Update: This article was last updated on 25 June 2020 to reflect the accuracy and up-to-date information on the page.
One of the most popular names among small businesses, QuickBooks, holds many accounting tools that can be easily used by everyone. However, QuickBooks hosting has allowed users to make the most of the software and enhance its potential.
When QuickBooks is hosted on the cloud, it becomes an all-in-one solution for accountants, CPAs, bookkeepers, and small businesses.
Let’s look at some of the benefits of QuickBooks hosting for small and medium businesses.
1. Reduced IT Infrastructure and Cost
Small businesses are always looking for opportunities to cut costs. Hosting QuickBooks on the cloud lets SMBs do that. Since the cloud is accessible via the Internet, small businesses do not need a dedicated system to be installed in their premises.
Due to features available in the cloud, such as remote upgrades and support, businesses would need far fewer resources, thus saving more money.
Moreover, since all of the server issues are taken care of by the cloud vendors, there is no need to hire an additional IT team to do the same. It further improves the financial health of the business.
2. Backup and Disaster Recovery
All businesses must invest in disaster recovery solutions, but for medium-sized businesses that lack the required amount of cash and skill, cloud is an ideal solution. Cloud technology is helping more small businesses buck that trend.
When on the cloud, QuickBooks data is saved in highly protected data centers, and there are multiple copies of your files taken by the provider. Moreover, data transfer is secure since it is enabled over highly encrypted data transfer protocol.
Therefore, even if there is an accident or natural disaster like fires, floods, earthquakes, etc. information can be retrieved easily, and business can always be up and running.
According to the Bloomberg Businessweek article, about 800,000 laptops are stolen or lost every year in airports alone. If you are storing all the information on a laptop or mobile alone, the information can be easily stolen or accessed.
However, if you are using cloud, your data is much more secure as you need a user ID and password to access the data. Sure, it can be annoying if you have to replace your device but not as a disastrous situation if all your data is stolen.
Moreover, many competent QuickBooks Hosting providers safeguard information from various cyber-attacks through security measures like end-to-end encryption, firewalls, multi-factor authentication, anti-virus, anti-malware, and more.
4. Easy Collaboration
QuickBooks hosting makes collaboration with outside parties such as accountants or outsourced bookkeeper easier. Accountants can work on client accounts more often, easily share files or data with the client even while the client is working in the system.
QuickBooks on the cloud not only eliminates the need to copy or sync files but also lets outsourced employees or professionals to work closely with everyone. It further reduces the chances of errors while working, and improve their productivity.
5. Anytime, Anywhere Access
Hosting QuickBooks on cloud allows SMBs to access their QuickBooks files anytime, anywhere, and on any device as well as simultaneously. This makes small firms independent of the local network. One of the most obvious advantages of remote service is a high-speed online response of your QuickBooks as the application is installed on highly optimized servers.
Small firms with outsourced employees or with multiple locations find this centralized access to QuickBooks application as the key feature of QuickBooks hosting.
6. Enforces Privacy
When your QuickBooks is hosted on cloud, the administrator can decide the accessibility of the data.
Since there are levels of authorization, all team members can have their own authorization level and there is a system in place to ensure that no one gets unauthorized access to files.
7. Compatible with Other Applications
QuickBooks is compatible with many other third-party applications like Fishbowl Inventory, Microsoft Office, Bill & Pay, etc. which can be integrated with it. However, hardware restrictions affect the performance of the application when the number of add-ons increase.
But, QuickBooks hosting helps overcome these limitations such that any number of applications can be integrated with the accounting software seamlessly.
8. Automatic Updates and Upgrades
In order to stay up to date with all the new features and settings, it is crucial to upgrade the QuickBooks software from time to time. However, it can be a tedious task for the users to keep track of the same.
With QuickBooks remote access, you need not worry about upgrading or updating the software as the cloud service provider takes care of these regular updates.
9. Competitive Advantage
Do you often wish there was an easy step your small firm could take to be more competitive? Moving your QuickBooks to cloud is one such step and allows small firms to act faster than established players.
A pay-as-you-go and cloud technology mean small firms can run with the competitors while remaining nimble and agile. The cloud provider deals with all the technical side of things, allowing you to focus on other areas of business.
10. Do Your Bit for the Environment
While all the points mentioned above spell out the advantages of QuickBooks hosting for small businesses, switching to cloud isn’t completely a selfish act. By hosting your QuickBooks and other applications on cloud, your company is also helping the environment.
According to Salesforce, firms using cloud would consume 30% less energy and produce a lesser amount of carbon emissions. For SMBs, this can be cut by 90% by moving their accounting to cloud. So not only would it help the environment but would also save a lot of money spent on energy bills.
QuickBooks cloud hosting can prove to be a magic baton or small businesses since it holds numerous benefits at a low price. With limited resources available, QuickBooks hosting can become an ultimate accounting partner that would provide you more than you pay for it.
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