How Cloud Based Accounting
is Changing Business Finance
Seems like everywhere you turn these
days, it’s “cloud this” and “cloud that”.
Cloud-hosting solutions are popping up all over,
and that includes the world of accounting.
It makes sense for businesses to take advantage
of cloud-based accounting, and here are the reasons why.
Your company’s future success lies in the clouds
Considering how computing is increasingly mobile, your financial people need to access
important information anytime, anyplace. Add to this the possibility of people working from
home or from remote locations, and you find yourself having to make sure that everyone
can have access to the company’s financial information no matter where
they are or what time it is. With cloud accounting software, accessing
and sharing financial data is a snap, and ideal for the fast-paced,
widely scattered 21st century business life.
Accurate Data, No Redundancy
While all of the data in any given business is important, financial data
has that extra gravitas to it. After all, finances are a company’s life blood.
Manual data processing is time-consuming, expensive, and subject to human error.
Sometimes, the same information can be entered in twice from different locations.
Cloud-based accounting has safeguards that spot duplicate entries that can arise
from manual data entry, as well as spotting other errors involving order
fulfillment and invoicing. It’s like having an extra set of eyes,
on the outside, looking at everything from a fresh perspective,
but in this case it’s from an SaaS.
No matter how advanced technology gets, data security will always be a key concern for any business.
In order to protect the integrity of your company’s data, you need to implement powerful security measures,
some of which may be well outside the reach of your company’s budget. Third-party data storage,
achieved by means of a cloud-based accounting solution, offers your business the best data protection,
incorporating measures your company otherwise couldn’t afford. It’s prudent to have a backup of
your data stored off-site. It certainly doesn’t mean you can’t also back up your data in-house
(and you should, of course!), but the cloud storage option gives that extra, indestructible
set of backups. Talk about peace of mind!
Automated Business Processes
In order for a business to not only run smoothly but also to grow with a minimum
of fuss and mess, you need a standardized set of procedures, preferably automated.
Using a cloud-based accounting package gives you a set of user-friendly, easy to
use processes, all under the umbrella of a single standard. The automation
cuts down on paper and general waste, allows easier collaboration
between departments, which in turn results in a business that runs
smoothly and finds it easy to expand.
Faster and Easier Access For The Appropriate Users
With a cloud-based accounting system, your company can shift to a decentralized
structure with automated controls and permissions. Certain departments and
individuals require access to certain information, and require permission.
A cloud-based system has the restrictions and permissions set up ahead of time,
so that time is not wasted in securing permission and access to sensitive data.
Those who have no business seeing financial data will be kept out, but
those who need it don’t need to wait around for someone to give them the green light.
A cloud-based accounting system uses less resources, saves money and time,
and adds an element of speed and simplicity to the entire accounting process.
With cloud-based applications handling more functions and data in today’s
business world, it makes good sense to jump onto the bandwagon now,
and not only reap the benefits listed above but also become familiar
and comfortable with cloud technology as a whole.
It’s not going away; it will only get bigger.
Byline: John Terra has been a freelance writer since 1985. John writes about
everything from running 5K races to invoice software.
He doesn’t suffer from any abandonment issues.