When your business upgrades to online accounting software, you are essentially migrating to the cloud. That’s because online accounting software saves and secures your data on the cloud using firewall protection to keep your data safe.
Once upon a time, getting your business or data onto the cloud was a prohibitively expensive proposition for everyone except the top 1-5% of companies. That’s because, at the time, one has to deploy their cloud storage and access. The whole set-up was owned and therefore far more cost-heavy. Today, you rent your space on the cloud and this has made it a much more affordable proposition. That brings us to our very first benefit of the cloud.
Benefits of the cloud linked to online accounting software:
Your own IT network is far more costly to maintain and secure as compared to simply putting your data on the cloud. Accounting data calls for a higher level of IT security and this is usually very cost-intensive.
You may or may not want to move away from on-premise IT systems for all of your company’s needs, but for your accounting needs, the cloud is a cost-effective means to secure your data.
Cloud accounting solutions such as QuickBooks Premier Hosting powered by managed desktop as a service are getting popular among CPAs and Accountants.
We will also address security methods used in more detail as we progress.
Whether you’re accounting with ramp or with somewhere else, accounting software will usually have tiers of packages where you get say 5 login IDs at x price or 20 login IDs at xx price and so on. You can easily notch up or notch down what you’re spending based on resources at hand and also changing requirements.
This is one of the most invaluable benefits of accounting software in today’s uncertain environment. On-premise IT systems cannot be scaled down once they are deployed and as you can imagine, they are very expensive to scale up.
3. Supports remote working
The cloud lets people collaborate on the same document. Your accountant can, for example, seal clarity on specific line items using the chat feature that some online accounting software brands offer.
Data can be accessed anytime and from anywhere. Decision-makers can, for instance, get access to live and up to date figures related to company finances, to make fully informed decisions.
Moreover, multiple people can work on the same files from just about anywhere in the world. You won’t need to put timings and numbers on new and updated versions of documents that have multiple contributors.
Nobody wants a fire, leakage, flood, explosion, earthquake or any other disaster to destroy all of their data. And most companies do their best to safeguard against such eventualities, but an even better strategy would be to put your data out of their reach. On the cloud, your data is safe from all catastrophes, both human and man-made
5. Secure sharing
Email and other traditional sharing methods might not be as secure as some information and some documents call for. On the cloud, you can always invite-only selected, trusted parties to view and collaborate on documents.
6. Data security
Online accounting software brands invest heavily in the security of their clients’ data because the continuity of their business depends on it. Entire IT security teams work round the clock like your own personal patrol, making sure that there is no breach. Data is also secured by a firewall – or sometimes double firewall – protection.
In contrast, how hard is it to break into a server room?
7. Troubleshooting and updates
When your on-premise IT systems hit a glitch or when something goes wrong, you have to usually spend heavily to get the problem fixed. Updating means pretty much doing away with your cost-intensive existing systems and purchasing new cost-intensive ones.
When you are using online accounting software, updates and upgrades will usually be part of your package and yes, any glitches are fixed by the brand as part of service quality standards owed to clients.
Online accounting software is your ticket to witnessing, first-hand, how the cloud can benefit your business. Moreover, you can get a free trial to evaluate how online accounting software works for you. Since it is a relatively new concept for some companies, good brands will even throw in a free demo.
Thereafter, for as little as GBP 20, you can get 5 login IDs and start your company’s journey on the cloud. That too, with a popular, quality-oriented brand like Dext.
A word of caution to the uninitiated: steer clear of the “free” variety of online accounting software because these software providers might need to bombard you with advertisements to break even. And in all likelihood, features that you would find genuinely useful would be chargeable in any case.
Sold on the benefits of the cloud yet? Know more about online accounting software.