Experiencing some frustration with your traditional accounting software? Curious about the cloud but not sure whether it is the right choice for your business? Cloud computing has made leaps in the last five years and is now being used for all areas of business, including accounting. In fact, you are probably already using a cloud system when you log into your Internet banking account to check your balance, pay bills, or transfer funds. Here are five logical reasons to incorporate cloud accounting into your company to both save money and improve efficiency.
The main reason that the cloud is so popular is because it allows users to access their information from anywhere, at any time. No longer does your data have to be tied down to one hard drive. It is an on-the-go option for busy professionals. You can login into your cloud from your laptop or another computer from anywhere that the Internet can be accessed.
Got a team or support person that helps you manage your financial information? The cloud allows you to share information and access to trusted individuals with no regard to location or need for access to one particular device. They simply need their own login to the cloud site and they are good to go!
Whenever your accounting software needs to be updated, the process would normally be downloading it to your local machine and waiting for the time consuming download to complete. With the cloud, many updates can be done on a routine basis without any input from you or wait time. Also, cloud computing eliminates the need to keep multiple backups in case of a local hard drive failure. Everything is already backed up on the web.
A major concern for most people who are considering cloud accounting is the placement of sensitive, financial information over the web. The truth is that cloud computing can actually be more secure than traditional methods. If your device is hacked or stolen, all of your financial data is available to view and distribute. The only way to access your cloud accounting area is to login to the site with your information. The data is also protected in the event of loss or damage to your computer. If there is a fire or natural disaster, your system might be destroyed but your financial records are stored safely online.
It can cost quite a bit of money to maintain your own server, network and local storage devices. The costs of upgrading to new software versions, maintaining a server system, or hiring an IT person to keep up with your system goes away when converting your data to the cloud. No more pesky server failures and middle of the night IT emergencies.
The appeal of cloud accounting is really the flexibility it offers business owners. It’s simple to set up and use, requires no regular maintenance or upkeep, and allows companies to focus on their financial needs from anywhere, at any time.