In recent years, technological progression has reached new heights. It has made our life easier, advanced, and flexible. Even the industries around them have been significantly boosted by modern advancements and projected better growth.
One such advancement is cloud hosting. In a hosting solution, you can remotely access the resources from anywhere, anytime, with the help of the Internet.
Although you can set up your own hosting environment, availing it from a third-party service provider is much more beneficial.
Building on this, many accounting firms now actively host QB Desktop on the cloud for better efficiency and cost-effectiveness.
Here, let’s look at six ways in which QuickBooks hosting cuts costs and boosts efficiency.
1. Minimized office maintenance
One of the significant expenses that all business owners must manage is maintaining the office space. In a traditional setup, you have to spend considerably on maintaining a proper office space, regularly keeping it, purchasing high-end desktops, and more.
However, with QuickBooks hosting, you can cut down on these office-related expenditures and make better use of your financial resources. As with hosted QB, the resources can be accessed from anywhere, anytime. You don’t necessarily need to maintain office space for your employees. You can promote BYOD, and your employees can easily access the data comfortably from their homes.
Did you know, remote working can increase worker productivity by 47%?
Your employees can save the time they spend commuting to the office and utilize it to offer better services and be more productive.
Eventually, you can avoid spending money on ample office space and rent/buy a small space for the occasional meetings, establishing a hybrid environment for both cost-effectiveness and improved efficiency.
2. Reduced IT Expenses
Another major worry for business owners is managing IT expenses. In this digital world, a well-managed and proper IT setup is the lifeline for any accounting firm. However, establishing IT infrastructure is both expensive and inefficient. You have to oversee all the repairs/replacements and supervise the timely hardware and software upgrades.
But with a hosted QuickBooks solution from a premium CSP, you can easily save up much of your IT expenses and still get a quality user experience. In a hosted QB service, as your QuickBooks software and accounting data is on the cloud, all you need is to pay a monthly subscription fee to your service provider.
Apart from that, your service provider is responsible for establishing the IT setup and maintaining it. They have their own IT professionals who regularly update and manage the setup. So, whenever a software crash or hardware issue occurs, all you need is to notify them, and they quickly take care of the rest.
3. Better Security Framework
Often neglected, security carries both cost and efficiency concerns. In this modern era, hackers have become increasingly sophisticated and can easily bypass security frameworks and compromise your organizational integrity. They introduce ransomware codes that infect your IT infrastructure, encrypt your database, and then demand exorbitant ransom for the decryption key. This not only hits you financially but also disrupts your organizational operations, which drastically affects your organizational efficiency.
However, with QuickBooks hosting, you don’t need to worry about such hacking activities impairing your organizational security. Hosted QB offers a multi-tier security framework with bank-grade encryption technology.
Also, premium CSPs deploy a round-the-clock IT team, which regularly updates the security network and carries out vulnerability checks. They also deploy modern IDPS software, the latest anti-hacking tools, multi-factor authentication, and AI screening for quality security service.
4. Easy add-on integration
Although QB has numerous in-built functionalities that significantly augment your accounting experience, some operations like customer management, time-tracking, etc., that it cannot do alone, this is why most QuickBooks owners use additional third-party applications to extend their QuickBooks’ usefulness. Add-ons help you in significantly cutting down your workload and bring in more efficiency.
Most QB users integrate add-ons on the traditional desktop setup, which offers a desirable end-user experience at the beginning. However, the systems start getting slower over time due to the computational burden. This limits your processing speed and gives you a bad end-user experience. But with the QB-hosted solution, you can integrate multiple add-ons of your choice without worrying about the system latency. Reputed CSPs use high-performance computing servers that can easily withstand the computational load of the multiple add-ons. This means, unlike the traditional setup, you can work with as many add-ons you want and still get a quality lag-free experience.
5. Efficient user collaboration
Last but not least—user collaboration. Accountants need to collaborate within the team and other stakeholders to complete different tasks. They also need to exchange lots of data, which reduces your workplace efficiency if not done correctly. Most organizations still rely on the traditional data exchange methods, which involve repeatedly sharing edited versions of the same file back and forth via email. Although this gets the job done in the end, it is inefficient. Also, it occupies unnecessary storage space on your device, which becomes further exasperating if your device is damaged and you permanently lose your data.
With QB hosting, all the users can share a central space for simultaneously working on the same file. All they need is the necessary authentication, and they can efficiently work together. Multiple users can access the same file simultaneously, make changes in real-time, and collaborate effectively.
QuickBooks hosting is a modern way of accounting with numerous unique offerings. It helps you improve your accounting game and gain a competitive edge over your competitors.