting software, so you can always get some assistance for any technical issues you may run into.
- Too reliant on the Internet: Perhaps, in this day and age where you can connect to any WiFi or subscribe to a plan easily, it may not be a big issue. However, if you happen to be on a private beach sipping piña coladas, you may come to find out that you don't have any signal on your smartphone. No internet means no program and no data.
Some Cool Cloud Accounting Software Features
Generally, accounting solutions provided by cloud-based accounting software heavily depend on the type of work or business you do. For example, if you are a business owner selling products, you would want a comprehensive inventory management and invoicing system. Another example is if you are a solopreneur and work with your employees remotely. You would need accounting software for payroll, benefits, and tax digital filing.
The great thing about cloud-based accounting solutions is their robust and customizable features. On top of that, you can integrate third-party apps such as CRM, billing, and the like to meet your unique needs. But to give you an overview of its features, here are our must-have functionality to work far more efficiently:
Third-Party App Integration
You can quickly integrate your financial reports from your cloud-based accounting software to other online apps such as Amazon Business.
Legal and Financial Compliance
A cloud-based accounting system should comply with your country's financial principles and laws.
Mobile Access and Portability
Bringing laptops around can be troublesome. So having access and the ability to keep track of your finances through your handy-dandy smartphone is a must-have feature.
Accounting software doesn't just show you statements or reports, but it also shows your overall financial health and gives you insights into how to improve your finances.
Keep Calm and Stay in the Cloud With Unloop
There's no need to question why you should use cloud-based accounting software. Everything is more efficient and profitable when you're on the Cloud. So you can stay on top of your financial duties while basking under the golden sun.
Great online accounting applications with amazing features are just a few swipes and clicks away. Call us at 877-421-7270, and explore the infinite possibilities of managing your business on the Cloud today.