Accounting is a labor-intensive process that demands a lot of resources and effort. In today’s world, the term accountancy is not only restricted to bookkeeping and accounting. Business owners today prefer to use accounting data to deliver substantial business insights that can further help them figure out their position among their competitors. The data helps them identify areas where they can reduce costs and where to invest to ensure business profits. Simply put, accounting enables you to analyze profitability and, at the same time, it acts as a driver of profitability.
QuickBooks, one of the most popular accounting software, helps you achieve those mentioned above and ensure great success for your business. Though multiple features of QuickBooks simplify accounting tasks, here we have mentioned the top five reasons why hosting QuickBooks on the cloud reaps undeniable benefits for SMBs. So, let’s take a closer look.
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A Few Challenges for SMBs
One of the significant challenges for SMBs is the limited budget for their business, especially during their starting phase. Choosing every business solution suitable for their business could be challenging as they must keep their budget in mind. However, hosting QuickBooks on the cloud solves this problem as it is cost-effective and easily fits into the limited budget of SMBs.
Costly and Cumbersome Manual Backup
If you are an SMB for a CPA or accounting firm, creating a backup of financial data is essential. But it is a very costly and time-consuming affair when you back up the data manually and maintain it. By hosting QuickBooks on the cloud, you don’t have to undergo manual backup as the cloud hosting provider offers scheduled data backup without extra cost.
Costly Remote Access
Remote access is critical for every CPA and accounting firm. However, the enculturation from conventional access to remote access requires you to set up a complete infrastructure. This can be pretty costly and significantly add up to your business expenses. In addition to the investment of setting up the infrastructure, you have to bear the costs of hiring, managing, and training an IT team.
All this can be mitigated by hosting QuickBooks on the cloud as the solution offers remote access to the software without requiring you to spend a penny and hire an in- house IT personnel.
Reasons Why SMBs Should Host QuickBooks on Cloud
Most SMBs prefer using the cloud-based version of QuickBooks as it has additional features that aren’t there in the on-premise application. Where the novel coronavirus pandemic is affecting the accounting industry, it is a peak time for companies to move on to the cloud, if not moved already.
Below mentioned are the top three reasons why SMBs should host QuickBooks on the cloud:
1st Reason: Overall Low Costs
Cost-cutting is one of the primary objectives of SMBs. You can achieve this objective by hosting QuickBooks on the cloud, as the software is accessible via the internet. Secondly, you don’t need to install any dedicated system on your premises. In addition, features like remote upgrades and customer support eliminate the requirement to hire additional IT resources, thus saving money.
2nd Reason: Backup and Disaster Recovery
Investment in disaster recovery solutions is more than a requirement for every business. However, for SMBs, this could be a little challenging due to a lack of sufficient funds and skills. However, by hosting QuickBooks on the cloud, you can ensure that all your accounting and finance data is highly protected across data centers.
With a hosted QuickBooks solution, you don’t have to worry about data loss as all your data is backed up regularly and is saved on multiple servers across different geographical regions. Additionally, data transfer is secure due to the end-to-end data encryption protocol in place. As such, even in a natural calamity like a flood or earthquake, all your data can be retrieved quickly, allowing you to ensure business continuity.
3rd Reason: Economical Scalability
It is undeniably true that the workload in the accounting industry keeps on varying. One such instance is during tax seasons when CPAs and accounting firms require more RAM compared to the usual time. While scaling up an on-premise QuickBooks solution serves the purpose, it calls for a significant amount of investment, resulting in SMBs getting bottle-necked.
However, hosting QuickBooks on cloud offers a flexible scalability option where you get access to multiple computational resources. All you need to do is inform your cloud hosting provider about your requirements, and they will ensure the availability of all your required resources at economical prices. Once your requirements are fulfilled, and you need to descale, you can inform the service provider and save the extra money you were paying for the additional resources.
4th Reason: Promotes a Paperless Culture
You can optimize your financial documentation by hosting QuickBooks on the cloud as you get a centralized online database. This way, you contribute towards a paperless environment by managing your business documents online. Unlike in the case of traditional paper-based accounting practice, where it takes a lot of time to search for a document, you need to click a few buttons to access the required details by hosting QuickBooks on the cloud.
5th Reason: Round-the-Clock Technical Support
When you avail the services of hosted QuickBooks solution from a reputed hosting provider, you get 24×7, 365-day technical support for all your QuickBooks-related queries. You can either call the technical support contact number, email, or chat with the customer support executive available at your service provider’s end.
Hosting QuickBooks on the cloud can help you attain threshold success in your daily accounting activities. Multiple benefits and minimal expenses associated with the cloud-hosted QuickBooks solution make it among the leading choices of many SMBs. Besides, you get top-notch data security, disaster recovery features, ensure economic scalability, go paperless, and do more.
By putting together all those mentioned above, it won’t be wrong to say that hosted QuickBooks solution can become an ultimate accounting partner for SMBs, guaranteeing business continuity.
Should you want to try QuickBooks hosting services, get a free 10-day trial from Ace Cloud Hosting, a leader in cloud hosting services for more than 14 years.
Got queries? Contact our Solutions Consultant @ +1-800-432-1585.