Reasons why Cloud-Accounting Software is the need of the hour

Technology is rapidly making headway into all the sectors including the service sectors. As per the current scenario, there is a constant and urgent need for an improved solution and bookkeeping is one of the most important aspects of the business that cannot be ignored. It is a detailed task that involves a lot of time, energy and finances.

Cloud accounting is the answer to this problem as it saves money and time to make your business better. The positive influence of the cloud has spread rapidly in the market to become everyone’s favorite. The accounting industry has also experienced its impact as it is easily accessible and secure storage.

Cloud Accounting has become the choice of many and is a hit among various firms. It is a great solution to the smallest of businesses and has multiple benefits like increased efficiency and improved profitability that helps the owners to concentrate on their business.

Issues with offline software

• The software is not up-to-date
• It does not keep the data up-to-date
• The software works only on the computer so you need an additional device like a USB drive to transfer the data. It is a risky job to perform as the data can get leaked.
• The access is given to only one person, others cannot use it.
• It is complicated.
• It costs a handful to maintain the back-ups
• To upgrade the software takes time, is difficult and expensive.
• Customer support is also slow.

Advantages of cloud accounting Software

There are multiple benefits when it comes to using Cloud Accounting software. Furthermore, you need not install and a monthly subscription for the online software. Let’s go through each one of them in detail.

1. It is simplified and unified:

As it is a cloud-based application it can be easily accessed and updated from anywhere. Apart from that, it can be used by multiple users at the same time from different places. This especially helps when you want to check the current status of your business while traveling or your accountant wants to generate an invoice. As the data is centralized there is a single data file that can be easily accessed. You don’t need to stick to your office for each and every task. That makes it the most important benefit of using cloud-based software.

2. Saves time:

Cloud-based software does not need installation and updation which saves a lot of time. It can be used from anywhere at any time as you only need the internet to work on it. You can have access to all your data from your phone, tablet or laptop. There are many tasks like entering invoices, bank reconciliations and reporting which are done automatically on the cloud software. This helps in shifting the focus on generating profits and growth of the business.  

3. Sharing and collaboration become easy:

Sharing data and documents on the cloud becomes a lot easier and quicker with this. When compared to the traditional accounting software, it is cost-efficient and sharing of the data is easy. As it is multi-user software many colleagues can work together at the same time. You can also control the number of people who can have access to the software. This also helps you to maintain the privacy of the details of the company.

4. Security:

When it comes to cloud accounting software, it backs-up data automatically. The service providers give a guarantee of keeping the data safe all the time as the backup is created instantly, online. In case of robbery or fire, the data remains safe and you can have a trouble-free business.

5. Accuracy:

The process of storing data manually is a very tedious task. There is a lack of accuracy and the manual task is prone to errors as well. In this process, the junk and duplicated files occupy space. All these errors lead to further problems in the future. To have accurate results it’s better to shift base to cloud computing. It becomes more convenient for you and your employees to work on cloud accounting software.

Sylviana Rathone, one of the ex-employee of a very renowned firm opened her own small business. She had realized the importance of the accounting software when she landed in a mess due to gaffe committed by one of her employees which caused her an embarrassment of a lifetime in front of one of her clients. Later, she switched to HostBook which simplified all her tasks and made her earn profits.

6. Reduces storage costs:

You can easily keep a copy of your data and documents electronically on cloud storage which saves ample storage cost that may be needed in case of huge amounts of data. With this, you do not need to have backups and spend money on storage devices.

7. Flexibility:

With the cloud storage, you are flexible to work from anywhere, be it home or office. Apart from that, you are flexible in case you want many people to work at the same time on the data.

8. Integration:

Integration is one of the best features that can help you from many odds. Your automated cloud accounting software can easily integrate with other software and help you to have greater control and flexibility when it comes to integrating other data assessment tools on the same platform.

9. Better navigation:

The user interface of the business accounting software is very simple, hassle-free and easy to navigate. You do not need to train your employees and bear the extra cost to make them learn it. It can be easily used by even a person who is totally new to it because of the ease it offers.

10. Free updates:

The Cloud Storage system needs to be updated regularly to enjoy the latest features. But most of these come with an auto-update feature that again makes it easy to enjoy the software.