5 Advantages Of Cloud Accounting For Small Businesses

Cloud accounting and bookkeeping software have been around for a period of time now. However to some, the idea of migrating all our data onto the cloud can be rather unfathomable. If you are looking for opportunities to grow and optimize your business, then cloud accounting is the right step for you.

In a world of technological advancements, cloud accounting allows your business to stay ahead of the competition. From being able to access your crucial data wherever and whenever, to having a report on-hand if your buyers/suppliers request it, cloud accounting has various advantages for your business. 

1. Remote access

With cloud accounting and bookkeeping software, you will no longer be tied down to one computer with all your files. Cloud accounting solutions like Xero online accounting software allows you to access your data anywhere and anytime as long as you have a secure web browser. 

Moreover, cloud accounting supports multiple users, so you and your team will be able to work concurrently on the same company data.

2. Tight security & automatic updates

In order to stay on top of the game, you will need to rely on updated software. With an updated and intuitive cloud accounting software, your accounts and financial records will always be secured and backed up with encryption and excellent security. Have a peace of mind that your business is safe from any sort of data leakage.

3. Secure & convenient data exchange

Cloud accounting is your accountant, bookkeeper and bank manager. It allows you to share your data with many others in a secure manner. No matter where your colleagues or stakeholders are, cloud technology connects everyone for seamless communication and data exchange. 

This helps to eliminate the need to travel from one location to another in order to exchange data, giving business owners an added advantage to focus on other important tasks.

4. Saves time & money

Backing up your crucial data is a tiring process. With cloud accounting, you will never have to waste time and effort managing and backing up your data files again. As the configuration of cloud technology is simple and flexible, you will also not need to worry about purchasing additional infrastructure. 

Cloud accounting software is easy to install with one-time login credentials. Users can access their information without hassle or investment, making it a seamless process.

5. Flexible as per your business requirements

Many cloud accounting software technologies tend to come in a standardised format that may not suit your business needs. With flexible cloud accounting software like Xero, you can get solutions beneficial to your requirements and options to customise your usage options. 

Reliable cloud accounting solution for your business

Xero is a widely used cloud accounting software that businesses around the world trust. As Xero Certified Partners, Thong & Lim offers expert advice and specific solutions tailored to your cloud accounting needs. 

To learn more about what Xero and cloud accounting can do for your business, get in touch with our professional consultants at +65 6224 1076.