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Cloud accounting software offers similar functions to traditional accounting software but is hosted on a remote server rather than your own hard drive. Cloud accounting services can be accessed from any computer or device over the internet, without having to set up any special software. You and your employees will therefore be able to use it at any time, no matter where you are. The data will be securely stored in the remote “cloud”. In addition to making your accounts more accessible, one of the biggest benefits of cloud accounting is that online accounting services provide reliable backups that ensure your data is protected and recoverable.

You can perform all your traditional accounting activities using cloud accounting, including creating and sending invoices, arranging payments, and gathering together all the information you need to complete your tax return at year end. However, you will also be able to access your accounts in real time from any device 24/7.

Aimtrac can recommend the best cloud accounting software for your business, including the most cost-effective options for small business cloud accounting. We’ll help you to understand the benefits of cloud accounting and the differences between services so that you can make informed decisions. Aimtrac is a Xero Silver Partner as we find this accounting solution is the best fit for most of our clients. However, we also work with other online accounting services including Dext (formerly Receipt Bank), Sage, FreshBooks, and QuickBooks. Once you’ve made your selection, we’ll help you to get started with cloud based accounting software. You will pay a monthly subscription fee to use the cloud accounting services rather than buying the software and installing it on your hard drive.

Cloud software is ideal for accounting because it provides real time access to your finances from any online device. Online accounting keeps you connected to the information you need, wherever you are and whenever you need it. The cloud is ideal for remote working. Unlike desktop accounting programs, the cloud based accounts will also be accessible to your accountants or online bookkeeping service. Services such as Xero cloud accounting can integrate with third party apps or software, enabling more tasks to be automated. Your business will be able to work more efficiently when everything can be managed online.
Cloud based accounting software is easy to use. You won’t need to install applications to your hard drive and run them on specific devices. You’ll be able to check on your finances, create and send invoices, make payments online, arrange reminders, and get updates on your bank and credit card accounts. Doing all this through one online portal can make these processes much quicker and simpler than traditional accounting.

Security is a common concern for business owners considering making the switch to cloud bookkeeping. It’s vital to keep your financial information and your customers’ data safe. Cloud-based accounting software can enable you to do this. Reliable cloud accounting services such as Xero have strict security measures in place to prevent others from accessing your data. All information sent between your devices and the cloud will be encrypted to prevent anyone else from intercepting and reading it. Everything will be securely stored and backed up in data centres that are protected against viruses and ransomware as well as physical threats such as fires or floods. If you’re a small business then it might not be possible or affordable to take these measures to protect your own devices. The cloud can be a safer place for your data than your own hard drive.