One of the biggest questions that accounting firms across the world deal with is whether to switch to cloud accounting or stick to the traditional ways of doing things. Accounting has always been a very conservative business and is usually the last to latch on to the latest technological trends. Most of the industries around the world are in no doubt at all about cloud computing – it’s the way of the future. However, many accounting professionals are still wary of making the switch. This blog post is an attempt to allay their concerns about cloud accounting.
Here are 5 great reasons why you should choose cloud accounting over traditional accounting.
1. It Allows You to Collaborate Quickly, Easily and Effectively
Accounting is not something that is done by just a single individual. It’s a team job and requires collaboration from a diverse set of players. Accounting requires comprehensive information about all the financial transactions taking place in the business. The date is entered, tracked and analyzed by multiple members of the team, which means there should be a mechanism in place which allows them to collaborate quickly, easily and effectively.
Cloud accounting makes such collaboration possible. While traditional accounting methods are highly restrictive by nature, cloud accounting allows for remote access and multiple-user accessibility – it doesn't require the members of the team to work just from a particular location. With cloud computing the members of your team can collaborate in real time and gain access to the data based on their level of authorization.
2. It Can Be Customized According to Your Business Needs
A big advantage of cloud accounting over tradition methods is that it allows you scale up or scale down your plans according to your business requirements. So you are not left with large servers that you don’t use anymore because of the change in your requirements – as it is commonly known to occur with accounting firms that use traditional accounting systems. Every business has its own accounting requirements, and cloud accounting allows them to access highly specific and personalized plans that are suited to their business needs. Since there’s no need to install a device locally, businesses can access all the services they need through the cloud, without restrictions of any sort.
3. It is More Affordable
There is no question that cloud accounting is far more affordable than traditional accounting methods. For one, it does not require you to install any local infrastructure, so there’s no need to buy any hardware. Your business doesn't have to spend any money on the maintenance of the hardware and doesn't even need to hire a dedicated IT staff. Cloud vendors such as Cloudwalk hosting have excellent customer supports staffed by certified IT personnel who are capable of handling all technical issues related to your infrastructure. With the availability of pay-as-you-go plans, you can pay for only as many resources as you require, and avoid any costly wastage.
4. You are Guaranteed Maximum Data Security
Make no mistake – your data is secure on the Cloud. Reliable hosting providers such as Cloudwalk store your data on secure servers in state-of-the-art data centers. Further, your hosting provider will use proper encryption technology to make sure that only those with the proper authorization can get access to the accounting data. Also, your data is backed up daily and stored in multiple locations around the world to ensure that it doesn't get lost even when there’s a natural or man-made disaster.
5. You Will Have Access to the Latest Software Upgrades for No Extra Charge
A major advantage of cloud computing is that you will have access to the latest software upgrades and hardware changes without having to pay anything extra for them. You don’t have to worry about upgrading the software in time either – this is taken care of by the hosting provider. You will always have access to the latest technologies and software updates.
Hope you enjoyed reading this blog post. Cloud accounting doesn't just give you all the features of traditional accounting that uses desktop software, it is also more convenient, productive, secure, accessible and affordable.
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