The pair of accounting and cloud computing is trending these days, but most of us are still confused about how it is helping accountants? Well, cloud computing is a boon for not just large enterprises and SMEs, but CPAs as well.
Cloud computing is providing enormous flexibility to your accounting business. It lets you do a lot within minimal cost. Enterprise accounting is no easy task. While you can have an in-house software to tackle the load of work but it comes along with the hassle of maintenance of the software.
Enterprise accounting is an amalgam of lots of different functions like reconciliation, payroll management, accounts payable, accounts receivable, taxes and what not. The processes intermingled most of the time add to its complexity.
The cloud not only helps reduce the complexity but helps you move forward in a more agile and collaborative working environment. However, according to a survey by the MAP survey, 70 % of the firms are still using software that is installed on the local server.
Let’s discuss how switching to cloud computing can help you in cutting through the complexity of enterprise accounting.
1. Reduced Cost of Infrastructure and Maintenance
Whether a small business or a large multinational organization, everybody wants to get their work done in minimum expenditure. With your enterprise accounting software, such as QuickBooks Enterprise, hosted on the cloud, it reduces the upfront cost of infrastructure requirement as well as maintenance of the hardware required to run the software.
You don’t have to worry about installation, configuration, maintenance, or software updates. Your cloud service provider takes care of such tasks. The cloud hosting also provides you the option of pay only for what you use.
Hence, you save the cost of your idle resources and overcapacity. You won’t bear the cost of resources or workforce you don’t need.
2. 24* 7 Accessibility
Cloud computing gives you the accessibility you have always wanted as large enterprises work continuously from different locations. Cloud gives you the freedom to manage your task from anywhere at any time.
All you need is an internet connected device and authorized access, and there you go up and running. But, how is it beneficial in an everyday scenario at your enterprise?
Suppose any of the staff members at one location has left office, but they need to collaborate with other staff members at a different location over some urgent issue. Anytime, anywhere accessibility provided by the cloud can enable that for you easily.
Real-time collaboration with other team members helps increase your firm’s productivity as no time is now being wasted to send documents back and forth and waiting for responses.
3. Safe and Secure Accounting Data in the Cloud
Cloud computing is way secure that you could imagine. It runs on the principle of five W’s of access – who, what, when, why and where.
It has multifactor security authentication protects against unauthorized access even if the password is compromised. Cloud computing is an essential resource for risk management in accounting processes.
It implements zero trust models to reduce risks and has high-level encryption of your data. Cloud hosting of software and data are secure than onsite hosting nowadays. It also keeps updating the security algorithms accordingly to keep you safe from any threats.
4. Disaster Recovery and Business Continuity
It may happen that you became a victim of some unexpected events that disturb your accounting operations. To be on top, you need to be back in business within no time. With cloud computing, it is easier to recover from any such failure and getting the operations reinstated.
Since everything is hosted on the cloud, there’s minimal downtime. Your data is safe and sound and can be accessed back in quickest time possible so that you can be back in business and continue growing.
Some of the service providers like Ace Cloud Hosting even guarantee 99.999% uptime with enormous security.
5. Support Available Whenever Required
You might get stuck while using an enterprise accounting software, but your cloud service provider is always there for any of your queries. The support team consists of trained and qualified professionals who are always available to help you.
Although the support service can vary and may be chargeable across different service provider, some of them provide 24*7 free hosting support over the call, real-time chat or email for a quick troubleshoot.
With the several features cloud computing offers to your business, you can focus on being more efficient. The flexibility, agility, and accessibility it has brought in the world of accountancy is a game changer for the accountants.
90% of business have the cloud first strategy now, and the cloud is only going to expand its presence. Not just the factors mentioned above, cloud computing also reduces the complexity of your business in many other ways. It is a platform as well as device independent.
You were never been able to have real-time collaboration with your client, but the cloud makes it possible. It increases the ability to monitor your progress and easy troubleshooting of any issue without having to exchange numerous emails and phone calls.
It also allows you to stick to your deadlines with easy scheduling of your tasks and maintain a better client retention rate.
According to a survey performed by CPA.com, 90% of CPAs think that delivery of digital business process to clients will become a key differentiator. Wrapping up, one can conclude that the more digital you are, the better you become in this era of technological revolution.
With the cloud, you are always with the latest technology for your business. Most of the enterprise accounting software are now being hosted on the cloud. To gain most out of the cloud, research about your requirements, choose a service provider accordingly by leveraging them with each other and cut through the complexities of enterprise accounting.
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