Cloud accounting has unleashed its dominance and has taken the business world by storm.
In the United States alone, online accounting software companies have grown in astonishing numbers.
To name some notable companies in the US, Xero has over 1.38 million subscribers and QuickBooks has over 2.55 million subscribers.
Another main player is Sage Business Cloud Accounting who also has growing numbers.
Aside from the three, there are fast rising software companies providing a wide range of cloud accounting options to the business world.
Bringing it closer to home, there are also local software companies pushing cloud accounting as well as those belonging to the big ones mentioned.
With the digitalization of tax reporting in many parts of the world and in the Philippines’ own Bureau of Internal Revenue that has established a computerized accounting system (CAS), there has never been a more pressing time for businesses to look into and evaluate their existing accounting system.
Good job, if you have already considered cloud accounting; you will most certainly be future-proofing your business accounting processes because all directions are leading to the cloud.
There is no stopping the eventual boom of cloud technology through cloud based management software.
The future is definitely in the cloud!
You better say goodbye to those tons of stacked paperwork and overflowing filing cabinets, they are slowly fading away and gone for good.
Although some are loyal, these few were forced to adapt to the cloud over the course of the pandemic when everything was kept at a standstill and when accounting could be done elsewhere except the office.
The benefits of cloud accounting are apparent and cannot be ignored.
It can not just make a difference but it can revolutionize the whole system of doing things.
But for those who haven’t wrapped their heads around the cloud, what is cloud accounting exactly and how does it work?
Essentially, cloud accounting is equal to storage but compared to how we understand storage to be physical, the cloud is virtually online through the internet and can be made accessible from anywhere on any available device.
The main functions of cloud accounting include storage, databases, networking, software, analytics, reporting, intelligence and many more.
To put it simply, cloud accounting stores all your pertinent data and provides transparency, efficiency, clarity, accuracy, system flexibility and reliability when it comes to your company’s financial processes.
Now let us take a look at what the future holds for cloud accounting:
Always Moving Forward
Cloud accounting is the way forward for any business trying to improve and update their financial processes.
There are many cloud based management software to choose from.
Make sure that it helps your company to improve and move forward.
Consider ease of use and multi-currency transaction offerings.
Easily Flexible and Integratable
Cloud based management software is easily integratable with other business software and provides system flexibility towards other processes.
This paves the way for better system management and promotes ease of use.
Comes in Real-Time Everyday From Anywhere and At Any Time
Cloud accounting streamlines accounting tasks and enables accountants to connect and access data in real-time from wherever they are at any time of the day, which is very helpful for accurate forecasting.
More Reliable and Accurate
Cloud accounting is the future of accounting because it promotes accuracy in numbers and also offers a significant reduction in data discrepancies.
In a world of falsehood and weak versions of the original, the future of accounting stands almost perfect and free from errors.
Multiple Users System
Cloud based management software enables multiple users to be added into system accessibility with great security back-up and stringent safety measures.
Value Added Services
What does the future hold for cloud accounting?
It provides value-added services, for instance, some assistance with some technical matters such as VAT, dividends as well as tax planning.
It also offers business advisory work, reporting and forecasting.
All of this can be provided using live accurate and real data.
Digital tax reporting
Worry no more in filing taxes and complying with government requirements.
The future that cloud accounting offers is digital tax reporting for income tax and corporation tax.
Astounding Facts of Cloud Accounting
The future is in the loud with these astonishing stats:
- The global public cloud accounting market is expected to exceed $330 billion this year 2022.
- Data accessibility from anywhere is the main reason for switching to cloud based management software with about 90 percent already on the cloud.
- Most IT budgets go to cloud services because of the amazing things it can do.
- Organizations’ average yearly cloud budget was $2.2 million in 2018.
Cloud accounting improves staff productivity by automating tedious tasks, among others.
You may want to check out Human Incubator’s EasyFIS: https://human-incubator.com/easy-fis/
EasyFIS Key Features and Benefits
- End to End Accounting Software with Sales and Inventory Integration.
- Cloud-based and Software as a Service (SAAS).
- Multi-currency. The system is capable of making transactions in different currencies.
- Higher Accuracy and real-time reports.
- Faster Coordination with Teams.
- Cost effectiveness by reducing paper and printing costs
- Low cost of deployment and maintenance.
- Improve customer service.
- Philippine Taxation Law Ready. EasyFIS follows the Regulations and Guidelines set by the Bureau of Internal Revenue (BIR).
- Compliant with the BIR’s Computerized Accounting System (CAS)
- Compatible with POS front-end Software.
- Multi-Branch. The system is capable of having multiple Stores, Branches & Warehouses to monitor Sales and Inventory across your company.
So what does the future hold with this advanced cloud system? The facts and statistics are clear and resounding – the future is in the Cloud!