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30Apr 2015

Performing your Accounting in the Cloud

accounting-in-the-cloudTaxes have been around as long as history goes back, and that means that accountants have been around just as long. However, this age-old line of work isn’t quite what it used to be. Even 20 years ago a typical accounting firm would conjure up images of a long line of desks with oversized calculators and receipts flying everywhere. Keeping the books meant literally writing in oversized books that sat atop of hundreds of other well-kept oversized books. When something went wrong, it meant looking through those books and hunting down the human error. When something needed to be done, it meant waiting sometimes weeks for someone to tackle a job properly.

This unlike accounting in the cloud. Our modern age has come with a lot of changes, and the way that we track and manage money was one of recent to make the big jump into the digital era. Now, accounting can be taken care of completely within the cloud.

Cloud defined: Referenced here as the internet where software is delivered as a service like a utility bill i.e. quickbooksonline.

Accounting with Digital Bliss

There are a lot of benefits that come with accounting in the cloud. The biggest benefit has to be enhanced accuracy. Cloud-based accounting services take advantage of the connectivity of the internet to download transactions straight from your banking and credit institutions. Often using predictive algorithms to automatically categorizes your transactions, tremendously reducing your workload.

Another huge benefit of accounting in the cloud is convenience. Rather than having to make an appointment and sit with someone as they pour over receipts, cloud-based accounting services put the power in your own hands to help you take control of your finances. Of course, if you there will be times where you need to talk to an accountant for clarification or help with deciphering your eligibility for a certain deduction. This reduces the fees you have to pay to your accountant, and maximizes your return on the what you do spend. Either way you’ll be able to access them as needed, as you handle all of your business from your computer, tablet or smartphone.

Having this real time access really helps to make the entire process of doing your taxes much easier, faster and will reduce the level of stress on your shoulders. It is a huge adjustment from past eras of accounting services, but it is most definitely where the future of accounting lays. Taking advantage of cloud based services will help you track your tax data year to year, make your information easier to find by storing it online for you and will help you self-manage your tax needs much more efficiently.