The Benefits of Moving to Cloud Bookkeeping

Bookkeeping is the backbone of your financial record-keeping: it feeds into your accounts and into any business insights you draw from them.

That said, it can also be a manual, time-consuming job and a distraction from the day-to-day running of your business.

Software can help to streamline the process, but if you’re still using a desktop-only platform, you’re missing out.

With cloud software, your record-keeping is faster, more accurate, and more valuable to your business.

What is cloud accounting?

Older accounting software tends to be desktop-based, with all your data saved on your own machine. It means you need to install it directly onto your hard drive, and if you want to transfer files, you need to do so manually.

Cloud software, by comparison, stores your information online on remote servers. This means it can be accessed from any device with an internet connection.

It also means it can automatically pull through data from your bank account or other record-keeping apps. The information you see is updated in ‘real-time’ – that is, as close to the current moment as possible.

Advantages of cloud accounting

Being able to pull through data from the cloud automatically comes with several advantages.

You’re getting your financial data straight from the source, so it’s more accurate than manually entering that information.

It also saves a lot of time, automating a large part of the bookkeeping process. You can work from anywhere, whether that’s completing your bank reconciliation on the train or checking in on your finances from home.

Many cloud software providers offer a high level of security, with data encryption keeping your information safe while it’s being transferred online.

There’s also a lower risk of losing information compared to keeping everything on your own device – even if your laptop breaks or if you lose your phone, your data is still safe in the cloud.

With a cloud option, you can integrate your software with other apps, so you can use your accounting software in combination with other useful business tools.

Finally, cloud software makes it easy to collaborate on your accounts with other people in your business or with your accountant. You can grant different users access to your accounts at different levels, depending on what you want them to be able to see or change.

All of this means greater efficiency and more high-quality data for your business. The time you would have spent on data entry, backups, and moving information back and forth can be reinvested into what’s important to you – whether that’s growing your business or simply reclaiming some of your free time.

We can help

If you’re interested in making the switch to cloud bookkeeping but not sure where to start, we can support you.

We work with the top cloud accounting platforms in the UK and can help you explore options, get your software set up, and start seeing the benefits.

Get in touch to find out more.

Contact us

See how we can help further your financial journey today