Farmers and agribusiness owners have many choices available to them in regard to accounting software. I have talked about a variety of them in previous articles. One of the options available is cloud-based software. Let’s talk about the basics of this software option in this article.
Many people are curious about the cloud and what it means. The cloud is an Internet platform that allows you access data anytime from anywhere. The most appealing part of cloud-based software for many business owners is the peace of mind in knowing that they always have access to current financial information. When your software is cloud based, all of your information is literally at your fingertips, presented in real-time figures.
Imagine links to your bank accounts, your credit cards, right there through the software. All you must do is code your business transactions to the proper account to keep your financials current. Users of cloud-based software generally live without the prompts to update their accounting software because a glitch is found or a newer version is available because cloud-based accounting software takes care of these things automatically. Users also don’t have the worry of backing up accounting files in case of a crash. No back up needed because the information lives in the cloud.
These are all big draws for many farmers and business owners, but the convenience associated with cloud-based accounting software really seals the deal for many. Instead of needing to be stationed at the same computer or laptop time and time again to access your files, the cloud-based option allows you remote access from virtually anywhere with Internet access. You could be working in the fields and check your phone to see how sales for the business went for the day. Or, you could be on an airplane and pull out your tablet and check in on the financials for the business with no issue. You get the idea, access to your software from anywhere, on any device. This is the ideal software fit for those that like real-time updates on a frequent basis.
The idea of switching to cloud-based software can be daunting to some. Sticking to traditional software remains the best option for them and their business. If the idea of cloud-based software appeals to you whatsoever, ask your accountant their thoughts and together you can review options for you should you decide to go that route. Feel free to reach out to me with any questions as well. As always, my main recommendation remains that you should be using software of some sort in order to position your business for success and continued growth.
Brian E. Ravencraft, CPA, CGMA is a Principal with Holbrook & Manter, CPAs. Brian has been with Holbrook & Manter since 1995, primarily focusing on the areas of Tax Consulting and Management Advisory Services within several firm service areas, focusing on agri-business and closely held businesses and their owners. Holbrook & Manter is a professional services firm founded in 1919 and we are unique in that we offer the resources of a large firm without compromising the focused and responsive personal attention that each client deserves. You can reach Brian through www.HolbrookManter.com or at BRavencraft@HolbrookManter.com.