Update: This article was last updated on 20th March 2020 to reflect the accuracy and up-to-date information on the page.
Cloud computing isn’t just a buzzword. Over the past few years, many businesses have been moving their workplace to the cloud. It can be seen by the fact that the public cloud services market is expected to grow 17 percent in 2020, according to Gartner.
When it comes to the accounting industry, they are not very far behind in adopting cloud technology. CPAs have multiple tasks in hand, and they face various problems in their day-to-day work such as – data security, multiple entries of data, unavailability of their apps and data, and many more.
Moving to the cloud technology solves all these problems and enhances their workflow. Hence, choosing cloud can be a wise decision for CPA firms of all sizes to get the following benefits, listed in the infographic.
Let’s explore in detail.
1. Remote Access
CPAs sometimes have to go for on-site client meetings with numerous tasks pending at their desk. Remote access feature offered by cloud technology enables them to access their files and data from anywhere on any device and browser with an internet connection.
Thus, their work never stops, and they can easily continue to work even when they are traveling or at home.
2. Multi-user Collaboration
Working in a team gets very difficult when using an on-premise local system. But cloud hosting makes it possible by giving them the ability to share files with their colleagues, clients, and partners on a unified platform.
All of them can work simultaneously on a single file and edit together. For example, QuickBooks hosting solution allows CPAs to access, edit, and share QuickBooks files in real-time with their team and clients simultaneously. This helps in avoiding multiple entries of data and improves the productivity of the team.
3. Cost Savings
Working on an on-premise system has a lot of additional expenses such as purchasing hardware, its maintenance, hiring an IT team for technical support, and many others. Cloud hosting eliminates all such expenses as the hosting providers take care of all such requirements without any extra cost.
Thus, CPAs can now focus on their accounting work without worrying about the technical glitches, and the money saved can be put to much better use.
4. Scalability and Flexibility
Scaling business up or down gets very difficult when working on the local IT setup because of its fixed hardware specifications and other requirements. When on cloud, this becomes very easy as all the cloud specifications such as the number of users or the server resources can be altered easily as per the business needs.
CPA firms can also choose from the multiple pricing plans – monthly or annually, and can easily switch between plans whenever required.
5. Backup and Disaster Recovery
Data loss is the biggest nightmare for any CPA firm. However, on cloud, the data is stored in a centralized and secure location, minimizing the threat of local hardware malfunction.
Moreover, cloud hosting providers keep their accounting files and data safe by taking multiple backups of all the files at different geographical locations. So even if one data center goes down, CPAs can access it from another data center in real-time. The lost data can, thus, be recovered easily.
Cloud technology makes work easier, smoother, and faster for CPA firms. It also enhances their teamwork by giving access to multi-user collaboration and increasing flexibility to work through remote access and cross-device compatibility.
Moreover, cloud hosting enhances the security of data by providing various security and data backup measures. With all these benefits, it is also not a huge burden on pockets and saves revenue spent on otherwise IT requirements.
So, switch to cloud hosting and boost your work productivity.
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