What business doesn’t want the ability to scale quickly, access their data in real-time, and spend less money on solutions? When a business owner enjoys agility, efficiency, and productivity, increased profitability is sure to follow.
Today, many companies are faced with the decision on whether they should make the digital transformation or stick to traditional methods that have not failed them yet. One of these changes involves making a move to the cloud and adopt solutions such as cloud accounting.
Since the cloud is still surrounded by skepticism created by people who resist change and are afraid to embrace technology, many business owners continue to ask if transitioning to the cloud is a risky move. However, just because traditional accounting still works, and nothing is technically “broken” about it, the introduction of cloud computing has highlighted its flaws.
Here’s a look at why cloud accounting is much more convenient compared to its traditional counterpart:
What’s more convenient than having the ability to access your data from virtually any mobile device or computer? Imagine not being dependent on the computer that is in the company office or your personal computer. Think about the hassle of losing all your files if your computer was stolen.
With cloud accounting, not only is your data accessible anytime, but it is safe thanks to the well-defined security measures your cloud solutions provider has in place.
Cloud computing means the ability to have multiple users in action to ensure the company’s finances are updated and error-free. There was a time when only accountants had in-depth knowledge of a company’s financials. This wasn’t because they were the only ones who were allowed access but because easy access was so limited.
Cloud accounting software has features that grant appropriate access to the right people while limiting others from seeing confidential information. Thanks to cloud computing, business owners and anyone involved in the business’s finances can collaborate and make better business decisions.
With traditional accounting, you need to be prepared for system upgrades that are inevitable. Your hardware will also need to be replaced once it is considered outdated. You would need to employ an in-house IT team who ensures your system is maintained and up-to-date.
Cloud accounting removes all these extra steps, processes, and the need to hire and train an IT team. Why? The fee you pay cloud service providers includes automatic updates.
The biggest benefit of the cloud is accessibility, and it is felt not just by business owners but also their accountants and bookkeepers. Accountants no longer have to make the trip all the way to the business location to maintain and update the books. Business owners also don’t need to be tied to the office every time they need to collaborate with their bookkeeper. The cloud allows business owners and accountants to access all the relevant data from virtually anywhere at any time.
In conclusion, while cloud accounting may seem like a trend for now, it will replace traditional accounting because of the convenience it promises. And for most business owners, convenience means two things: Easier days, and increased productivity.
Until the next time,