Are you looking for ways to store your company’s financial data? One of the options to consider is cloud storage. The latter provides you with a cost-effective alternative to investing in office equipment and servers. Small and big businesses have been using the cloud to keep their data secure. The additional savings they get allow them to reinvest in the growth of their business.

 

What are the advantages of cloud storage?

 

Improves Data Security

You might lose physical financial documents because of natural disasters, negligence, or theft. When you move your data to the cloud, the chances of these happening are substantially lower. One of the advantages of cloud storage is that it has multiple layers of security and encryption. These prevent data theft and ensure you don’t lose your financial records. Create passwords for those authorised to access your information. This limited access adds an extra level of security to your financial data.

 

Digitise Your Accounting

Cloud storage allows you to digitise your accounting processes. Make soft copies of your financial statements and records and then upload them to your chosen cloud storage platform. It can be as simple as G Drive, but you might want to get accounting specific cloud software. Doing so allows you to not only make copies, but also do invoicing, process receivables and payables, schedule payments, and other related tasks. Digital accounting process eliminates or at least reduces mistakes in data entry and whenever you create financial statements. This enables you to generate and access real-time financial information you need.

 

Ease of Sharing Files

When you store data in the cloud, you can authorise certain employees to access it. This makes it easy to share documents and reports. All they need to do is log into the system and they can review the uploaded files they need. This simplifies collaboration between teams that need to see your financial statements when they create budgets for campaigns and product development. This easier way of sharing reduces confusion and miscommunication among team members.

 

Easy to Create Backups

You might lose physical documents for whatever reason. Those might be your only copies which puts you in a dilemma whenever you pay taxes, process receivables, look for tax deductions, and others. Cloud storage allows you to create backup files whenever you need them. Generate soft copies of your financial statements, reports, documents, and other files you need and keep them safely stored in the cloud. You can also access these at a time convenient to you.

 

User-friendly and Easily Accessible

Cloud storage is user-friendly; its features are easy to learn and you can personalise the dashboards using your company’s branding. All your team needs is good Internet connection and they can access the financial reports and documents you uploaded into the system. They can share documents of their assessments and comments. The data stored in the cloud is accessible regardless of time and location.

 

Learn more about the advantages of cloud storage and how it benefits your growing business. Move our financial data to the cloud to store them securely and access them whenever you need to. We at Robookkeeper can assist you update your books and set up your chosen cloud accounting software. We offer first-rate small business accounting services.