Last updated on July 18th, 2022
QuickBooks is a software solution used by businesses around the world for their accounting needs. Payroll processing, generating financial reports, expense management – these are some of the operations one can easily manage with QuickBooks. However, relying on your locally installed QuickBooks carries its restrictions.
When you host QuickBooks on the cloud, it brings much-needed change to your organization. Better accessibility, easy data storage, and personalized solutions – these are some innovative features it offers. Thus, when you use QuickBooks hosting, you automatically bring innovation to your accounting firm.
Here are six ways how QuickBooks on the cloud can bring innovation for accounting firms.
1. Accessibility On The Go
To make accounting faster, accurate, and a simpler process, QuickBooks has significantly revolutionized the accounting industry. For most of the organizations, their QB is locally installed on the systems at their workplace. While this may not seem much of a problem, what if you cannot access those systems?
A massive traffic jam, an unexpected flat tire, delayed public transportation, lockdown (due to pandemic like COVID-19) – there is a long list of things that can prevent you from accessing your workplace desktop.
With QuickBooks on the cloud, you can surpass these physical limitations and enjoy unrestricted access to your QuickBooks data. Since the data is hosted remotely on servers, you can access your data anywhere, anytime.
All you need is an internet connection, authorized login, and a web browser. So, even if you are stuck in a humongous traffic jam or waiting for your cab, don’t worry. Take out your tablet or smartphone and start working.
2. Personalized IT Solutions
When it comes to locally setting up premium software, things become tricky when you have to deal with a large number of systems. Generally, for each system, you have to buy their software packages. It is very costly and also challenging to maintain. Each system has to be manually updated, which is again a time-consuming process.
Also, in case you want to scale up/down, it either results in lost resources or calls for another capital investment.
Hosting QuickBooks on the cloud presents you with more comprehensive IT options. You don’t have to spend heftily for purchasing hardware and maintaining the same. Your hosting provider will take care of all of your IT needs. Most QuickBooks hosting providers offer a ‘pay-as-you-use’ model. You can choose subscription models as per your need, and pay only for what you use.
3. Enhanced Data Protection
Data is a valuable asset for accounting firms. They handle social security numbers, credit card numbers, debit card numbers, client’s tax information, etc., which, if stolen, can be greatly misused. Disclosure of this sensitive information makes your client vulnerable to various financial frauds.
Also, it can lead to a severe loss of reputation for your accounting firm. However, the physical storage of data has its own risk. Paper can be easily stolen or lost, and round-the-clock security is needed to prevent a break-in. And with every 39 seconds, a cyber-attack occurs somewhere on the web – digital storage of information has also become questionable.
QuickBooks on cloud offers the best security options for all QB and accounting data. Service providers offer round the clock physical and network security for the servers hosting your data, effectively preventing break-ins. Also, since access to the cloud is guarded by a password, locally accessing your system is futile.
Apart from that, they provide the latest malware detection, antivirus solution, encryption techniques, and intrusion alerts for safeguarding your data.
4. A Cost-cutting Investment
For every business to thrive, it’s essential to make a profit. However, one has to handle various expenses like office space maintenance, cost of IT infrastructure, licensing fees, office stationery, employee salaries etc. Apart from them, there are other miscellaneous expenses too.
Poorly managed finances can result in a drain on the resources, which in turn causes losses and a decreased ROI.
Integrating the latest technology into your accounting is one of the ways to grow your business well. It also keeps things cost-effective. A considerable amount of capital is required for setting up your own IT infrastructure. Also, you have to hire your team of IT professionals for its maintenance.
However, when you invest in the QuickBooks cloud hosting, you can cut down on these investments as your hosting provider is the one responsible for all the IT needs. Also, since the cloud can be accessed from anywhere, you can save money on office space maintenance as more employees can work from home.
5. Enhanced Productivity
Cloud computing is an innovative method to improve efficiency and boost productivity. Similarly, cloud for your QuickBooks is an excellent option for streamlining all your accounting operations.
Since data can be accessed from anywhere, you can have more confident decision making. It also allows you to reach out to more clients and increase your billable hours.
Also, as your employees can work from home, you can hire more employees and even outsource your work overseas. Another benefit of hosted QuickBooks is multi-user accessibility. Since all the changes get reflected in real-time, your team of accountants can easily collaborate on a project. They can easily share and preview files without creating multiple copies.
6. Reliable Data Recovery Options
Another benefit of hosting QuickBooks on the cloud is reliable data recovery options. Paper gets readily degraded by environmental factors. Hence crucial information cannot be stored on paper. Also, if you store information at your in-house server, then in case of damage to the housing facility, it can be lost forever.
In the cloud, backup servers are set up, that too at different locations. So no matter what happens, your data remains well protected. Also, it offers greater scalability. You don’t need to plan considerably or invest handsomely to scale up your IT infrastructure. All you need is to notify your provider about your growing needs, and they will readily cater to it.
So, not only do they keep your data safe, but are always ready to accommodate more.
Technology has brought innovation to every aspect of our life. Remote accessibility, better data security, flexible scalability options: these are some of the perks when one goes for QuickBooks cloud hosting.
Wish to know QuickBooks on the cloud can bring innovation to your accounting business? Get in touch with our Solutions Consultant at 855-665-8910.
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