Technology has become a vital element of the accounting and bookkeeping industry in the last decade. Cloud technologies are revolutionizing accounting and bookkeeping services and helping companies streamline their financial management and gain access to a real-time view of their pivotal numbers. This blog will discuss the core advantages of switching to cloud-based accounting services and how outsourcing bookkeeping to a company that provides bookkeeping as a SAAS would help your business.

How is technology changing bookkeeping services?

Outsourcing accounting and bookkeeping services require a substantial transition to digital cloud-based systems, decreasing the reliance on paper reporting and manual invoicing. Cloud-based bookkeeping technologies automate everything, including bookkeeping, payroll accounting, and management. All accounting and bookkeeping data are stored in shared or private data centers.

What are Cloud-Based Bookkeeping Services?

Cloud-based accounting and bookkeeping software is based on cloud technologies rather than an installed desktop or through ledgers and journals. It is hosted on a remote server instead of on-premises. All accounting and bookkeeping data is stored and processed on the server. It is accessible from any device around the world to authorized persons to ensure security.

Most cloud platforms offer an open API, which facilitates third-party software implementations that can add more features and customize the system according to different business needs.

What are the Benefits of Cloud-Based Bookkeeping Services?

Moving accounting and bookkeeping from traditional methods to the cloud has been a tremendous step forward in financial management. It helps eliminate many drawbacks and cost implications of conventional accounting. Here are Ahmed Mamdouh & Co. Kreston Egypt’s top 5 benefits from Cloud-based accounting and bookkeeping services

- Team collaboration

Accountants, bookkeepers, and stakeholders can access data and reports in real-time from any device. Collaboration between team members in different locations or even countries becomes much more accessible and manageable. It also facilitates bookkeeping outsourcing services for businesses as the entire accounting process, including payroll accounting management, document processing, and internal communications, can be migrated to the cloud.

- Increased Security

Cloud bookkeeping services offer better-enhanced security, which is an essential consideration for compliance. All cloud accounting software uses encrypted links, ensuring that data is secure as it is being shared between different devices and locations.

Moreover, periodical updates for cloud applications are implemented faster than desktop applications, with minimal system downtime. This also enhances bug and security issues, as it can be implemented fast in the cloud. Cloud bookkeeping software ensures businesses have the latest updates and the most secure environment.

- Reducing costs

Another excellent advantage of cloud bookkeeping service is cost reduction. Many clients globally, whether small businesses and startups or more giant enterprises, reported witnessing a significant decrease in accounting and bookkeeping costs after migrating to the cloud. The automation features enable access to the most recent balance or expenses reports or quickly get a snapshot of the financial status at any time without assigning a team to work on it, decreasing the overhead and team costs and saving time. Most importantly, the ability to store large amounts of data without the extra cost of additional storage as in desktop accounting applications. After the initial investment of migrating to the cloud, update, maintenance, and storage costs are minimal.

- Access to Real-time data

Businesses can achieve real-time reporting by keeping their accounting and bookkeeping up to date. Instead of wasting time processing historical reports, stakeholders will have an instant overview of the business’s current financial position or a snapshot of a specific event. This real-time overview is essential when evaluating your cash position, planning spending, and making significant financial and strategic decisions as a management team.

- Automation

Automation facilitates the tasks of accounting professionals by decreasing repetitive tasks like data entry, manual filing, and routine evaluations and allowing them to focus on more complex and strategic roles within the business. The cloud accounting and bookkeeping systems allow automated bookkeeping, and automated bank reconciliation, all of which radically decrease admin workload. It also automatically syncs all bank accounts, so businesses don’t have to handle transactions manually.  

Streamline your bookkeeping services efficiently with Ahmed Mamdouh & Co.  Kreston Egypt's Cloud services

Working with an experienced outsourced partner like Ahmed Mamdouh & Co. Kreston Egypt is fundamental to improving business processes and adopting accounting and bookkeeping technologies. Our advanced innovative services have gone to great lengths to support outsourcing bookkeeping.

At Ahmed Mamdouh & Co. Kreston Egypt, our team focuses on helping business owners and companies make better-informed decisions through cloud technology and accurate and timely financial data. We offer outsourcing bookkeeping services, which offer cost-efficient solutions through skilled experts that provide consistency in performance. We help our clients optimize their resources by minimizing the costs of digital accounting license fees and decreasing the reliance on internal teams, enabling them to focus on key tasks and reduce overhead costs.

Most importantly, we deliver total control over our client's private data to mitigate fraud risks, with the flexibility of operating the business from any place with premium service levels.

Cloud services are the new normal for all the services required for the success of your business. If you are ready to take the leap, get in touch, and our consultants will set up a call to discuss your current situation and help you manage your accounting and bookkeeping core tasks on the cloud.


References:
- https://gocardless.com/guides/posts/what-is-cloud-accounting-and-how-does-it-work
- https://www.softwaretestinghelp.com/cloud-accounting-software
- https://geekflare.com/cloud-accounting/
- https://www.accountingdepartment.com/blog/5-technology-innovations-supporting-outsourced-bookkeeping
- https://www.forbes.com/sites/forbestechcouncil/2016/08/03/how-technology-is-changing-the-accounting-and-bookkeeping-industry/
- https://www.enkel.ca/blog/technology/role-of-bookkeeper-with-cloud-technology/