Cloud accounting simply means that the financial accounting data and information are stored on line through online accounting software, such as QuickBooks Online, Xero, Kashoo, Wave, and FreshBooks . Transactions can take place online for example, send and received invoice online, pay employees online, update your banking transactions online.
Here are the reasons:
Knowing that your data are stored and are safe is a great relief. So even if you lose your computer you can still access your company's financial information. Basically you can access your data from any computer as long as you can access the internet. This is accomplished by the cloud accounting provider giving you a space on their servers. With the use of aps and attaching documents to certain invoice even your record keeping are kept on the same storage/silo. So it makes documents gathering easier.
Not only you can access your data from anyplace, you can also assign your accountant to collaborate with you at the same time. This also helps in not emailing or printing your General Ledger for your accountant. My clients enjoy and appreciate this very much since I'm on the clouds with them help them instantaneously. This is so effective and efficient in saving so much time in communications back and forth.
Shop around and you will find out, Wave offers their software for free, other software provider's software are not too expensive. Considering, you are becoming extremely effective.
4.Cash Flow Management
Utilize the feature of sending your invoices online. The software automatically sends the invoice and follows up until the invoice is paid. Some of your customer would prefer this method so they don't have to write a cheque and just paying you online. This helps your cash flow since your bills are being collected more effectively.
|Last hour||Last 24 hours||All|