Your questions answered: an introduction to cloud accounting & bookkeeping

Cloud accounting and bookkeeping make it easier for business owners to manage day-to-day financials. But what is it and how do you get started? Read on for the answers to all your questions about MNP’s ease Cloud Accounting and Bookkeeping service.

What is cloud accounting and bookkeeping?

Cloud accounting and bookkeeping services provide you with all the information you need to understand the health of your business and make targeted financial decisions. These web-based platforms typically include access to a suite of accounting and bookkeeping tools and provide visibility into all aspects of your business.

At a minimum you should be able to view and manage accounts payable, accounts receivable, and payroll — along with various analysis and reporting tools. And the best tools will back this with the support of a skilled financial advisor. A solution like MNP's ease Accounting and Bookkeeping service will help you transform real-time information into real-world business insights.

How does it work?

Cloud-based accounting and bookkeeping solutions function much like the applications you may already be using in your business. The biggest difference is how and where you access your information. Rather than having to be in the office and logged into your business network, you can access and update your financials from virtually anywhere and on any device with an internet connection.

Another benefit of cloud-based solutions is that they can be tailored to meet the specific needs of your business as it grows and evolves. When you first start out with ease, an MNP advisor will meet with you to understand your business and what's challenging you. We'll help you upload all your relevant financial information, and train your team on how to use it.

What’s the difference between cloud accounting and bookkeeping and traditional accounting and bookkeeping?

Traditional accounting and bookkeeping software is hosted on your computer. This means you or your team can only monitor your finances from your workplace — which makes it difficult to make timely decisions.

In contrast, cloud accounting software is hosted with a web-based service, so it can be accessed from anywhere at any time. This means you have an unlimited line of sight into your business and your financial information is always accurate and up to date. It also means you never have to worry about updating your software or upgrading your systems when your applications inevitably go out of date.

What are the advantages to cloud accounting and cloud-based bookkeeping?

Cloud accounting advantages are numerous:

1. Save time: Upload invoices, receipts, and payroll information when you receive them, and track cashflow at the click of a button, directly through the web-based application.
2. See your business in real time: Get the complete picture of your financials whenever you want, wherever you are, and trust the accuracy of your reporting and analysis.
3. Centralize and automate key processes: Generate and send invoices directly through the application, along with payment reminders, delegations to team members, and more. Pre-set alerts also keep you on top of outstanding bills, tax, and reporting requirements.
4. Less stress at tax time: Your data is all in one place, which means you can spend less time sorting through paperwork and tracking down the numbers, and more time managing your business.
5. On-demand advice: The support of a dedicated advisor means you'll always have a helping hand to make sense of your numbers or make key decisions based on them.

Who is managing the finances in the cloud?

MNP team members can manage the finances, or you can. User-friendly interfaces and the fact that calculations and tracking are done automatically mean that it’s easy to use and isn’t time-consuming. Additionally, the chance of making a mistake is very slim.

What are the financial tasks that cloud accounting helps with?

Ease cloud accounting and bookkeeping make it easier to handle:

• Tracking spending: Information is automatically loaded into your financial management system from your bank accounts and credit records.
• Receipt management: Take a quick picture of each receipt as it comes in and it will get filed automatically so you can easily keep track of expenses.
• Payroll: Automating payroll means there are no more difficult calculations and greatly reduces the chance of errors.
• Paying vendors: Track your payments and get alerts when an invoice needs to be paid. 

How cloud accounting and bookkeeping unlocks your business’s full potential

Cloud accounting and bookkeeping make it easier for business owners to manage day-to-day financials. Here’s what MNP’s ease solution can do for you — and how it can help your business thrive: