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What is cloud accounting?

By
Lucy Moore
Cloud accounting is a term we’re hearing more and more these days but what use is it to the small business owner?
Essentially, cloud accounting is where your accounting software is based in the online cloud rather than on your office computer and you access all your data using an internet browser.

This means that if you are out and about with work or, if your ‘office’ is the car or van more often than an actual desk, then to be able to access your financial records wherever you may be will be of great benefit.  Rather than having to wait until you’re back in the office.

In addition, if you’re plagued by invoices and receipts, then by using plug-in apps alongside your software package you will be able to scan in these items as you get them.  The software will then automatically recognise the item and suggest suitable postings for them.

In order to add another level of security, most large cloud accounting software packages now include a two-factor authentication process, which means you will get a code sent via a text message of phone call to your mobile and you use this along with your username and password to access the service. However, you do need to exercise caution if you are on a public WiFi, for example a coffee shop, as the connection may not be secure and your data could be viewed by other people on the network.

Internet connection speeds vary across Suffolk and East Anglia and as we know there are plenty of ‘black holes’.  However, cloud based accounting systems are a very useful way to free up time from paperwork to concentrate on what matters most, your customers.

Do take advice from your accountants regarding the right system for your business.

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