Benefits of Cloud Accounting and Banking on the go

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  1. Access from anywhere: The biggest benefits of cloud accounting is that you can access your bank account from anywhere and at any time from any device.
  2. Data flow from bank: The data flow from the bank is directly connected to the software so you just need to reconcile the payments rather than entering them. 
  3. Automated backup: There is automatic backup of the data so there is no fear of physical damage.
  4. Secure access: Cloud accounting is a secure way to do business because even if your laptop is stolen no one can access your records without a secure login which is protected by a multi-factor authentication system. 
  5. Quick decision making: With having your financial numbers on the tip of your hands, you can make certain decisions quickly. After all, time is money.
  6. Automated reports reduce workload: There are several reports that you can download with a single click such as the cash flow statement, the balance sheet and the profit and loss statement. 
  7. Paperless records: Traditional accounting systems are supported by a lot of paperwork. Digitized records save a lot of paper as well as time and space (which we don’t have enough of in Hong Kong). 
  8. Centralized database but easy to share with colleagues: With the accounts being on the cloud, it is easy to share it with other team members and auditors by giving them online access which makes it easy to work across a team.
  9. Accuracy of records: The cloud accounting software enables us to make edits and changes in the records online and then these changes go live instantly so the accuracy of such digital records is much higher.
  10. Integration with other systems: Some of the popular accounting systems integrate with HR and Sales systems which streamlines the processes and increases the efficiency of the business overtime.

Is it suitable for me?

Because of its many benefits, high security standards and accessibility, cloud accounting is suitable for virtually every business, from sole proprietorships to multinational enterprises.

Finance and accounting are at the root of every business. Without these, you can’t monitor the financial health of your business and you can’t make informed decisions. Therefore, an accounting solution that is efficient, reliable and up-to-date makes life easier.

Many new companies use a cloud accounting solution from the start, partly due to its low upfront costs. But even if you currently are on a traditional accounting system, you can switch to cloud accounting.

Are you looking to outsource your accounting?  

Here at T8 Corporate, we pride ourselves on delivering comprehensive and dedicated service that is guaranteed to help you to take your business to the next level and get your IRD filings on time.  As Xero partners, we can also offer a discount on annual subscription. 

If you are looking for an accountant or bookkeeper or Xero subscription please contact us today.