Sunday, 24 June 2018

Information and commentary for the small business banking industry

Banking in the cloud – a critical trend in small business

What’s the ‘cloud’?

It sounds confusing but it’s not. And because of its many benefits, more and more small businesses are choosing to manage their accounting using cloud computing.

The cloud is thousands of computers, all linked together in a warehouse. So instead of using accounting software that’s installed on your computer, and then saving all your files onto the same machine, cloud computing allows you to store all that software and data on a server that you can access anytime, and from anywhere.

Transferring your business banking into the cloud can make a huge difference in how you work, bank and communicate.

Benefits of cloud banking

The major benefit of cloud accounting is that you can access your data anytime, and from anywhere. You can manage your accounts while you’re travelling, you’re not going to go under if your laptop gets stolen, and you can use it on a variety of platforms.

  • Any time, any place – we’re on the go so much these days. If your accounts are in the cloud, it doesn’t matter if you’re on a train, a plane or in an automobile – as long as you’ve got internet access, you can access your accounts and manage them.
  • Real time – you don’t need to wait 24 hours for updates. You don’t need to be physically at the bank to access your data, nor do you need to be physically sitting in your office.
  • Software– you’re not limited to using your accounting software when only at the office or using a particular computer. Having your accounts in the cloud means you can access them and update them using your smartphone or any other Internet-connected device.
  • It’s safer – if your office burns down, your accounts don’t go up in smoke with it. Likewise, if you lose your laptop, you can access your data using another device. And everything is backed up properly, by experts, so it can always be retrieved. It’s much safer than storing everything on one machine.

Cloud ‘mythbusting’

If you’re still feeling sceptical about using cloud accounting, it’s probably because you’re worried about one of the below possibilities:

  • You’re not ‘tech-savvy’ – you don’t have to be. If you can use email, you can use the cloud. No software installations, updating to new versions or worrying about upgrades. Just remember your log in details and the rest is done for you.
  • It’s expensive – actually, it’s not. It’s usually cheaper because you only pay for what you use, rather than having to fork out for upgrades, maintenance and tech support.
  • What if the Internet goes down? – A really, really rare occurrence in this day and age. It’s far less likely to crash than it is for you to experience a power cut – which will also prevent you from accessing your data – and even if it does, it’s back up in a short time. Meanwhile, all your accounts remain safe.

In the world of small business – and outside of it too – cloud accounting is the way of the future, thanks to its manifold benefits and means of increasing business efficiency. It’ll continue to grow and as it does, it’ll become even easier to use with more features and ways to enhance your business.

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