The rise of cloud accounting for the past few years has been evident especially amongst Small and Medium Businesses (SMBs) in the country. The advantage of being able to save time and money because your data is stored “in the cloud”, which means you don’t need to buy, upgrade or maintain a physical server, can be considered as one of the reasons why business owners prefer this service.

Cloud accounting is the way of the future and the technology utilized by some of the big brands like QuickBooks, Xero, and MYOB will continue to evolve. If you are thinking of making the switch, here are the 3 reasons why you need cloud-based accounting software:

1. Real-time Information with Multiple Employee Access

Online accounting lets you stay connected to your data anytime, anywhere and from any device as long as you are wired to the internet. This also enables accountants to keep in touch with financial information because the software offers multiple user access with the discretion of the business owner. This avoids convoluted procedures at the end of the year and both of you can work on the company’s finances at the same time.

2. It’s Safer

One of the biggest concerns raised regarding cloud accounting is data security. A lot of business owners are skeptical about storing their data offsite. However, this digital ecosystem provides its users a highly secure facility that uses standard bank encryption which is unreadable to hackers and is automatically backed up on your behalf. This is a lot safer than manually syncing your files server-to-server in case an incident happens to your building overnight.

3. You Can Work Smarter

The flexibility of cloud accounting is it allows you to run your business on the go. You have an up-to-date picture of how your company is doing. This lets you make wiser decisions to develop a competitive edge in the market. You also don’t need to worry about installing the latest version of the software because updates are developed faster so new features are automatically delivered to you.