Cloud based Accounting – The future of accounting?

We live in a world where we’re constantly connected, thanks to social media.  With that comes the expectation that everything is instantly available.  These days if you want the name of a good hairdresser, you’re not going to pick up the Yellow Pages, you’re probably not even going to do a Google search, instead, you’ll ask for a recommendation via Facebook.  Within minutes you’ll have a host of business pages under your post, and a myriad of numbers at your fingertips.

If this is how we live our personal lives, then it makes sense our professional ones will follow suit.  You’ve already got enough to do if you run your own business, you certainly don’t want things to be harder for you there than anywhere else.  Again, technology has come a long way and is constantly revising the way we work, and how efficient we can be.

Cloud technology, and the simplicity of ensuring everyone has access to everything they need, no matter where they are (provided they have an internet connection, of course) has greatly increased productivity, and in many ways the issues of the work-life balance. 

Cloud based accounting is certainly something that’s been revolutionising the accountancy world, and will continue to dominate in this space.  Gone are the days where business owners had to pay fortunes for expensive accounting software, numerous licenses, and undergo training to learn how to enter their password.  Instead, many cloud-based software options are simple to use, and mean that you have access to all your key statistics and figures at the touch of a button.

Just as importantly, all the costs associated with an online accounting option are upfront. There are no maintenance costs, or upgrades you need to purchase on an annual basis.  Equally, your information is far more secure in an online “cloud” format, rather than having it stored solely on one laptop or desktop, even if it is backed up on a USB or external hardrive.

This is great for people who want to go it alone, but it’s also brilliant news for those who employ accountants to look after the numbers for them.  No longer do you have to go to them for information, instead they can prepare the necessary figures and compile the reports, all whilst you still have complete access to know what’s going on.  It means that both you, and they when asked, can make decisions in real time, based on all the information that is available.

Another added bonus is that if your information can be stored virtually, and access anywhere, then you don’t have to work with a traditional accountancy practice.  Of course, you still could if you wish to, but you now have more options.  You may find that a firm based miles away offers better value for money, or has been recommended by someone else you know.  Location doesn’t have to be a stumbling block, not when you can have meetings over the phone, Skype or any host of other options.

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