If your business still relies on conventional accounting practices — paper-based, desktop software or excel spreadsheets — it’s time you switched to a modern cloud-based solution.

There is a slew of advantages large enterprises and small and medium-sized businesses (SMBs) stand to reap from online accounting software. From saving precious time, improving accuracy, and equipping oneself with valuable business knowledge to streamlining internal functions, modern cloud-based software provides businesses with a competitive edge in the market.

Here’s exploring the top 5 benefits of top accounting software like Dext.

Here are our top 6 reasons why running a business is more efficient in the cloud:

• Have non-stop access to your accounts from anywhere, at anytime

Top accounting software like Dext provides you immediate access to your books no matter where you are or which device you are using. Your data is stored in the cloud and is hosted remotely, which implies updates and downloads are automatically initiated to ensure your software’s smooth functioning. The fact that cloud-based software provides the flexibility to retrieve accounts via mobile devices, further streamlines on-the-go accessibility.

• Stay on top of your business operations

Since your data is hosted remotely on the cloud, businesses can strive to remain up-to-date regarding their financial situation. This access to real-time data is key to making informed decisions to secure the financial future of your company. Conventional accounting, on the other hand, has you scrolling through pages and spreadsheets only to present outdated details of your company’s finances.

• Have a mutually-advantageous relationship with your bookkeepers and accountant

For business owners who must collaborate with their bookkeepers and accountants on a regular basis, accounting software is a major boon. It allows you to have a mutually beneficial and understanding relationship with them since accounting software is designed to provide intelligent reports and financial knowledge to even those who lack a background in accounting. 

Accounting software helps accountants meaningfully communicate end-of-year tax reports, financial insights, and complicated accounting data. This means business owners have a deeper insight into their finances and can leverage real-time knowledge to steer their company on the right path.

• Business books are accurate and less error-prone

Top cloud-based accounting software like Dext eliminates errors that occur due to manual data entry on spreadsheets. The automation improves accuracy and even flags errors if any. It does so by reconciling and matching internal transactions to detect errors in your books. 

In addition to this, it categorizes expenses and other transactions to provide ease during the tax season.

• Accounting data is secure and confidential

Among the top advantages of accounting software is that it comes built-in with the latest security technologies to ensure your system adheres to privacy regulations. It steers the organization towards cyber resilience and ensures business continuity. 

Not to mention, the automated backups and encryption ensure you have access to your data even when you lose data to natural causes. There is eliminated cause for data leakage and breaches.

• Saves time and expenses

Since cloud-based accounting software doesn’t require a physical infrastructure, it saves business owners a lot of resources, time, money, and personnel. It is recommended that you choose an accounting software like Dext that requires minimum installation expenses given its flexibility and simplicity. The setup requires no technical assistance; it is based on a one-time login model that saves unnecessary hassle.

Conclusion

Depending on the accounting software businesses choose, they can reap a range of additional benefits which include lower overhead costs, better risk management, more accurate predictability, and a higher level of security.

Not to mention, top accounting software like Dext augments business performance, facilitates internal efficiency, and boosts scalability.