The benefits of cloud bookkeeping for your new company

When it comes to cloud bookkeeping, there are many benefits to working on the cloud, which many businesses - especially newer ones - remain unaware of. 

The cloud is a platform in which your data and software are made accessible, online, at any time, anywhere, on any device. Your hard drive is no longer a limiting factor, empowering you to handle your accounting needs on any device, even when you’re on the go.

Traditional accounting software tends to be limited by the fact that data stored in the system is not up-to-date unless manually updated. Traditional accounting software has the added limitation of being stored and run on one device, making it accessible to only one user at a time.

In comparison, cloud bookkeeping systems can be updated in real-time. It’s also considerably more affordable compared to traditional accounting software. 

In addition to these generic benefits, however, there are other real advantages that make these services a lucrative option for startups. In this post, we explore some of these benefits, specifically for new companies.

Enhanced security on the cloud

While there’s always going to be some level of concern when it comes to storing sensitive company information on the cloud, cloud storage is, in fact, one of the most secure ways to store your accounting information online - provided you take the right precautions.

With traditional bookkeeping software, if someone was to steal your computer, for example, they would have access to all your accounting information, including payment details and sensitive employee and vendor information. 

On the contrary, cloud bookkeeping makes it impossible to access these details, unless you were to provide the login details to your cloud account. Cloud-based accounting is also a great way of protecting your data from natural disasters and damages to your hardware. 

Using the permission settings, you can invite other users to view and/or edit your data without compromising your security. Companies that provide cloud bookkeeping services generally make cybersecurity a major element of the work they do, including making constant updates to the platform to ensure security standards are met. 

Real-time accounting updates

Another major benefit of cloud bookkeeping is that updates to your bank reconciliation, sales ledger payment allocation and reconciliation, and payment ledger are instant and universal - everyone can see them at the same time. At any given moment, you know you’re looking at the most up-to-date accounting information for your company. 

With your data up-to-date, you can make more informed decisions when it comes to financial matters. In this way, you can also anticipate accounting-related challenges and meet them proactively.

Customisable to your new business’ needs

The added benefit of cloud bookkeeping is its ability to be customised based on the needs of your company. By integrating powerful add-ons, you can ensure that your accounting system meets needs that are specific to your startup.

The real benefit of this lies in the fact that you won’t need to rely on any additional on-premise platforms to meet your bookkeeping needs; everything will be handled by your comprehensive cloud bookkeeping system.

Systematic data storage and management

As a new business, one of your biggest concerns is going to be making sure that your financial and accounting data is captured, stored, and organised coherently. Fortunately, cloud-bookkeeping services meet this need exceptionally well. 

By storing data on the cloud, you can rest easy knowing that your accounting data is collected and stored in an organised manner. This also makes finding the data you need very easy, making it possible for your teams to access the data they need swiftly and efficiently.

Turn to cloud bookkeeping for all your accounting needs

With powerful cloud bookkeeping systems, rest assured that your accounting processes are driven by the benefits of cloud platforms that are customisable to your new business. 

At Ookkee, we empower you with cloud bookkeeping and other outsourced accounting services that help you gain the right footing to begin a long and successful financial journey. With Ookkee managing the books for you, we minimise the stress, energy, time, and costs associated with traditional bookkeeping systems.  

You’re free to focus on the things that matter.