Cloud accounting services are becoming more prevalent and clients and their accountants are reaping the rewards. Though we accountants and bookkeepers face the challenges of adapting to the various cloud accounting technologies, similar challenges also existed in desktop software, spreadsheet accounting, or old-fashioned paper-based accounting systems. Accountants have always had to be nimble, adjusting to the unique systems and processes of a variety of business types. Now, much like in the old days, we still have to change and adjust, to understand the cloud accounting systems used by our clients. This is now part of the life of an accountant or bookkeeper. There isn’t uniformity of accounting software in use across industries and new entries into the market are popping up frequently. Challenges aside, cloud accounting is a change for the better that makes better businesses.
The Benefits of Cloud Accounting
It wasn’t that long ago (though it seems like eons) that accounting tasks were recorded manually…on paper! There was a lot of duplication, erasure, correction, and cross-checking that made financial record keeping an arduous, time-consuming job requiring incredible attention to detail. Try finding a transaction in bound books without a search feature! What accounting software, and then cloud accounting software has meant for an accounting services companies like Elite Accounting Solutions is increased efficiency, accuracy, and importantly, for our clients, more time to provide advisory services. Cloud accounting has improved the collaborative side of providing accounting services, too, saving time for both the accountant/bookkeeper and clients.
It also wasn’t that long ago that bookkeeping and accounting were somewhat backward-looking practices. Business owners would get reports that looked back over periods of time, long after the “horse has left the barn” as the saying goes. With cloud accounting, reports can be run quite quickly, virtually any time, for any period and from anywhere. With careful analysis, the feedback that “instant” data provides – in the form of reports, charts, and other metrics – can help businesses really understand their finances. Having “books up to date” has also taken on a new meaning in the cloud accounting world. Transactions, entries and updates are more quickly recorded, so books can be kept in order more easily. If the accountant or bookkeeper maintains your cloud accounting system, the system records don’t fall into disarray, become inaccurate and then require time-consuming “clean up”. Records are not only more accurate (the math is done by the system), but reporting is also accurate, thorough, timely and almost instantly available. Access to live data, for both the accountant and the client, is allowing businesses to “see under hood” of their business finances – once a black box of data. This visibility is a boon to any business owner who seeks to improve performance “by the numbers”, and what business owner doesn’t want a business that performs better?
Speed, accuracy, high-availability, collaboration, anytime-anywhere access aren’t just industry buzzwords, they are game-changers. But, cloud technology isn’t just changing record keeping, it’s changing communication. You don’t have to visit your accountant’s office. Many accounting services can be, and are, provided virtually. “Online accounting” doesn’t just mean your accountant is using an online accounting system, it also means that service provision is moving away from bricks-and-mortar accounting offices and into the world of online collaboration and sharing. At one time, Elite AS provided bookkeeping services to Sacramento and California , but with the cloud, our physical address is nearly meaningless. We can provide services to any company in the U.S.A – and beyond.
So, when Elite AS describes “online accounting”, we are talking about an online eco-system that includes not only the accounting application, but also the way we conduct business and the way you access accounting services and your bookkeeping and financial records. Although changes to accounting services have been dramatic and rapid, the job of Elite AS remains much the same. We still need to our expertise. Cloud technologies have made us even better than before, and businesses better as a result.
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Whether you are run a micro-business, home business, startup or are a self-employed professional, Elite Accounting Solutions can help your business grow and prosper. Check out our accounting packages and pricing and request a free consultation. We’ll discuss how Elite AS can make your business better!