Cloud management software servers can help a company stay on track, delivering efficient service and even get ahead.
What is cloud accounting?
In simple terms, cloud accounting is putting in any finance-related application and letting it work in the cloud which is facilitated by a third-party service provider.
Traditional manual accounting is not that relevant anymore in this day and age.
In a society of instants, with information flooding through social media and enabled by quick access to just about anything from music, movies, information, news and lifestyle, manual accounting has become a thing of the past.
Cloud accounting on the other hand, overcomes the limitations faced by obsolete traditional accounting methods and improves the performance of your business.
Most significantly, accountants will also enjoy the service that cloud accounting brings.
Yes, we have heard about these benefits but they’ve been overused and have been so generalized that it just doesn’t ring a bell anymore.
These are:
For accountants, what do these benefits really mean?
For companies utilizing cloud accounting what is its significance?
Let us now zero-in and take a look at some of the benefits specifically for accountants using cloud accounting.
1. Improved Security
Safety and security of information in accounting is a major concern for businesses.
Where financial data is stored matters.
Local desktops in the office may prove to be not totally secure.
They may not always be backed up with multiple layers of encryption and may be vulnerable to security breaches.
With cloud accounting, there is advance security provided for by the cloud service providers.
With your data stored in the cloud, accountants can be assured that their information is totally safe.
Security is critical because information is valuable.
That is why cloud service providers see to it that they take several precautionary measures.
They also make the most of multiple tools, such as a login management system, IDPS system, firewalls, multi-factor authentication, and more to safeguard your critical financial data.
2. Remote Access
In the past, there was a limitation in accessing data since the desktop is situated in the office.
Files and pertinent information are all stored in the office computer.
It takes time to go to the office just to get the much-needed data.
Now, cloud-based management software solutions allow accountants and their team to operate their accounting application from anywhere around the globe, without any geographical limitations, for as long as there is internet connection.
One can just log in using a desktop, mobile phone, laptop or tablet and access the application and accounting data in real time.
3. Collaboration and Synergy
Accounting processes usually require sending information to many recipients and multiple team members.
Most often, the dissemination of data is done through emails. Eventually, each member downloads the received data and they can study it more on their own.
On the other hand, with cloud accounting, there is more coordination, collaboration and synergy.
Data stored in the cloud provides real-time information so the teams can work on this data in real-time, eliminating downloads and file redundancies as well as unsafe information dissemination.
Moreover, with cloud accounting, an accountant can have a clear understanding of the company’s cash flow, financial position, and reconciliation reports.
Management will also be able to have better strategic decision-making.
4. Continuity of Business
Data stored on local computers is always vulnerable to cyber threats and crimes.
Interestingly, cloud accounting service is super secure and it takes multiple precautionary measures to safeguard your data against cyber threats or even disasters.
This means there is continuity of your business no matter what.
5. Regular Back-ups
Security cannot be understated.
Losing critical financial information is a nightmare for any business.
To avoid such an untoward incident, cloud accounting software providers make regular backups and they secure information at data centers located in multiple geographical locations to avoid any loss or pilferage.
So, no matter where you are and when as well as from which device you log in, you’ll have access to real-time information.
6. Customer Support
Cloud accounting providers have a distinct IT team assigned to their clients.
They help solve your technical issues related to the cloud-based managed software they are subscribed to.
And, they provide service and support round-the-clock to cater to queries, installation concerns, updates, or maintenance of your accounting application.
7. Cost-effective
Cloud accounting software is more cost effective.
It is hosted on the cloud and your service provider takes care of the roll-out, maintenance, updates, and other associated costs.
They also offer subscription plans so you only have to pay for services and resources that are required by your company.
Cloud accounting is growing rapidly and many businesses are seeing the need to migrate and maximize its potential.
If you are looking for the essential features of the cloud and what cloud accounting can offer, EasyFS is the Cloud accounting software for your business.
EasyFS is a Software-as-a-service (SAAS) sales, inventory and Accounting system designed for Micro, Small and Medium (MSME) Enterprises.
If you need a great accounting setup and you want to manage your business in real-time and in a WFH (Work from Home Setup), EasyFS can provide a turn-key solution to your most common accounting concerns.
Most importantly, EasyFS can determine the status of your business’ financial health.The features of cloud are endless, and businesses that are utilizing it are saving more time and money, and getting the most of its service.
Accountants are smiling right now with the benefits they are enjoying!
Avail of a free demo today and give your accountants a total breather from EasyFS: https://human-incubator.com/easy-fis/
