Our constantly connected, always-on world is largely due to the cloud. Additionally, your locally-based, internal server is no longer the center of activity as a platform for making data and accounting software accessible online whenever, from anywhere, on any device.
This change affects every aspect of what we do, not just our personal lives. The accounting teams and stakeholders of today want to have access to their work-related software on a par with their personal Facebook or Instagram accounts. The access and flexibility that small business employees demand is provided by cloud accounting software.
The benefits of cloud-based accounting are as follows:
- Continuous Updates for Current Information: Cloud software automatically updates related reports, dashboards, and performance metrics when data is entered, providing real-time security updates, and enabling better strategic decisions for CFOs, executives, and stakeholders. This system also facilitates communication and collaboration as multiple users can access the software simultaneously, ensuring a comprehensive view of the business’s financial situation.
- Obtain Financial Information Anywhere: You are not required to work from the office if your accounting software is in the cloud. This gives you the freedom to work remotely, while traveling, or even at a nearby coffee shop. Employees from different cities, such as San Antonio and Austin, can easily collaborate on larger teams using cloud accounting software without having to worry about information syncing between devices or inadvertently overwriting data. The best part is that the majority of cloud accounting systems let you access your finances on tablets, phones, and other mobile devices, which is especially helpful for executives who want to check in frequently to monitor business performance.
- Simple Inclusion: Since most cloud software can be easily connected to any other cloud or web-based solution using web-based APIs, having your accounting software in the cloud allows you to link to other financial programs or other systems you use to manage your business. With the precise tools and products, you require, you can use integration to create the perfect accounting or business management system. Additionally, by synchronizing data across your organization, you can get rid of double entries, cut down on errors, and enhance reporting across the board.
- Exceptional Security: Always at the top of the list is this! Although the security of a cloud service provider storing your data is a concern for everyone, the cloud is actually one of the most secure ways to store data. Since your data isn’t kept on local hard drives and servers, you don’t have to be concerned if a laptop is stolen or a desktop computer crashes. Instead, it is kept on redundant, encrypted remote servers that demand authorization and authentication to access. Additionally, you can avoid data loss by using failsafe like continuous backups and disaster recovery plans with cloud-based accounting solutions. They constantly update their systems to ensure that the security and privacy of your data are always impenetrable.
- No Expensive Server Upkeep or Upgrades: You can avoid the costs associated with acquiring, maintaining, and upgrading an office server by using cloud accounting software. You are also relieved of the responsibility of downloading and setting up software updates. Without any effort on your part or downtime, these are managed by the software provider and deployed directly through the cloud. With cloud-based accounting tools like Sage Intacct, you can always have the most recent version of your software, have your data reflect the most recent, real-time information, and have any problems you encounter quickly resolved by your cloud service provider. Additionally, Sage Intacct is the AICPA’s first and only preferred vendor of financial management software!
In summary, Cloud-based accounting software provides cost-effective, flexible, and secure solutions for small businesses to manage their financial processes. Its accessibility, scalability, and collaborative features make it valuable for data-driven decisions. However, selecting a reputable provider and considering specific business needs is crucial.