The Benefits of Cloud Accounting
CaseWare's Accounts Product Manager Ashley Goldsmith gives an overview of the benefits of cloud accounting.
At the start of 2020, the move from Desktop to Cloud Accounting software was already well underway, with many progressive firms of Accountants already taking steps towards Cloud reporting.
The effect of the pandemic has seen a surge in remote working and also the demand for Cloud-based solutions has gone through the roof. But what are the main benefits of using a Cloud reporting tool rather than the tried and trusted desktop equivalent?
No software to install and keep up to date
There is no need to install a package onto your PC or keep up to date by way of patches or updates. Cloud reporting enables remote mobile access to your financial information at any time, from anywhere, from any compatible device. All updates are installed automatically, so you will always be working on the latest platform.
The Cloud platform will automatically save the latest version of an engagement to the Cloud server with data automatically backed up and encrypted.
There is no need to perform manual data backups in case of corruption and, with the enhanced security associated with Cloud servers, the risk of hackers accessing data is greatly reduced compared to that held on a physical server within an office.
Collaboration with stakeholders simplified
Sharing financial data with other colleagues or clients is cumbersome with the Desktop solution – files being emailed or copied to USB memory sticks and then copied back in to the master file.
Cloud Accounting enables you to share any relevant information and even to collaborate with external stakeholders in order to obtain key sign offs on engagement tasks.
Cloud accounting allows users to dramatically cut down on the amount of printed content when preparing a set of financial statements. Any invoices can be scanned into the system for audit purposes and the financial statements themselves can be reviewed and approved internally, before being exported electronically to the relevant authorities – whether that be Companies House or HMRC.
CaseWare currently has a Cloud reporting tool for reporting under FRS 105 (Micro-entities) available as a beta, with a full release set for April 2022.
A similar reporting tool for producing compliant FRS 102 financial statements will be released later this year.
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