In the current scenario of digitization and flexibility to work on multiple devices, demand for a centralized and secure data storage system is on the rise. Traditional usage of the software with a larger server in the office is no longer a practical solution. Most of the companies are already using cloud for many applications from financial management to project management without even realizing.
Cloud storage is a quite a buzz word these days, often referred to data accumulated as well as saved on remote and online servers. There are many cloud-based storage systems from which data can be accessed and retrieved from multiple devices, some of the cloud-based services are Google Drive, Dropbox and OneDrive.
Accounting has been helping each and every commercial activity constantly right from the commencement of the trade. The necessity to accurately interpret the economic reality into numbers has been persistently upgrading. Additionally, the technology advancements and the emergence of internet have shaped this tedious and time-taking task to benefit the enterprises particularly when their primary focus is on the core business. Several companies are shifting to Cloud-based Accounting against using old-fashioned accounting software to streamline their fundamental process and benefit from online accounting.
Cloud Accounting – A new business model incorporating cloud computing solutions to automate the accounting data and modernizing the business environment. Cloud Accounting has the capability to demonstrate up-to-date financial status of the business helpful to take crucial economic decisions. The cloud indicates a huge opportunity for businesses of all sizes to avoid substantial expenses and time-taking operations.
Top 3 benefits of Cloud Accounting over Traditional Accounting:
1. Ease of Access – anywhere, anytime: Accessibility is the biggest advantage of Cloud Accounting. A smart device and an internet connection is just about needed to retrieve important receipts, records and reports. No downloads, no installations and no office servers just one click access is the forte of Cloud Accounting. It is business on the go, with easy access to accounts, greater flexibility to check cash flow and most importantly effortless collaboration with employees and partners anywhere and anytime.
2. Security – Key for accounting data: Remote servers have tough security protocols compared to traditional accounting software’s. If any device is lost or stolen containing a data spreadsheet on the remote storage, the users must use their credentials to log in into the cloud accounting to access the data. Apart from that, no data stays on the device as cloud accounting manages the backups. Cloud accounting also tackles other security issues with onsite seamless security encryption.
3. Cost involved – Monthly subscription: Cloud accounting is just right for startups and SME’s as there is no up-front cost involved for software, hardware or an onsite employee. Capital investment is nominal as there is no infrastructure involved in storing and managing data. Company can run longer as it needs no servers and no IT expertise which means less labor and equipment cost and this indicates bulk of savings. All that is essential is to setup your account, upload your financial data and pay a monthly subscription fee.
Cloud accounting has both benefits and drawbacks, however Cloud accounting is the future of accounting. Even if your business has on premise accounting software which might be good, the world of accounting is certainly changing and it’s absolutely important for your company to make the big move to easily adapt the change. If you are starting to think about Cloud Accounting, We would be happy to talk to you about the best available alternatives based on your requirement.
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