Cloud technology has changed the way many sectors do business and accountancy. One of the most predominantly used software within the accountancy sector is Kashflow. This kind of software offers several advantages in terms of how an accountancy firm operates.
Before the Cloud was introduced, the accountancy market was dominated by Sage software, to the point where most firms were reliant on it. With the Cloud came new opportunities and Kashflow was one of these an online bookkeeping system. This kind of online-based software offers many advantages that previous systems could not.
The Benefits of Being Based Online
Kashflow, like most Cloud-based software, is cheaper than its offline predecessors because everything is based purely online it makes things more efficient and cost-effective. For instance, the information is no longer restricted to computers which require that the relevant software is installed. It can be accessed by clients and firms at any time, wherever they are (provided there is internet access). This allows for a lot more flexibility and quick reactions and updates or concerns. There are even offline versions, for example with Kashflow there is a ‘rapidfire’ app, so that large amounts of data can be added quickly regardless of internet availability. This availability from anywhere helps to bridge the gap when clients and firms are based in different locations as both parties can access and update information at the same time.
The Benefits for Accountancy
This ability to update bookkeeping information in real-time allows accountants to better communicate with their clients - if both parties can see changes at the same time it’s more straight forward to talk things through. This is particularly helpful for accountancy because it’s an involved and detail orientated subject thus can often lead to confusion or misunderstanding with clients - so being able to interact in this manner can simplify things. Instant access to the most up-to-date version of account’s also leads to a new level of transparency which is a quality valued by clients.
Cloud Security
A common concern when it comes to Cloud-based software is security, even more so when it comes to sensitive information such as a company’s accounts. There is an awareness of this issue and therefore systems like Kashflow are designed so that each client will have their own specified areas within the Cloud server. To access these areas requires an individual to surpass a dual layer password system. Also, all data is backed up in a separate area of the Cloud server – simply press a button to save it to this area or you can even set it up to happen automatically a regular time intervals.
Cloud-based bookkeeping offers several advantages for accountants including reduced costs, increased efficiency and flexibility. Additionally, from the client’s perspective it allows for better communication and increased transparency.
