How To Keep Your Balance Sheet In The Cloud

by Greg DePersio

2 min read

“Move it to the cloud” is the rallying cry of business owners and tech lovers around the globe, and it applies to nearly everything from business software to individual documents. Cloud-based applications can streamline scheduling, project management and many other business tasks. In particular, you may want to move your company’s balance sheet to the cloud.

Where Is the Cloud?

In spite of all the recent excitement over the cloud, it has existed for decades. For example, regardless of your provider, most email messages have always been in the cloud. It simply means that the information is stored on a third party’s server rather than your own.

In the past, you would have needed strong computers with lots of memory or even your own server to run most business software or to generate reports. Now, a lot of that can happen in the cloud. Rather than needing powerful or expensive hardware, you simply need a computer, tablet or smartphone with an internet connection.

Why Put Balance Sheets in the Cloud?

A balance sheet provides an easily digestible snapshot of your company’s financial situation. Creditors may use balance sheets to assess assets in comparison to liabilities. Investors weigh the information on balance sheets to decide where to plunge their money. Accountants and consultants use balance sheets to help plan for the future.

When you save your balance sheet in the cloud, you can allow anyone to access it remotely. Additionally, if you decide to share your balance sheet with someone and you don’t have a paper copy with you, you can simply pull up the report on your phone or laptop.

How Do You Put Balance Sheets in the Cloud?

If you use a basic spreadsheet for your accounting needs, you can move your balance sheet to the cloud simply by saving it in a cloud-based program. For example, you can save documents in the cloud using a free service such as Google Drive or a fee-based service such as Microsoft Office 365.

When you save your balance sheet to one of these types of cloud-based applications, the process is much like saving a spreadsheet or document to the hard drive of your computer. However, in this case, the information is in the cloud and you may share it with others using their email address. For example, to share a balance sheet on Google Docs, you simply select File, followed by Share, and type in the email address for the person with whom you want to share the document.

You can also use a cloud-based app or online small business accounting software to put your balance sheet in the cloud. For example, if you create a QuickBooks Online account, you can access your balance sheet and other reports over the internet, and you may share this information with others by giving them access to your account or emailing reports to them. If you are an accountant or bookkeeper who works with multiple clients, you may want to use an app such as Qvinci, which allows you to access information and reports from several different QuickBooks Online accounts.

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