By Samantha Cooke
Cloud technology has changed our day-to-day lives. We pay our bills through online banking, use our smartphones to check our emails and store our photos in digital albums. So, if we are using the cloud in our everyday life, would it not be sensible to incorporate it into our business life too?
Cloud-based accounting has the functionalities and reliability of a trusted desktop system but holds a plethora of valuable benefits that can only be delivered through online technology. Its capabilities offer the opportunity for farm businesses to work smarter, helping to save both time and money.
If your farm business is looking for a more effective way to manage its financial affairs, here are six reasons why a cloud-based system could be the solution.
Access at any time
As long as you have internet access, your cloud-based accounting system can be accessed from anywhere, at any time. Your data and records are all safely encrypted and stored on a cloud server, and there is no software application for you to download. Wherever you are, you can always check on the status of your farm business.
Improved collaboration across the entire farming team
Working with your farm team, and sharing your data with stakeholders, is a very straightforward process when using the cloud. You, your accountant, your consultant and your data analyst can all access the same numbers, at any time and in any place.
The ability to view up-to-date and accurate data in an instant will enable everyone to work together to make informed decisions, deliver an accurate budget and build trustworthy relationships. This is particularly important as we continue to face change across the industry, helping to create a succinct plan for the future.
High levels of security
There may be some concerns around storing your data in the cloud, but it is actually one of the most secure ways to store information. Your accounts and records are saved with military levels of encryption and protection. The only person who can view the confidential information is you, plus the selected few who have been granted access.
With cloud technology, your data is also protected from potential problems that can occur with paper-based work, including documents getting lost or damaged.
On a cloud platform, manual back-ups and software updates become a thing of the past. You’re always able to access the most up-to-date version of the software, with all the latest functions. Often these new functionalities are developed based on customer feedback, helping to create a more intuitive user experience.
Your work can be saved automatically too, eliminating any fears of losing essential data.
Reducing your carbon footprint
The beauty of cloud technology is that you can have a paperless farm office. All documents will be digitalised, eliminating the need to keep the paper originals. This, of course, will help when it comes to keeping your office space organised and de-cluttered. Not to mention how much space you can save!
It’s also worth noting how this approach will benefit the environment. The obvious is reducing your paper usage, but opportunity also lies in eliminating the need to visit the post office as often.
Greater flexibility and scalability
Whether it be livestock movements, crop and milk production or operating expenses, keeping all your data in one place will help to strengthen your business for future adaptability. Greater control of your core financial processes will give you a better understanding of where your business is today and what changes you need to take to move it forward.
With accurate, real-time data at your fingertips, you’ll be able to position your business at the forefront of the industry.