Cloud-based software has been a buzzword for years now. It’s easy to see why, with promises of increased security, more accuracy, and flexibility, all at a price that won’t break the bank.
However, there are still accounting firms that haven’t made the switch to cloud-based software.
For anyone wondering what the fuss is about, below is an overview of what cloud-based software is and how it can work for accounting firms.
What is cloud-based software?
In short, cloud computing takes place on the internet. Before cloud computing, you had to install or download software onto your computer before you could use it.
Now cloud-based software lets you access software via the internet, with no downloads necessary. As a result, any files or data saved on cloud-based software are stored online.
Making cloud-based software work for you
There are so many reasons why cloud-based software can be great for an accounting firm. Below are just five reasons why it’s become so popular.
One of the real draws of cloud-based accounting software is the fact that you can usually add as many users as you would like, regardless of where they’re located. This means that, as your client’s account grows, you can increase the number of staff assigned to work on their file, without the need for any additional servers.
What’s more, if a client would like access to their information in real-time, it’s easy to add them to the software as well. This means transparency and easy access for all parties involved, no matter how large the client.
2. Automatic updates
One of the frustrations of desktop-based accounting software is dealing with software updates when they are released. Failure to update the software could result in tax returns being prepared incorrectly, or could even lead to filing rejection from HMRC.
Cloud-based accounting software does away with such issues, as it ensures that any software updates are applied automatically. This means that every person who logs into a client’s file is working from the latest version of the software.
3. Additional security and access control
Security is important for any business, but it is especially important for businesses with access to sensitive information, such as accounting firms.
Thankfully, cloud-based software allows information to be stored remotely, thereby reducing the risk of any sensitive data being stolen.
What’s more, when it comes to keeping your clients’ information secure, there are also ways you can restrict the level of access that each user has to a client’s file, thereby ensuring that your client’s most sensitive files remain protected.
When you combine these security measures with the fact that information stored on the cloud is regularly and automatically backed-up, it’s easy to see why switching to cloud-based software can provide that extra peace of mind.
4. Collaboration has never been easier
The joy of cloud-based software is that you can access it wherever you are, whenever suits you. This flexibility means that all you need is a stable internet connection to access the software.
In a world where flexible working is becoming increasingly important, it’s reassuring to know that cloud-based software can help support a variety of working styles and schedules, regardless of whether your staff work from the office or from home.
What’s more, the fact that multiple users can access the software at the same time means that collaboration and data sharing between colleagues – even if they are working in two different locations – is as seamless as possible.
5. It’s cost-effective
There’s no point investing time in new software if it doesn’t make sense from a financial perspective. Thankfully, many accounting firms find that switching to cloud-based software is more budget-friendly than using more traditional, desktop-based software.
This is because cloud-based software substantially reduces costs when it comes to maintaining your IT infrastructure and equipment, as the software is stored and managed online via the cloud.
Most cloud-based software providers usually charge a monthly subscription fee for use of their service, and Taxfiler is no different. Many accounting firms find that the cost of a monthly subscription is far cheaper in the long term and much kinder on their cash flow, especially when you consider the savings that accounting firms can make on electricity, IT systems, and equipment.
Taxfiler offers an award-winning cloud-based solution for accounting firms looking for assistance in preparing and filing their clients’ accounts and tax returns. Taxfiler supports a number of tax returns, including corporate, personal, partnership, and trust tax returns.
With compatibility across a number of internet browsers and operating systems, it’s never been easier to submit your clients’ accounts and returns online and on time.
For more information on how Taxfiler’s award-winning cloud-based system can work for your Practice, have a look at our online demo.