Last updated on July 18th, 2022
Technology is rapidly evolving and so are the accounting solutions. It becomes a critical task while deciding which one is better for you. Deciding how to use your QuickBooks is like choosing between buying or leasing a house; each comes with a different set of advantages or risks. What works for today’s accounting market might not give your benefits tomorrow, and with a specific cost structure.
Let’s look at some elements that will help you clear your choice: whether to go with a cloud service provider or in-house server options.
Cloud-based QuickBooks offers greater control over accounting operations. QuickBooks cloud hosting makes all your accounting and financial resources accessible from any location via the internet connection. It provides remote access, making you and your firms function from any corner of the world, not limited to your local network.
However, the on-premise QuickBooks allows you to work on reports and data only on office premises.
Not every business count on the cloud when it comes to hosting critical accounting applications; cybercrime is on the verge of destroying the information. Basic data loss can lead to a considerable loss to the company.
However, if you host QuickBooks on the cloud, these security concerns are not in the picture anymore. The accounting information is vital for any firm, so no one can afford it to get into the wrong hands. Rather than storing your financial data on a specific desktop, it is always better to keep it secure in the cloud.
QuickBooks is hosted on a server with state-of-the-art built-in precautions and end-to-end encryption with cloud hosting. Moreover, a multi-factor authentication system prevents unauthorized users from accessing sensitive information.
3. Capital Expenditure
With cloud-hosted QuickBooks, you save the capital expenditure of buying in-house resources and hardware. Unlike working on desktop QuickBooks, you don’t need an IT team to periodically update or reinstall the software but require very high operating expenses.
Cloud-hosted applications are available online, and your files are stored on the cloud for you to access from anywhere. Especially during the tax season, it lets your CPA seamlessly access the receipts and accounts database, regardless of their physical location.
So, on-premise QB decreases operating costs while increasing capital expenses and vice versa in the case of the cloud.
QuickBooks on cloud delivers multi-level collaboration for the employees to work continuously. Cloud-hosted QuickBooks supports multi-user compatibility with cross devices, whether desktop, smartphone, or laptop. So, now the employees can have enhanced productivity by collaborating with clients or colleagues under a single cloud.
Most accountants require multiple finance tools to complete their accounting processes, such as payroll, credit card accounts, invoicing, and more. Specifically, they need a handful of specialized software to perform any task efficiently.
QuickBooks desktop integrates with a handful of other add-ons and restricts the number of financial tools you can work with. On the other hand, if you get QB hosted on the cloud, you can integrate it with over 200 different accounting add-ons. It boosts your productivity by adding seamless third-party applications.
Hosted QuickBooks automatically syncs all your data, so you can comprehend the complete picture of clients’ or firms’ financial health and streamline your month-end close process.
In today’s business world, you can’t ignore scalability. If a business is rigid, then it will not be able to grow. Especially for growing companies, QuickBooks hosting fits perfectly.
With QuickBooks on the cloud, you can quickly scale up or scale down your needs by paying for the resources you use. So, by choosing the QuickBooks cloud hosting solution for your business, you can scale up or down the resources as per your business requirements.
7. Disaster Recovery
With on-premise QuickBooks, you need to migrate all data on your own, leading to data loss if some technical glitch happens.
When you host QuickBooks on the cloud, backups are done frequently. This way, your data remains safe in data centers and can be accessed whenever required.
Moreover, along with automatic backups, you can closely monitor the backup process and create quick backups on your own. It makes the cloud-hosted QuickBooks a more favorable choice than the on-premise QuickBooks desktop set-up.
What’s the Conclusion – Which is Better?
In the end, you need to get an effective accounting solution for your business. After the comparison, you can choose the suitable accounting solution as per the accessibility, security, and mobility you want. QuickBooks cloud has endless tools that make accounting data accessible anytime, anywhere.
Having QuickBooks on the cloud saves you from making extra hardware investments. The cloud gives high-level security benefits. On top of cost reduction, cloud-hosted QuickBooks make up the mission-critical investment for ‘work from home’ employees.
However, you can reap the best of both with Ace QuickBooks cloud hosting.
You can get a QuickBooks Hosting trial to know what’s best for you.
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