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Cloud Accounting Solutions – The Only Way Is Up

Cloud Accounting Solutions – The Only Way Is Up

Technology advances like cloud accounting solutions continue to impact businesses on almost a daily basis – and one of the biggest developments is using cloud-based technology to streamline business processes and solutions. The trend to move towards cloud computing is so great that Gartner, a leading research company, identified cloud computing as the number one trend that will change the face of business. This is supported by research from Accenture who state that 85% of CFOs say they plan to increase their investment in the cloud in the next two years, and over a third expect the investment to increase by over 25% during that time.

Improved financial access and performance

 

One of the areas where businesses have seen the biggest returns in efficiency and productivity is in cloud-based accounting software. Unlike traditional on-premises or self-installed accounting software, accounting in the cloud is powered by cloud computing technology – also known as cloud accounting or online accounting.

Cloud-based accounting software is similar to traditional on-premises or self-installed accounting software – the only difference is the software is housed on remote servers. Your businesses data is sent ‘into the cloud’ where it is processed and then returned to you. All application functions are performed off-site, not on your staff’s laptops or desktops. Instead, your business accesses the software application remotely through their web browsers – enabling accountants or business owners to connect to their financial affairs from any location over the Internet.

The benefits of cloud accounting solutions

 

The immediate benefit of cloud-based accounting is that it frees businesses from having to install, host and maintain software on their employees’ desktops computers. It also allows remote or branch offices to access the same data and the same version of software. Other advantages include:

 

  • Increased flexibility: Accounting and financial data can be accessed from any location, on any device, with an Internet connection, rather than being restricted to on-site computers.

 

  • Real-time response: Software updates can take place automatically and financial reporting can take place in real-time. This means your businesses account balances are always accurate and multi-currency and multi-company transactions take place far more smoothly and efficiently.

 

  • Reduced maintenance: In the on-premises world, companies face significant software license and maintenance costs and might have expensive capital purchases as the software becomes more advanced. With cloud-based accounting solutions, this is never a problem as cloud-based accounting requires far less maintenance and the cloud provider takes care of all backups and updates with no need for downloading or installation.

 

  • Lowered costs: A business’s initial accounting software investment costs are substantially reduced through cloud computing, as there are no hardware or software licenses to purchase. The advantage for smaller businesses is substantial, as cloud accounting solutions give them access to the same high-end technology as large companies and they only pay for what they use.

  

  • Complete integration: One of the big advantages when it comes to cloud accounting solutions is that it allows for the integration of document scanning, which enables invoices to be scanned and automatically sent to the accounting system. This can dramatically cut the cost of processing and save the business both time and money.

 

  • Greater security: With on-premises accounting software there is always a risk that a laptop or desktop could be stolen and the data along with it. Cloud accounting leaves no trace of financial data on your companies’ computers and access to the data in the cloud is always encrypted and password protected. Cloud providers normally have backup servers in more than one location, so should one server network go down, you still have access to all your data.

 

  • Business growth: More and more businesses are adopting cloud-based accounting software due to its always-on, anytime, anywhere nature and simplicity. Easy-to-use and with tremendous time and cost-saving advantages, it frees companies up to focus on their core own strengths and business development.

 

The GGD Group. Your cloud accounting solutions provider

 

The GGD Group is committed to bringing our clients the latest technology advancements in the market place. As one of the leading Sage Platinum Business Partners in the Western Cape, we can show you how to leverage these cutting-edge payroll and cloud accounting solutions, no matter what your business size.

Our latest partnership with XERO, with the power of Receipt Bank, is perfect for any size business and brings advanced cloud-based accounting solutions that allow you to streamline, track and manage every aspect of your business – from inventory to invoicing – online, anywhere.  For more information on how to access and use cloud accounting services visit www.ggaccounting.co.za or email info@ggaccounting.co.za