Cloud accounting involves hosting accounting software on remote servers and operating on the software-as-a-service (SaaS) business model. This provides all the benefits of cloud computing and expands upon the features of traditional on-premise accounting software. This includes the ability to access accounting resources remotely over the internet, which reduces the need to maintain software on each user’s computer.
Traditionally, accounting tasks were done on an on-premise software on a desktop computer. The desktop can only be used in the office and was run on a company-owned server. Invoices and related files were stored locally on a hard drive. This means that to access the resources, you have to use the computer with the software installed, — so there is a lack of remote access.
Since data is kept locally, there is also an increased chance of data loss when something happens to the device. If you plan on choosing traditional accounting, it’s important to invest in backups. The software is usually maintained and updated by an in-house IT department.
On the other hand, we have cloud accounting, which offers the same functionalities as traditional accounting, but with more benefits. Since it runs on remote servers and can be accessed via the internet, you can access your accounting data anywhere, and anytime.
Compared to on-premise accounting software, cloud-based software is usually delivered as a service, on a subscription basis — so you only pay for what you use. This is why it’s more cost-effective. Another note is that updates and maintenance are done by the cloud service provider.
Migrating your workloads from an on-premise setup to a cloud accounting solution is a huge step for your business, but the benefits are worth it. Here are some of the reasons why you should consider moving your accounting resources to the cloud:
Cloud accounting makes your accounting resources available 24/7, from any location where you have access to the internet. You can access real-time updated information that can help you make informed decisions when it comes to finances.
Most financial matters are decided after meetings and discussions, so having access to accounting resources anytime can make decision-making more efficient. You can easily collaborate with other employees and access the same reports without having to be physically present in the same room.
Since cloud accounting is available on a subscription basis, you can scale easily as your organization’s needs change. The server is maintained by the provider, so you don’t have to purchase new equipment when you need additional storage or functionalities.
Cloud accounting is a more affordable solution compared to traditional accounting because you’ll only need to pay for what you currently need and upgrade anytime you want.
Share your accounting data to only authorized individuals. A cloud accounting solution uses security protocols to allow access, so you can protect all the sensitive business information you have.
Experience more uptime with cloud accounting because you don’t have to think about updates and maintenance! Get the latest features and bug fixes automatically when they’re released.
Are you looking for a cloud accounting solution that offers all the benefits above? Get started with EasyFIS, a software-as-a-service accounting system for micro, small and medium enterprises!
EasyFIS combines the functionalities of sales, inventory, and accounting in one place, so you don’t have to install separate applications for each. You can easily automate manual tasks — just encode transactions one time and let the system do the rest for you.
Reduce errors with highly accurate and real-time reports. You can generate high-quality reports on-demand, so you can focus on managing finances rather than correcting mistakes.
EasyFIS is a cloud accounting software that works well whether you have a micro, small, or medium enterprise. It is multi-branch, multi-currency, and multi-language:
EasyFIS is a cloud accounting software that can be accessed over the internet, which means that you can quickly coordinate with teams in real-time — whether they’re in logistics, warehousing, inventory, sales, or accounting. The software is always updated to the latest version.
EasyFIS can offer all these benefits for a very low monthly cost. If you’re interested, you can even start a 30-day free trial today.
As your business grows, so will your needs change. The good news is that you can keep up with your finances more efficiently using cloud accounting software such as EasyFIS! It’s used in healthcare, retail, agriculture, BPO, transportation, food business, hospitality industries, and many more. Send us a message here at Human Incubator for more inquiries. You may also inquire about our HRIS, outsourcing services, and other business IT solutions.