Like many components of an ERP system, accounting software is quickly finding a new home in the cloud. Businesses of all sizes, and in a variety of sectors, are discovering how cloud-based software if offering them a new, convenient way to operate.
While some businesses are switching their entire business management software programming to a cloud-based platform, others are using it to complement their in-house systems. Whether you call it online accounting software, cloud accounting or Software as a Service (SaaS), here are some of the perks you can expect when you convert to this type of system.
If you require an accounting system that you can access anytime, anywhere, then a cloud-based system is certainly worth considering. You or your employees (providing they have the proper permission) could be halfway around the world and you could still access your general ledger, including:
- Owners’ equity
All you need is an Internet connection and you can work on your bookkeeping. There’s no need to download or install programs to your computer.
Freedom to Move
With this newfound flexibility, you won’t be tied to your office like you would with conventional accounting software. Your increased mobility will allow you to:
- Work on the go
- Spend more time with clients
- Attend to other business matters
Plus, you can access your data with any device that has an Internet connection, including tablets and smartphones.
If your ERP system (including your accounting module) is on the cloud, your company data will be available in real-time. That means no more waiting around for end-of-day batch reports to analyze business performance.
Armed with up-to-date information, you’ll be able to take quick action to remedy problems or take advantage of new opportunities.
Low Startup Costs
Cloud-based software—whether it’s retail software or a fully integrated business management software system—doesn’t require a hefty upfront payment like you would find with a traditional onsite software installation. Instead, you’re typically charged monthly for as long as you use it.
The easiest comparison to make is renting a home versus buying one. For some businesses, especially smaller ones, the SaaS model is a lot more palatable because it doesn’t tie up capital.
Simple to Maintain
If you’re operating installed accounting software, you’re likely going to need the assistance of IT staff—either in-house or on contract—to keep things running smoothly. Depending on the complexity of your program, you might also need additional computer hardware to make it run properly.
With cloud-based systems, you don’t have to worry about that. The service provider handles everything, including:
- System backups
- Version updates
- System administration
- Server failures
Because it’s subscription-based, it’s simple to scale cloud software to meet the number of users on it. As your business grows, the software will grow with it.
If you’re looking for other ways to add efficiency to your bookkeeping, check out our post: POS Solutions: 3 Reasons to Consider Integrated Payroll.
Are you looking to upgrade your accounting software? Contact Windward Software to learn about our integrated business management software.