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What is cloud accounting?

Posted 04/08/2014 by Will Farnell

Cloud accounting refers to the use of accounting software which is stored and accessed online. Web-based cloud accounting enables business owners to work faster and smarter while running a business by dramatically improving the efficiency of accounting processes. A local hard drive is no longer the central hub of accounting information – instead real time information is available via the cloud. The popularity of cloud accounting is gathering pace as users recognise the many benefits that it offers over traditional accounting software:

  • Using cloud accounting means that you can access your financial information from any location and any device which has an internet connection. All the leading cloud accounting providers offer software which is compatible with a range of tablet and mobile devices.
  • Cloud accounting software undergoes regular online updates with no requirement to purchase and install updated software discs on individual devices
  • Multi user access facilitates easy collaboration with team members, consultants and advisors
  • Everything is stored online so its easy to get started, with no software to install on your local PC
  • Cloud accounting is reliant upon watertight online security so you can be reassured that your data is secure
  • Cloud accounting records are automatically backed up, improving business efficiency by eliminating the need to produce and store back ups in other formats

At Farnell Clarke we were early adopters of cloud accounting, implementing it into our business five years ago. We are delighted to partner with the cloud accounting pioneers at Kashflow, one of the leading providers of cloud accounting software.

Farnell Clarke client and Norwich pub manager Victoria Macdonald says whatever the future brings, which might include opening another pub, KashFlow is a ‘must’. “We love KashFlow. I can use it from anywhere, I can work anywhere, I can look up anything anywhere. We have the information at our fingertips. Wouldn’t consider opening another unit without using KashFlow.”

Pippa Lain-Smith, of Plain Speaking PR, is another of Farnell Clarke’s satisfied customers, and for her and her busy, mobile lifestyle, KashFlow’s multi-device compatibility is ideal: “KashFlow is great. Being able to just log in from my iPad or even my phone, and check various accountancy bits, has been really helpful. So my time is better spent on PR. That’s what I am good at. I’m not good at accounts.”

For further information about how your business could benefit from using cloud accounting, book your FREE place on the Farnell Clarke cloud accounting seminar on Thursday 7th August.

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