PUBLISHED: July 15, 2022
If anything can make an accountant’s workload go quicker and easier, it would be ideal for all businesses involved. With new technologies regarding cloud accounting, here’s what Filipino CPAs can get with a localized cloud accounting software. Here are top 5 benefits of cloud accounting for Filipino CPAs.
One of the benefits of cloud accounting is data-entry. Data-entry is a time-consuming task that can be quicker and easier with Optical Character Recognition. It functions by scanning the contents of a receipt and registers it within the cloud accounting system.
The time allotted for data entry can be saved and dedicated to work on other things that matter most to clients.
- Budget-Friendly
A monthly subscription system for cloud accounting is common, as it is a software as a service. This makes upfront costs significantly lower, making the shift from spreadsheets to accounting systems closer in reach. Another of one of the few benefits of cloud accounting.
Since financial data is stored and secured within the cloud, the cost for a database and the needed IT infrastructure that comes with it is gone. Cloud accounting software can be used on any gadget with a browser and an internet connection, so there is no need for additional computers or gadgets.
- Convenience
Cloud accounting is browser-accessible. This means that in any work emergency, financial data is accessible with a phone or a tablet. Making necessary changes can be made without being tied to the office desktop. Cloud accounting is also great for businesses with permanent remote set-up.
Learning the interface of the cloud accounting system is also easier as the system guides you how to use it the first time you log on. You can repeat the tutorial if you’d like, or read through the FAQs. A live chat support option is also available for the users.
- Proven Efficient
Another benefits of cloud accounting, is the lighter and faster version of accounting systems. This means that it is already the trusted accounting software, just simplified and made more accessible. So, for former accounting system users, it makes accounting work quick and easy. For spreadsheet users, cloud accounting flows with an accountant’s workflow as it is designed to help and be used depending on the nature of business.
Since cloud accounting can sync financial data, it also helps in making sure that everything is up-to-date and accurate at all times, and can ensure that the client and the accountant are on the same page at all times.
- BIR Localized System
For Filipino CPAs, the no.1 thing that can help fast track accounting workload is to have a BIR Localized System and Government Compliance. There are other cloud accounting systems, but it is even better if it caters to Filipino CPAs the way a Philippine-localized accounting system would.
An important benefits of cloud accounting system is that it understands requirements and can produce tax reports for government compliance is powerful enough, but to have this tool on a cloud accounting software can help an accountant in whatever situation they might be in.
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