Top 8 Benefits of Cloud Accounting Software
While Flexi’s accounting software can be deployed in the cloud or on-premises, there are many benefits of cloud accounting software like Flexicloud®, including those below. These benefits also translate into a lower total cost of ownership (TCO) for companies.
- Accessibility: Cloud accounting software can be accessed from anywhere with an internet connection, allowing users to work remotely and collaborate with others. This convenient, “always on” access translates to time savings and greater productivity for accountants.
- Cost-effective: Cloud accounting software typically has lower upfront costs compared to traditional accounting software. Businesses can also save on IT infrastructure and maintenance costs. Cloud customers also avoid the costs of upgrades as new versions and product enhancements are released.
- Continuous innovation: On-premises accounting software must be regularly updated as new software versions are released, otherwise users will not have access to the latest enhancements that help them work efficiently. Cloud customers avoid this risk and continually have access to all the latest product releases and new features without disruptive installations.
- Scalability: Cloud accounting software can be easily scaled up or down to meet the changing needs of a business.
- Real-time data: Cloud accounting software provides real-time data on financial transactions, allowing businesses to make informed decisions quickly.
- Automation: Many cloud-based accounting systems offer workflow automation features such as those found in FlexiWorkflow (with accounting automation apps like T&E, automated reconciiation, journal entries, invoicing and payment reminders), which save valuable time and reduce errors.
- Data security: Cloud-based accounting systems typically offer advanced security features and backup options to protect sensitive financial information. Flexicloud customers benefit from the strength and security of Microsoft Azure.
- Integration: Cloud-based accounting systems can be integrated with other business applications such as HR and payroll, inventory, and other third-party systems, improving overall business efficiency.
Overall, cloud accounting software like Flexicloud offer several benefits for businesses, including increased accessibility, cost savings, scalability, real-time data, automation, data security, and integration with other business applications.