Traditional Accounting Vs Cloud Accounting Software: Why Cloud-Based Accounting Revolutionizes The Way You Do Numbers

Why does cloud-based accounting software revolutionize how accountants work? 

1. Centralized Data Storage & Management

2. Accessibility Anytime & Anywhere

3. Provides Accountants With Real-Time Analysis

4. Improved Security

5. Better Collaboration with the Clients

6. A Fast & Efficient Set Up

Imagine an office full of accountants — papers and ledgers on their desks as they input data and make the necessary calculations.

However, times have changed.

They can now do their work on computers and laptops to speed up the process. 

Thanks to advanced IT solutions, solutions providers have found another way to help them through cloud-based accounting software.

This has changed the way these professionals do their jobs compared to traditional accounting. 

This business solution eliminates the need to rely on hard drive programs.

Instead, they turned to virtual databases to do this for them.

Accountants are provided with a suite of features to help them accomplish their daily tasks.

Keep reading to learn more!

Centralized Data Storage & Management

Traditional accounting made use of many devices and materials that would easily be damaged or spilled.

Hard drives could crash or water can even spill on papers and other devices.

When this happens, information could be lost and be very difficult to recover. 

However, cloud-based accounting eliminates these possibilities since all data is stored on a virtual database.

On top of that, most service providers conduct regular data backups to ensure that data is saved throughout the day.

Sometimes, it’s even conducted across multiple locations. 

With accounting being one of the professions with the most documents, these must be kept in a safe and secure place.

On cloud-based accounting software, accountants just need to store and manage these documents in one database.

So, accountants can bid goodbye to filing cabinets and storage bins to keep all of this. 

There are also options to expand this database by simple upgrades that can be provided by your service provider. 

Accessibility Anytime & Anywhere

Both company accountants and freelancer deal with multiple clients.

Without cloud-based software, they’ll have to manually input data into different desktops and databases, leaving a lot of room for human error. 

However, with cloud-based software, they’ll just need to do this on a single platform that they can access at any time and anywhere as long as they have a stable internet connection.

This makes it easier for accountants themselves to access multiple ledgers from different clients. 

Provides Accountants With Real-Time Analysis

Traditional accounting required accountants to go to their client’s offices to gain access to their financial data.

This delayed critical decisions, especially in tricky financial situations.

Cloud-based accounting eliminates this delay with its accessibility. 

On top of getting real-time data from clients, they are also provided with analysis so that they can address these problems immediately.

Data can be gathered easily since it’s all found in just one database. 

For companies, this accessibility and real-time analysis will not need to email the same information to all the employees.

Skilled employees and managers can simply log onto the software to run the necessary reports. 

Improved Security

Many feel hesitant to store data and private information on the cloud, however, these virtual databases actually can be more secure compared to programs stored on the hard drive. 

Take this, for example, data just installed on software needs to be saved on the hard drive and emailed to the necessary people.

This delivery method is less secure compared to cloud-based data. 

Cloud-based software is equipped with layers of firewall and encrypted data that are responsible for protecting the user data uploaded onto the system.

On top of that, it’s continually backed up. 

Better Collaboration with the Clients

Features of your cloud-based accounting software can help improve the collaboration between both your clients and the team members themselves. 

For your clients, certain software provides a feature that allows you to share important files with your clients in real-time.

This can provide more transparency between both the accountants and their clients. 

A Fast & Efficient Set Up

Compared to setting up, cloud-based solutions are much faster and easier to set up.

Solutions providers can also aid this, making the experience faster.

On top of that, your business won’t experience as many problems with updates since these are done in the cloud, making them immediately available to customers. 

Key Takeaway

Cloud-based accounting software has changed the way that accountants deal with numbers.

Compared to traditional accounting, professionals are provided with innovative tools to help make the processes quicker and more reliable.

They are also given more chances to collaborate and access files quicker among their team and with clients as well.

Human Incubator developed EasyFS to help accountants.

It is software designed for sales, inventory, and accounting systems specially design for micro, small, and medium enterprises.

If you’re interested in this product, contact us here!

We can help you implement this from end to end.