As we transition from the classical age of technology to the introduction of new sets of innovations nowadays, it brings forth sweeping changes to almost all of the institutions and career fields, no matter what kind of industry it is.
Significant transitions are anticipated to almost all of the sectors including the accounting sector.
And as the advancing technology has somehow gotten rid of the hassle out of the accounting processes, modern accounting firms are becoming more profitable.
According to most estimates, the cloud-based accountancy market will grow more commercial, and will be worth $4.25bn by the end of 2023.
The same number is anticipated to grow exponentially by the end of the decade.
What is cloud accounting?
Cloud accounting means accounting on the cloud or accounting on the server.
This is the kind of platform where you can execute accounting practices, and automatically store your data on a server and access it remotely.
Both your data and your client’s data are guaranteed to be safely encrypted and automatically backed up to the cloud.
Cloud accounting automates manual tasks, which means accuracy will be improved, your IT costs will be reduced, and your financial transactions with your clients will be done with less effort.
Aside from that, adapting the new trend of doing accounting practices enables you to discover and grasp the latest and most secure version of accounting softwares.
Why should you transition to cloud-based accounting?
Cloud-based accounting practices have become the new normal.
Modern accounting services providers are gaining more profits, all thanks to cloud-based accounting software.
Moving your accounting practice to the cloud, in a real sense, means that you comprehend the benefits it offers your business: better mobility and easier transactions with clients.
In simpler terms, implementing cloud-based accounting is shifting your accounting practices a level higher where everything is hassle-free.
It is safe to say that associating your business to the cloud is the future.
Transforming your traditional accounting practices to an accounting platform that enjoys the benefits of the cloud is rather challenging since it entirely changes the nature of your work.
However, the efficiency it promotes upon shifting your current accounting practices to an online environment is worth the effort.
Reasons why should be moving your accounting practices to the cloud
Accessibility
With cloud-based accounting, you can work from anywhere, 24/7.
Compared to traditional accounting where the user can only utilize the data with the only PC he has, with cloud-based accounting, you can access your data with any device that is compatible with Cloud Service Technology: Smart mobile phones, Laptops, PCs, tablets, and the likes.
With regards to accounting, cloud accounting provides the platform the user needs at any time and anywhere where he can get financial statements with just one click, and create other documents related to financial statements.
Cost-effective
With cloud-accounting, it removes the unnecessary IT costs since it eliminates the possible investment required for setting up the needed PCs and local servers.
In-house technology infrastructure is not a prerequisite anymore since data can be accessed portably.
Furthermore, you need not worry about the purchase and the maintenance of costly accounting systems since cloud-based accounting software offers you the benefits that relieve you from uncertainty and undesirable expenses.
Time-efficient
Cloud-based technology has taken the hassle out of accounting processes, so it saves you a considerable amount of time.
Also, moving your accounting to the cloud eliminates the discrepancies and the possible errors in the accounting processes, so the time required in carrying out accounting tasks is greatly reduced.
Cloud-based accounting software does almost all of the accounting work, from preparing financial reports to creating various tax returns and account breakdowns, so it will save you a lot of time.
Secured
With the application of cloud-based accounting software, it is guaranteed that all of your data is secured.
Data is encrypted and automatically backed up to the cloud.
It also supports various document creation.
Various documents such as tax returns and account breakdowns are automatically created from journal data.
It increases your revenue
Cloud-based accounting software provides you with productivity-boosting benefits.
In return, it lets you provide more efficient services to your clients, so your team can spend more time focusing on other profit-making functions that will help your company grow big time!
With more time on hand, it gives your team the opportunity to come up with helpful, client-friendly services, and new business development that will attract more traffic and clients, and that will later increase your revenue.
Now, before moving further, let’s ponder over the following questions.
Are you convinced enough to move your accounting practice to the cloud?
Have you made up your mind and are currently looking for a reliable cloud-based accounting software that you are going to sign up to?
If your answer to both questions is ‘YES’, then here’s some good news for you!
EasyFS is just the perfect cloud-based accounting software for you!
Cloud-based and accessible with a multi-currency system, EasyFS is a guaranteed end-to-end accounting software that offers solutions to every bit of your accounting-related problems.
EasyFS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
Rest assured, EasyFS is BIR CAS compliant.
So, with EasyFS, you need not worry about anything since you are on the right track.
If you want to manage your business in real-time or in a Work from Home Setup, EasyFS can provide a turn-key solution to your most common business problems.
Most importantly, EasyFS provides you with real-time financial reports like your income statement, balance sheet, and other reports that are related to or on the status of your business.
If you are convinced enough, you can sign up to take advantage of the benefits that EasyFS cloud accounting software is offering.
Click here to learn more about EasyFS Cloud Accounting Software.
