Remember the old days when there used to be stacks of books on the tables of accountants? If they wanted to retrieve anything from those books, it was a hassle;, not to mention recording financial data in the first place. Then later, personal computers were introduced, and they made data entry easier. But things have changed now. Cloud accounting has come to the rescue for many of us and being a revolutionary technology, it has proven to be extremely efficient for accountants as well as bookkeepers.
Cloud accounting simply means accessing financial and bookkeeping data via the internet. When you access your financial data from the cloud, it does not restrict you to the device in which a particular accounting application is installed. Rather, it gives easy access to anyone as the data is uploaded to an internet-enabled storage also known as the cloud.
If you are wondering how cloud accounting can help you with your bookkeeping and accounting, you have clicked on the right link. We will try to explain all the advantages that this brilliant technology has given us so that you can take the right decision for your present and future business ventures.
Let’s take a look at some of the things that cloud-based accounting has revolutionized:
1. Efficiency:
With regular updates, cloud-based accounting practices prove to be more efficient, well-organized, and systematic. Once you buy a software, you don’t need to spend any more money as it is subscription-based. So, by paying a monthly charge, you are able to enjoy all the features of the particular software. Also, data stored on the cloud is efficiently examined by anyone with internet connectivity. Human errors are eliminated by following this process because such software works on automation, and the outcome always offers an error-free accounting and bookkeeping experience.
2. Easy Accessibility:
Accountants work with multiple people at the same time. Therefore, client data should be stored properly and systematically so it becomes easy to retrieve. Cloud accounting makes it possible to access financial data anytime and from anywhere. Often, clients also wish to analyze their financial data, and with just one click, they are able to achieve that. Accountants can manage client ledgers from any computer using the internet. So, in a way, online accounting software provides easy accessibility to accounting professionals as well as to clients.
3. Real-Time Insights:
Cloud-based accounting provides real-time insights into the data to both the accounting professional and the client. Take this scenario for instance: a new accountant has been hired by a company and in order to get started, a knowledge transfer needs to be done. Instead of working individually, both professionals can work together in real-time so that maximum clarity is achieved. It doesn't matter if they work in different places or reside in different time zones. This feature of getting real-time insights also enable the current data to be viewed and both parties to stay up-to-date with any changes that are made. This makes it possible to respond with immediate effect.
4. Data-Backup:
How many times have you fallen victim to or heard someone say that they have lost their pen drive or any other form of external storage device? Many of us have faced this unfortunate event at some point in our lives. Now imagine: if financial data or accounting numbers are lost like this, how catastrophic would it be? It used to happen until cloud-based accounting was introduced. Gone are the days when you need to use external devices to transfer data. Cloud accounting provides data backup on a regular basis so that the risk of losing financial data forever is eliminated. You can freely access your bookkeeping data or financial information by simply logging into your account.
5. Security and Encryption:
People are often reluctant to upload private and confidential data on the cloud. The issue of data breaches and security makes people concerned about uploading data online. But the reality is something else.. It is even safer than storing data in external devices such as hard disks, pen drives, etc. Let us tell you how. Most cloud-based data storage software comes with multiple layers of protection such as firewalls and authentication keys or passwords. Whenever you transfer your data or need to access it from the cloud, it comes to you via encryption. This ensures that your data is secure and no one can see what data is being transferred.
Let’s talk about accounting for example. Whenever data is transferred from cloud-based software to any other device, the multiple layers of firewall protection make sure that no one can snoop around the important data that you have stored online.
6. Minimum Paperwork:
The need for computerized accounting practices came about because recording data on paper, and then later sharing it was a big hassle. Also, people faced a lot of inconveniences when it came to retrieving data as it was difficult to locate on paper. It was a time-consuming process as the accountants needed to go through data page by page in order to get the desired entry.
On the other hand, within seconds, your accountant will provide you with decade-old data without much hassle by accessing cloud-based accounting and bookkeeping.
So, which one will you choose?
In Conclusion:
Since remote work has become a norm, bookkeepers and accountants can access data from anywhere via the cloud; they just need an internet connection. Clients can also access their numbers easily via cloud-based accounting practices.
If you are still using traditional methods of bookkeeping and accounting, it’s time to upgrade and
When you opt for bookkeeping outsourcing services from us, you get seamless agility and remarkable technology.
Partner with us and enjoy a new era of accounting and bookkeeping based on efficiency, accessibility as well as security via encryption.
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