Why You Should Consider Using Cloud Based Bookkeeping for Your Business

06 Jan Why You Should Consider Using Cloud Based Bookkeeping for Your Business

Running a business can be a difficult task. After all, you have 101 things to do and you also need to think about how you are going to get them all done. On top of this, you also need to consider the little things, such as keeping your books organised and making sure that your finances are documented correctly. This is where an outsourced bookkeeper comes in handy, as it frees you up to focus more on the more important aspects of running your business. When choosing a bookkeeping service, there are several reasons to choose a cloud-based service:

• Protection of Data

Traditionally, small businesses will keep their financial data on an in house computer or laptop. Storing your company’s financial data in a single place means you are open to the risk of data loss from viruses or malware, theft, or hardware failure. By using a cloud-based service such as EveryEntry for your bookkeeping ensures that your financial data is stored remotely behind bank-level encryption. There are also redundant backups in place to ensure that no data loss occurs from any of the risks mentioned above.

•  Available Anywhere

Small business owners know that access of their financial data may be required at any time. Using a cloud-based bookkeeper means that all your financial data can be accessed from anywhere at any time. This ensures that business owners can travel freely knowing that they can remotely access data 24/7.

•  Cost Efficiencies

There are two different elements that impact cost efficiency. First, with a cloud-based bookkeeping service such as EveryEntry, you will only be charged based on usage. What this means is that the less transactions that occur in your business, the less the cost is for bookkeeping. As your business grows, EveryEntry is able to scale the service being provided to match the growth in activity. The second element is cost savings realized on infrastructure. With in-house bookkeeping, there may be costs associated with bookkeeping software, IT support, or additional hardware costs. By using a cloud-based service, many of these disappear, resulting in significant savings for your business.