Ability to expand as your business grows: Scaling up is easy when you are using cloud-based systems.Security and backups: The cloud-based solution provider looks after security and backups so once you are satisfied that their processes meet your needs, this takes away the headache of having to keep an in-house accounts system updated and secure.Streamline processes: Many clients find that cloud-based systems help them to streamline processes, eliminate duplication and allow faster collaboration between teams.Realtime information: Another big advantage is that ‘real time’ information is available provided that you input your data on a timely basis.Important indicators are often displayed on a dashboard so that you don’t even have to go looking for them. 24/7 access: A big advantage for many clients is the ‘always on’ availability of their financial information.Ease of use: Cloud systems usually have easy to navigate user interfaces and many have mobile apps which allow you to access your accounts on the go.Entry level costs are typically around €20–€50 per month. Cloud solutions operate on a subscription basis with the price depending on the number of users and the modules required. Cost effective: For many businesses, cloud-based solutions are more cost effective than having an in-house accounts executive or accounts department.Other advantages cited by clients include: Probably the most common reasons why GroForth clients turn to cloud accounting solutions are that they want to improve efficiency or that they need more up-to-date, better quality financial information. However, the cloud is not for everyone so, as always, you need to weigh the pros and cons for your business.Īdvantages of cloud-based accounting systems Rather than hiring accounts staff, it is often more efficient and cost-effective to adopt cloud accounting.
Often, the reason for the move is that as businesses grow, they find it difficult to keep on top of their administration. In recent years, GroForth has supported many clients who have moved to cloud-based accounting solutions.
Sarah Daly explains some of the issues to consider when thinking about switching to a cloud-based accounting system.
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