Cloud accounting: What you need to know

Ready to get your head in the cloud?

Whether you’re an accountant or you’re looking to become one, you work in finance, or you’re a small business, cloud accounting software could be a great way to streamline your accounting processes. Not sure what it’s all about?

We spoke to Xero, one of the world’s leading providers of cloud-based accounting software, to learn what it is, and how utilising it could benefit you and your business:

 

What is ‘the cloud’?

‘The cloud’ is a term used for services and software that lives and runs via the internet, instead of on a single device.

It allows individuals and companies to safely store, edit, and share their data across a variety of platforms, with multiple people.

 

What is cloud accounting?

Cloud accounting is a type of software that functions through the cloud.

It works by allowing users to send data direct to ‘the cloud’, where it is processed and returned back to the user.

As it operates via a remote server, companies and individuals can save the time it takes to install and maintain the software via multiple desktop computers. Anyone can access it, from any device, from wherever they are – providing they have an internet connection.

Cloud accounting software also allows employees in all areas of a business to access the same software and data, and work collaboratively in real-time.

 

Is cloud accounting secure?

Cloud accounting solutions are an extremely secure way of storing and sharing data.

By having important data accessible across a range of platforms (and not just in one place), the risk of losing it through a laptop or computer being stolen, broken, or lost is reduced. You can also ensure your data is safe through password protection and encryption.

Even if a server goes down, you still won’t lose your data – thanks to automatic back-ups across a number of servers.

And, because cloud accounting software allows you to share data without the use of USB sticks, your information is less likely to get lost.

 

What’s the difference between cloud accounting and traditional accounting software?

The main difference between cloud account and traditional accounting software is thatit’s operated online, instead of via one computer.

Here are a few of the core differences:

 

 

 

What are the benefits of cloud accounting?

Cloud accounting saves time, improves flexibility, and ultimately streamlines the accounting process – making it an increasingly popular tool amongst businesses and Accountants alike.

Here are a few benefits of using cloud accounting:

  • It’s scalable, easy-to-use, and cost effective
  • It provides the ability to view and evaluate your financial position in real-time
  • It can be accessed from work, home, or on-the-go
  • It improves collaboration and visibility across teams
  • It provides the perfect link between business owners and Accountants
  • It backs up data automatically
  • It installs updates automatically without the need for manual installation
  • It’s managed by the cloud service provider, meaning maintenance, system admin, and server failure costs are reduced

 

Why should I study cloud accounting?

Cloud accounting is useful for people working in a variety of fields.

Whether you’re an Accountant, you work with Accountants, or you’re looking to start a career in the field – learning the core principles of cloud accounting is a great way to keep your skills current and maximise your performance.

Not only will it make you better at your job, it’ll also boost your CV and make you more attractive to the hundreds of thousands of employers who use the software.

 

Why study with Xero?

Xero is a leading provider of cloud-based accounting software, with thousands of accounting partners based in over 180 countries worldwide.

They’ve already helped 1.5 million businesses and accountants all over the world thrive, and are one of the fastest growing service companies in the globe. In fact, demand for Xero skills is the highest it’s ever been.

And with more than 300,000 subscribers in the UK alone, there’s never been a better time to get qualified in the fast growing tool.

Here are a few benefits of studying with Xero:

  • A certification from a leading provider of cloud-based accounting software
  • Get qualified in as little as six hours
  • Learn how to set up and run Xero on a day-to-day basis
  • Access to a bonus six hours of additional content, free of charge
  • Keep your skills up-to-date

 

Find out more

 

Want to learn more about how a Xero qualification could change your career? Enquire now.

 

Xero is a leading provider of cloud-based accounting software, offering courses to help businesses worldwide learn the core principles of cloud accounting.

 

 

 

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