Modern-day accountants and accounting firms have been using Quickbooks Desktop for their accounting needs. Its usage has empowered businesses, especially CPA firms, to ramp up their firm and offer quality accounting services.
However, the traditional setup has its limitations. It carries several restrictions such as limited data security, high economic costs, IT hassles, etc., that can significantly affect the overall usability.
Modern accounting needs require firms to look for a robust approach to optimize their accounting business. One such solution is adopting QuickBooks on the cloud from a reputed service provider. It offers several benefits that are tremendously helpful and further optimize the QB Desktop.
Here are the top five ways in which QuickBooks on the cloud can optimize your accounting business:
1. Superior Data Integrity
Managing an accounting business is no easy task. Apart from handling core accounting operations, you have to manage clients’ information and protect its privacy. It calls for optimum measures that can guarantee you the assured safety and effectively protect your data. However, locally housing your QB carries severe security concerns like inadequate security framework, outdated security measures, and considerable ease of personnel access. If exploited, these vulnerabilities can easily lead to data leaks, damage your reputation, and cause business loss.
By hosting your QB on the cloud, you can conveniently optimize your security system and boost your business accountability. Service providers offer multiple security measures like the modern IDPS system and numerous firewalls to detect and prevent illicit access. For screening out viruses and malware, it is equipped with the latest antivirus/antimalware software. It can be assigned administrative access based on the organizational role of an employee to prevent further or monitor any unnecessary data access.
2. Enhanced Productivity
Gone are the days when people used to practice traditional methods for offering accounting services. These methods were both inefficient and lacked the much-needed dexterity. However, the development of accounting software significantly revolutionized the accounting industry, allowing firms to be more efficient and productive. But in the current times, just having accounting software is not enough. It now requires integration with another class of third-party software, better known as the add-ons, for more versatility and better accounting prowess.
And this is where the local QB setup falters. In a local installation, the system has limited computational power at its disposal that qualifies the number of add-ons you can use with your QB. But with a QB hosted solution, you can have many as add-ons you want and still get powerful system performance. Most reputed cloud service providers employ high-performance computing servers that have considerable computing potential. Also, unlike a local setup, you can rapidly scale up/down your needs and smoothly manage your performance with credible system power.
3. Remote Access
Locally set up QBs are remotely unavailable. This way, during commuting or in an event where you are temporarily unable to access their office space, you must sit idle and waste your precious time. Also, if an earthquake damages your office premises, there will be no way to offer your services to the clients until the situation becomes better.
But, there is a solution – hosted QB. As the application is hosted on the cloud, it is easily accessible with the help of the Internet. So, whether it is working from home or managing your clients while commuting, you can access your QuickBooks whenever you want from any device. You can even hire remote workers to manage shifts and offer round-the-clock services.
4. Limited IT-Hassles
When it comes to optimization, handling the IT needs is one of the core areas that accounting businesses always have their eyes on. Managing your IT infrastructure is not an easy task and can be bothersome. There are many burdens, such as a sudden hardware crash, low computational storage, or unforeseen software incompatibility. Such IT letdown can considerably affect your business performance and limit your organizational performance.
The cloud offers a comprehensive solution to all the IT-related problems and allows your firm to work with fewer IT hassles. During cloud hosting, the IT infrastructure is maintained by the service provider itself. They have their team of IT professionals who are well-trained and are available round-the-clock. Also, as the hosted QB is exclusively available on a Tier 3+ server or above, it further guarantees a smooth end-user experience. This setup means, instead of worrying about your IT infrastructure failing at a crucial juncture, you can simply sit back and enjoy carrying out your accounting operations.
5. Financially Cost-Effective
Another key area where all accounting businesses look to optimize themselves is their cost-effectiveness. For a firm to grow steadily, it must have an adequate balance between its expenditure and the revenue earned. They must manage different organizational expenses like the IT infrastructure setup, management of working space, employee payrolls, and other miscellaneous costs. But, locally using QB carries considerable associated costs that can disturb their financial balance and result in significant financial losses.
However, by moving their QB to the cloud, CPA firms can quickly bring in their desired cost-effectiveness. Since your QB solution is hosted on the cloud, it becomes the responsibility of the provider to take care of its management. The service provider ensures everything from maintenance to the setup – you don’t require to make a hefty capital for setting up your IT infrastructure. Also, as the cloud is remotely accessible, you can move many of your employees on a WFH basis and significantly save up on office-related expenditure. All you need is to pay the monthly fee and leave the rest to the provider.
In this challenging economy, firms need to optimize their business operations to keep themselves in the market. QuickBooks on the cloud can prove to be the magical syrup they need for all their worries, with benefits such as remote access, better productivity, enhanced data integrity, and more.
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