All businesses are required to showcase financial transparency and follow government protocols to ensure operations meet specific financial guidelines. As such, the need for accounting services continues to be an important function of businesses across the country. However, accounting and bookkeeping financial operations are costly ones, especially for small to medium businesses. Business owners have to fork out large investment to fulfil accounting and bookkeeping roles in their companies and this can also prove a tremendously time-consuming activity. As such, business owners have sought new ways of servicing their accounting departments and a solution in the form of outsourced accounting has become available for affordable rates. 

Companies like MBS have met the demand for outsourced accounting and bookkeeping and have taken the service one step further by providing additional accounting support through employing cloud based accounting software. Using a range of top-tier software, MBS is able to fully service companies accounting and bookkeeping departments through the management of these programmes. But, before we can understand how MBS utilizes several exceptional software we need to know a little more about cloud based accounting.

What is Cloud Based Accounting Software?

Individuals new to the concept of the cloud will be thrilled to learn that the cloud refers to the process of safely and securely storing data that can be accessed at any time, from anywhere, and with any device. Storing data on the cloud means that companies do not need to make space for data storage as typically done by accounting and bookkeeping departments. But, what is cloud based accounting software?

Cloud based accounting software is a program responsible for storing financial reporting data and accounting books online. Records of income and expenses as well as assets and liabilities are neatly stored and encrypted to ensure that they are secure from hackers and are completely private. Only people from the company with access to the login details are able to view the data, meaning your company’s financial transparency is entirely in your hands. 

The Benefits of Cloud Based Accounting Software

Companies have utilized cloud based accounting software to facilitate their accounting and bookkeeping operations since the early 2000s for several reasons. We have listed some of these reasons below so that you can make an informed decision when choosing to partner with companies such as MBS who facilitate your accounting services using this specialist software:

• Data is directly input onto software spreadsheets, meaning time can be saved where one would usually have to manually input data.
• Data can be viewed at any time, from anywhere, and with any device, meaning you have constant access to your financial reports.
• There is no need to install or update software as it all operates online.
• Data is encrypted and therefore protected, meaning your company’s privacy is maintained.

The following pieces of software are used by MBS to ensure companies receive the above-mentioned benefits of cloud based accounting software

Xero

Xero offers several time-saving tools to ensure you get the best from your accounting partnership with MBS. Xero allows business owners to view their financial reports on the fly with simple and easy to understand graphs, making this software optimal for small business owners hoping to avoid complex programmes.

Xero also offers full collaboration features with your accountants and bookkeepers, meaning your team can sync up from around the world and work together to achieve financial success. Xeros strong privacy options allow business owners to be confident that their important data is safe and secure.

Sage and Pastel

Also targeted at small business owners, Sage is a simple but powerful tool allowing company executives to gain greater control over their financial reports. MBS utilizes Sage to assist company owners with easy and efficient invoicing, as well as sourcing quality accounting advice and facilitating cloud based payroll. Ensure that you save time and money financing your staff by outsourcing your accounting and bookkeeping to professionals who make use of this handy software.

Sage’s additional Pastel Partner allows individuals to reap the benefits of Sage’s Intelligence Reporting, Microsoft Office 365 Integration, and cloud based backup meaning collaboration and safety are at the forefront of companies utilizing this software.

Companies like MBS are able to optimise the accounting functions of small to medium business owners through the use of cloud based accounting software, making the job easier and less of a hassle for managers and CEOs. By partnering with companies that use these quality accounting programmes, business owners can save time and money by outsourcing their accounting and bookkeeping services.