Three reasons why now is the time to move to cloud accounting

More and more, cloud-based software is becoming an essential part of streamlining businesses’ processes and workflows. The cloud can often be a smart, safe, and cost-effective tool for managing a business.

Accounting is another sector that’s increasingly being shaped by cloud technologies. But why can cloud accounting be so useful for SMEs? Here, we give you three reasons why your business could benefit from cloud accounting, so you can focus on building your brand and growing your business, and spend less time on those spreadsheets...

1. For more transparency

Very simply, cloud accounting software lets you keep everything in one place. This gives you greater visibility of your finances, and it also helps finance partners, such as Growth Street, to keep on top of your business’s growth in real time.

For a modern business, there might be a need for multiple people to have access to finance and performance data. Cloud accounting platforms can help stakeholders monitor the health of a business, preventing information silos.

2. To make your life easier

Traditionally, accounting software has been relatively complicated. However, cloud-based platforms are designed to be easier and more intuitive to use than traditional incumbents.

With cloud-based software, you can automate processes that your team might have been used to doing manually, such as approving payments and managing cash flow. Facilitating smoother team collaboration is also a notable benefit.

As well as this, cloud accounting software can be simpler and faster to implement and to keep up to date.

3. To keep your data safer

As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is considered by many to be one of the most secure ways to store information.

Traditional accounting packages run on your desktop, meaning all your valuable data is stored on your computer hard drive. However, this can subject your data to the risk of loss through damage or theft. However, storing your data in the cloud could help keep it protected as it is often automatically backed up to secure servers.

Another thing to note is that most SMEs are now required to keep their records digitally and to provide their VAT return information to HMRC through Making Tax Digital compatible software, such as Xero or Sage. Having your files available in the cloud could make providing audit trails simpler and less time consuming.

What to use

Some of the largest cloud accounting platforms, like Xero, QuickBooks and Sage, are used by millions of customers worldwide. Growth Street offers integrations with each of these tools, and more: you can see a full list of accounting platforms we integrate with here.

To find out more about Growth Street, and how we integrate with cloud accounting tools, head to our site or contact us today.

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Growth Street Exchange Limited is authorised and regulated by the Financial Conduct Authority (FRN 739318). Growth Street Exchange Limited is registered in England & Wales (company number 09495712) and our registered office is 5 Young Street, London W8 5EH.

Written on in Accounting
Content Executive