Cloud technology is now here. If you were to take a look at your smartphone; most of your apps are either cloud based or have cloud components. Small and mid-sized businesses are quickly adopting cloud accounting – it solves problems that before had no solution and creates efficiencies in the administration and operations of the business.
Cloud accounting does not require software on your computer to operate; your information is accessible from almost any browser on any electronic device. It harnesses the power of the cloud to save you time and money.
You can work from any device with a compatible browser and internet connection. You can even download a free mobile app with all cloud accounting solutions to truly provide you with easy access to your financial information and up to date business reports. You can send out invoices to your customers via email within your app or web browser, receive notification when they have seen the invoice, and include links for fast and easy payments.
Third-party add-ons allow you to take a picture or scan your receipts/invoices into your cloud accounting. These images are backed up on the cloud and can even be attached to the individual transaction, eliminating the need for you to hectically search through physical records should CRA request proof. These add-ons can even read your receipts/invoices and import the data into your cloud accounting to reduce time wasted on data entry. There are a variety of other add-on programs available with their own specialized functions (POS integration, inventory tracking, and e-commerce) that can truly customize your accounting system.
You may have concerns regarding the safety of your business information being stored in the cloud; rest assured that your data is safer in the cloud than on your own personal computer. Cloud accounting applications use secure data centres where your information is stored on a professionally maintained server that is continuously backed up.