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Cloud bookkeeping services enable businesses to access financial records through an automated ecosystem that integrates with various systems to provide real-time data, increase collaboration and cost-effectiveness.
Data accuracy and timeliness are the core benefits of cloud bookkeeping. Setting up a cloud bookkeeping ecosystem facilitates the business decision making process and allows growth and sustainability. The ecosystem is not only about the technology, but also about how the business transactions are captured from various sources such as bank, insurance, business contracts, point of sales systems, payroll, and legal systems.
There are real advantages in implementing a cloud bookkeeping system and replacing traditional bookkeeping. Some of the key advantages of the cloud bookkeeping system are highlighted below:
Real-Time Access to Financial Data
The cloud bookkeeping system allows access to real-time data. However, the key benefit of the cloud bookkeeping system is accessing insightful business information by allocating costs and revenue to the correct accounts. Furthermore, the cloud bookkeeping system captures business data as the transactions occur irrespective of cash movements. For example, if the business pays insurance costs upfront for the whole year, the cloud bookkeeping system recognises the yearly cost and spreads it over the year to ensure the business has the correct proportion of the cost over the year.
Cost-Effectiveness
Another core benefit of a cloud bookkeeping system is the use of recent technologies to automate bookkeeping processes. The automation of capturing bookkeeping transactions allows scalability, significantly reducing the cost of bookkeeping. This accommodates growth without the need for significant investments in new hardware or software.
Insightful Business Information
The cloud bookkeeping system focuses on capturing data in real-time and accurately allocating the business transactions to the correct accounting ledgers. This allows for comprehensive reporting and analytics to facilitate decision-making for business owners. A well-designed cloud bookkeeping system with appropriate controls can answer so many questions:
At NetSurplus Chartered Accountants, we are all about making a difference in our client’s business; helping them save costs and operate more efficiently through cloud bookkeeping is just one of the ways we achieve this.
