The technological advancements and innovations in the cloud computing space has revolutionized several functions in our daily lives, at the personal as well as the professional front. While at the personal front, the cloud has made it easy for us to check our emails anytime, anywhere, at the business front, it has significantly impacted several functions, be it HRM, operations, internal communication. The accounting space is no exception. Businesses, irrespective of their size and industry, are increasingly relying on cloud based accounting practices, today.
A cloud-based accounting software is similar to the usual accounting software in several aspects, except, in the case of cloud accounting systems, the data is stored on remote, external servers.
Cloud accounting software makes the financial/accounting data accessible online anytime, from anywhere, on any device, in turn, eliminates the need for your hard drive to be the central hub. It allows modern-day accountants to manage the accounting needs on the go.
If you are still hesitant to make the switch to cloud accounting, here are the 7 killer benefits that may change your perspective.
Improved Collaboration & Real-time Updates
In the case of conventional accounting software, the data is usually not up-to-date. However, in the case of cloud accounting systems, the data is automatically updated after any processing has been made. In addition, traditional accounting systems limit the scope of work to single-device and single access usage. However, with a cloud accounting system, multiple users can access the system and data concurrently, without impacting the data integrity. With constant and instant upgrades, cloud accounting systems are convenient, less-complicated and easy to use in contrast to the conventional accounting software. Besides, it is a cost-effective solution.
The technological advancements in the online space has no doubt resulted in a paradigm shift, for good. At the same time, it has given rise to data security concerns. Considering the data storage in external, remote servers, many business owners and accountants may hesitate to adopt the cloud accounting systems. Well, they should not, as cloud storage ensures the utmost security of your accounting data.
With a traditional accounting system, data security has closely relied upon the device of data storage, there were higher chances of data theft. With cloud accounting though, your data is completely secure. No one else can access your data without the login credentials to your cloud account. You have the sole authority to allow others to view the data by providing them limited access. In addition, cloud-based accounting systems protect data from natural disasters. Cloud-based accounting solution providers strive to ensure the security and privacy of your data and several updates are underway to ensure the same in the future.
Cloud-based accounting systems let the accountants manage their work online. This, in turn, reduces the costs in terms of time and IT investments. Besides, it enables businesses to stay connected and access financial and customer-related data at their fingertips.
Conventional desktop-based accounting systems require an investment in IT hardware, combined with its maintenance. However, online accounting is carried out entirely from the cloud, it eliminates the need for IT infrastructure and maintenance. Rather than waiting till you get back to the office, you can instantly approve payments, or send out invoices to customers, saving you time and making your financial processes far more effective, seamless and robust.
With cloud-based accounting systems, businesses leverage the flexibility of remote operations, anytime, anywhere, any device with an internet connection. You can have a holistic view of your business functions, performance, and customers. You can check your business account balance, outstanding invoices, overall cash position and much more from anywhere, round the clock.
Paperless, Sustainable Solution
While you prefer paperless ATM transactions, why not choose the same when it comes to accounting? Besides, having your financial confidential data on paper is rather critical from a security standpoint. By opting for a cloud-based accounting software, you can go paperless! Invoices can be automatically emailed out to clients, removing the costs of printing and postage – and speeding up the payment process.
Cloud-based accounting solutions allow you to integrate add-ons to be a part of your entire business ecosystem. This allows you to customize your accounting solution so you have access to your invoices, sales, and customer engagement needs, all in one centralized, secure location.
Stakeholder Relationship Management
With a cloud accounting system in place, you can easily locate invoices and bills or maintain the payment schedules. Cloud-based accounting solutions also allow business owners to regularly collaborate with their accountant to ensure that all financials are up-to-date which makes filing taxes much easier and smoother.
So, wait no more! Make the switch to cloud accounting with the right accounting software from Giddh to reshape your business.