Five ways cloud software benefits your business

1. You have a clear overview of your current financial position, in real time.
2. Multi-user access makes it easy to collaborate online with your team
   and advisors.
3. Worry-free maintenance means you can spend more time doing what you love.
4. Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
5. Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.

Problems with traditional accounting software

• The data in the system isn’t up to date and neither is the software.
• It only works on one computer and data bounces from place to place. For example, on a USB drive. This is not secure or reliable.
• Only one person has user access. Key people can’t access financial and customer details.
• It’s costly and complicated to keep backups (if done at all).
• It’s expensive, difficult and time consuming to upgrade the software.
• Customer support is expensive and slow.

Source: https://www.xero.com/au/small-business-guides/cloud-accounting/cloud-accounting-business/