Advantages of cloud accounting software PPT

1. Accounting & Business Consultancy ADVANTAGES OF CLOUD ACCOUNTING SOFTWARE www.mymconsultancy.com.au

2. CLOUD ACCOUNTING • Imagine desktop accounting, but move the server from a physical space to the cloud! Cloud Accounting is exactly that. It performs the same functions as traditional bookkeeping software except it works on the cloud server and the data is stored in the same. Cloud accounting has brought about convenience, ease of accessibility, and efficiency to accounting systems so that they can support strategic business decision-making better. • More info use this Presentation at https://mymconsultancyau.blogspot.com/2021/03/advantages-of-cloud-accounting-software.html

3. SPEED Speed is one of the most important benefit of a cloud-based accounting system. Some of the advantages of cloud accounting for small and large scale businesses are as follows: i.            It allows users to link their business accounts with their bank. This function further streamlines account procedures by automating accounting and related tasks and speeds up the reconciliation process.        ii.            As newer versions or newer applications are produced, the software auto-updates itself, meaning each time you access it, you are using the latest version. There is no wait between logging-in and beginning your work. Tasks which may take up-to an-hour in traditional banking can be taken care of within seconds through cloud accounting software.        iii.            It makes use of artificial intelligence in day to day administration work. Through the use of artificial intelligence, cloud accounting software offers business payment and transfers from third-party apps. The advantage of using this feature is that it speeds-up the payment procedure for the clients and also reduces administrative burden.       iv.            With an automated system, there is zero room for human error. Hence the data is always up-to-date, accurate, and auto-saved.

4. SECURITY Security is a concern for every scale of businesses. This is why many businesses still opt for traditional accounting systems because business owners are uncertain about the measures taken by cloud accounting companies to safeguard their confidential and sensitive data. In order to address this concerns, Cloud Accounting companies have taken various steps to ensure the security of confidential information. i.            Automatic and up-to-date encryption of data with the highest security standards        ii.            An automatic gateway to an off-site back-up system. This ensures another layer of security to make data available and accessible in unforeseen circumstances and minimizes the risk of losing data.       iii.            The data is updated and also backed-up in real-time to avoid any loss. The need to manually back-up data at the end of each work-day and to make multiple copies to save is made redundant by cloud technology.         iv.            Two-factor Authentication 

5. SCALABILITY i.   Cloud accounting also heightens the scalability in terms of user administration and user management. Multiple users can be registered on the same version of the software. ii.It gives access to the same data, at the same time, to all users. iii.  Working on cloud accounting software also frees users and businesses from having to register individual systems and from making many copies of the same software. With the option to register multiple users in the same software, it makes it possible for colleagues, different branches, and even different offices across the world to connect on a single platform. Synergy is an outcome of cloud accounting.  www.mymconsultancy.com.au

6. CENTRALIZATION One of the advantages of cloud accounting software is centralized data management and usage. As a cloud server platform, it enables businesses to: i.  Store, generate, and return data from a single cloud source to multiple users registered on the platform. With its incorporation, data sharing and co-working are made easier, quicker, and more comfortable by bringing all users into one digital space. ii. Tasks such as multiple email exchanges between colleagues and transfer and sharing of files can be undertaken at a single platform. iii. Its centralized feature leads to efficient and effective management and monitoring usage. 

7. ACCESSIBILITY Due to its centralized feature, cloud accounting creates accessibility for businesses and their employees. Since the technology is accessed, stored and managed in cloud software, it allows users to: i.  Access required information at a time of their convenience and from anywhere, at any time. ii. The logistics concerning accessibility are no more a hassle as the facility is friendly with all modern technologies: smartphones, laptops, desktops, etc. iii. All financial information is at the user’s fingertips! Financial records, receipts, and reports are all stored in one place and can be accessed from the same. iv. The information is updated in real-time allowing users to have live access to up-to-date data. 

8. THANK YOU! Accounting & Business Consultancy We are looking forward to start a project with you! info@mymconsultancy.com.au 0437157610 www.mymconsultancy.com.au Disclaimer : This is a generic Information & post; content about the services can be changed from time to time as per your requirements and contract. To get the latest and updated information, contact us today or visit our website.