Overview
This is a fairly common question that we’ve been getting. In short, it’s a more efficient way of bookkeeping. We emphasize on automation; setting up bank feeds and rules, utilizing data extraction technology to reduce manual posting and expense categorization. With the daily data entry being reduced, accountants have more time to add value to your business – we can advise, set up processes, analyze your expense variances with you and overall, provide more insight into your financials that we wouldn’t have had the time to do before.
Key Differences
Flexibility
We often hear from clients that their accounting software is located on one computer and is only accessible at a specific location. By using cloud accounting, authorized users can conveniently access the same data and information across multiple devices, eliminating the need to install and maintain software on individual computers. This has the added value of reducing expensive capital costs and licensing purchases. Furthermore, if the computer crashes, it does not compromise all your years’ worth of financial data.
Error Reduction
Manual entries and postings always have a potential for human error. With cloud accounting, information is automatically updated through API connections and bank feeds to provide real-time financial reports and account balances. This gives businesses ability to use updated and reliable data to make the financial decisions to help grow their business. This alleviates human errors from manual entries.
Secure
Cloud accounting is a secure method to store your financial information. Data stored in the cloud is password protected and encrypted on a secure server. Sharing data with authorized users is simple and reduces the confidential information stored on company computers which could be lost or stolen.
Want to see how cloud accounting can enhance your business? If you have any questions or want to get a quote, please feel free to visit us at www.atlasaccountants.ca