Cloud Accounting Basics

The basics of cloud accounting

What is cloud accounting? discover how this technology can help your small business thrive
Post by
YAC Team
July 2020
The basics of cloud accounting

With the rapidly developing technologies available to accounting professionals today, accountants can offer their clients better and more tailored solutions at a more accessible price point. The latest developing technologies, cloud accounting, gives small business owners access to an end-to-end accounting solution previously available to only large, elite companies.

Welcome to Cloud Accounting and your small business, a blog miniseries exploring various aspects of cloud accounting meant to help small business owners better understand what this new technology is all about. 

In this first installment of the series we explore the foundation of cloud accounting as a “one-stop-shop” solution to your business’s accounting needs. We will look at the tools that make up cloud accounting, how you can integrate cloud accounting into your business, and introduce what we think is one of the biggest strengths of cloud accounting - unprecedented access to expert advice.

The tools of accounting

There is no shortage of accounting tools in today’s market. Deciding on which tools are best for your business can be a daunting process, not to mention the associated costs of acquiring the software and the training time involved in learning it. 

The multitude of specialized tools also poses the logistical challenge of how to integrate various systems together and allow for effective collaboration.

Cloud accounting simplifies the process by providing an all-encompassing solution which takes over and handles every aspect of your business’ finances including bookkeeping, expense tracking, payroll, and report and tax filing. Best of all, it frees you up to focus on your business.

A simple 3-step solution

1.   Select a plan

YAC offers a range of plans to best suit you and your business. Our online platform is your one-stop financial management hub, at the core of which is an accounting software solution. This is the program you and your accounting professional use to manage your business’ finances. YAC seamlessly integrates this software into our accessible and easy to learn web-interface platform.

Every YAC plan tier comes with free access to Quickbooks, the industry-leading accounting software solution. If you prefer to use a different tool, no problem! Our platform supports all major accounting software solutions.

Whichever plan you choose, we are here to help you get started - use our continually evolving support hub to learn how to use the platform, or reach out to one of our experts to get personalized help and support. 

2.   Upload

Information from your bank, such as credit card transactions, is automatically uploaded into your secure account. Cash or other external transactions are easy to upload with a quick point-and-snap app usable on your mobile device, or by drag-and-dropping the file from your desktop into our platform.

From here, it is a worry-free process for you as your team of accounting professionals review and consolidate the information and prepare your financial statements and reports. 

3.   Act

Review your business’s live financial data, navigate our growing FAQ database, or book a digital conference with your accountant, all from within the YAC platform. Act with confidence and make more informed financial decisions knowing your business’s current standing, or reach out to your accountant when you need them to receive expert consulting.

Cloud accounting is more than a storage system

Cloud accounting can benefit your business in more ways than just handling your file management. We believe that as technologies develop, so should the role of accountants. Cloud accounting offers unprecedented access to expert advice when you need it most.

Our online platform allows you to schedule a meeting in seconds using the means best suited for your business; whether a phone call, teleconference, or anything else, the platform instantly generates an access link and provides an email reminder.

Cloud accounting offers unprecedented access to expert advice when you need it most

Your accountant is an expert in their field, and their advice can provide reliable guidance whenever you need it. We take seriously our commitment to work personally with each of our clients and support them how they want to be supported. See for yourself how our flexible plans can fit your business’ needs or reach out today to discuss a custom solution to meet your needs.

The road ahead

We make it our goal to stay current with the latest technologies, integrating them with our people-first approach to create innovative accounting solutions. Join us in the next installment to discover the flexibility of cloud accounting as we discuss its benefits in relation to various industries.

Have any questions or a topic you would like to see us cover? We would be more than happy to hear from you - reach out! (or check out our FAQ database).

Continue reading the Cloud Accounting Basics miniseries

Next blog: Cloud Accounting for the Information Technology and Real Estate Industries

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