May 15, 2019

Cloud Accounting Technology: All You Need to Know

business accounting

What is cloud-based accounting? As we mentioned in our last post, we are passionate about updating clients – personal and professional – of new developments in the accounting world.

With Making Tax Digital recently being introduced, why not update your business practice? A Glasgow accountant from The Kelvin Partnership can guide you through all you need to know.

Cloud Accounting Software  – Updates from The Kelvin Partnership

cloud based accounting

What is Cloud Accounting?

Cloud accounting software is based on remote servers. Accounting data is sent to “the cloud,” where it is stored and processed. Cloud accounting software differs from traditional software in the way that users need to access it through the internet or another network.

Benefits of Cloud Accounting Software

  • The same data and version of cloud accounting software can be accessed remotely by different employees, departments, branches etc.
  • You don’t have to install and maintain cloud accounting software on individual desktop computers which therefore reduces costs and makes for a time effective accounting software solution
  • Cloud accounting is flexible
  • Accounting data can be accessed from any location and on any device which connects to the internet
  • Financial data will update automatically and updated financial reports can be produced instantly
  • Also, multi-currency transactions can be handled effectively.

Is Cloud Accounting Secure?

One of the common misconceptions of cloud accounting is that it’s not secure. However, cloud accounting is a completely secure accounting software alternative compared with traditional software! For example; if you are using traditional accounting software and the laptop or computer storing your businesses’ financial information gets stolen, you’re definitely going to have a security risk. However, with using cloud accounting, data is password protected, encrypted and will leave no trace on computers! The Kelvin Partnership can help your business adjust to any development to financial business practices.

Trust The Kelvin Partnership when looking to improve your business practice in 2019.