When QuickBooks is hosted on the cloud, it begins to provide future benefits that were practically unimaginable for accountants just a few years ago. It is flourishing in various businesses; especially as remote working has become common during COVID-19.
QuickBooks hosting delivers significant financial benefits such as better budget planning and improved workplace efficiency.
1. No extra workplace expenses
Maintaining the office space is one of the significant expenditures that all business owners must haggle with. In a conventional setup, you’d have to spend a lot of money on things like maintaining a decent office space, keeping it clean, buying high-end computers, and so on. QuickBooks deployed on cloud servers eliminates the need for professionals to be physically present at the office. They can work on their mobile, tablet, or laptop from anywhere at any time via the Internet.
With QuickBooks hosting, you save money on office expenses and better use your monetary aid. For example, you can use the money saved on office maintenance to concentrate on revenue-generating tasks. You can also encourage BYOD (Bring Your Own Device) so that your employees can access data from their personal devices as they are more comfortable with them. You get brownie points here as you don’t have to spend money on providing employees with official systems.
2. No huge expenses for hardware purchases
Setting up an in-house IT infrastructure is expensive (which accounting firms can’t afford). You also need to hire IT professionals for its proper functioning and maintenance. Additionally, you need to upgrade it frequently to stay relevant as per industry standards.
With cloud, your QuickBooks hosting provider takes care of all your IT requirements. You get all your IT resources via the Internet. All you need to manage is your end devices. As a result, your CapEx (capital expenditure) is converted into OpEx (operational expenditure), improving the cash flow for accounting firms.
3. Do not get concerned about data loss
When QuickBooks is hosted on the cloud, the risk of physical theft and data hacking decreases. Most reputed service providers use advanced security measures like IDP (Intrusion Detection and Prevention) Systems, the latest antivirus and antimalware, etc.
Also, hackers might insert ransomware into your network encrypt your database to demand a ransom for the decryption key. Hosted QuickBooks provides a multi-tiered security structure that includes bank-grade encryption. So, even if someone gets access to your data, it will be almost impossible for them to understand it.
4. Scalability with ease
Another significant cost-saving feature of cloud computing services is what’s known as “on-demand service.” For instance, you can inform your provider if you need more resources during the tax season.
Thus, they can rapidly deploy resources like RAM and storage according to your needs (at nominal cost). You will get the same added to your bill. You can also scale down and reduce the extra expenses when you do not need additional resources.
5. Collaborate better within the team
If you use QuickBooks Desktop, you need to send a file back and forth via email. This creates multiple versions of the same and causes confusion. Also, the users have to download it repeatedly to make any changes.
However, this is not the case with QuickBooks hosting. QuickBooks files are uploaded on the cloud platform, all the stakeholders (including the clients) can access the files simultaneously. Also, the changes are reflected in real-time so that everyone has access to the latest data. This helps businesses save time as better decisions are made collaboratively in less time. Also, accountants often do not need to travel to the client’s place, saving a few hundred dollars.
QuickBooks hosting brings down extra expenses and offers unique benefits such as remote access, eliminating IT hassles, and offering better data security.
Another way by which QuickBooks hosting reduces your expenses is by minimizing paper usage. QuickBooks files are stored and shared digitally. This eliminates the need to print paper in bulk, reducing your carbon footprint as an organization.
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