Cloud Accounting Software- Advantages Vs Disadvantages
Easy Access – Online accounting means just that- it is online. You, your employees or accountant can access your businesses financial data from anywhere worldwide, at any time, without having to download and install anything on to a desktop, from laptop, tablet or smartphone – all you need is an internet connection.
Having your information I the cloud means that you don’t have control over where in the world it is, maybe UK, maybe overseas. Some countries allow their Governments to audit or look at your business data depending on the rules in force.
Real Time Information- This ability to take care of your bookkeeping on the go means that business owners can keep up to date with their cash flow, debtors, creditors – allowing them to get on and do what they do best running their business, but with their financial information at the touch of a button.
Any software application, whether desktop or cloud based will have restrictions in the applications and infrastructure. So, the online software you choose might not do exactly what you want right now and you can’t configure and change it as easily as a desktop software package.
Cost Effective – Normally no up front cost as you would with a desktop accounting package – because you pay monthly, helping with cash flow management.
Over a period of time (a number of years) you may find that online accounting software is more expensive than a one-off payment for a desk top accounting package.
Disclaimer:- The information contained herein is given by way of general guidance only and no action should be taken solely on the basis of the information contained herein. The Avanti Group (UK) Ltd will be pleased to provide further guidance on the issues, and how they might affect you. No liability is accepted by the firm for any action taken without seeking appropriate professional advice.