cloud accounting -- When and how to make the move
Cloud Accounting — When and How to Make the Move
The recent Covid-19 pandemic has set forth a new trend for corporates
and enterprises i.e. to 'work from home'. With lockdown and social distancing
rules being practiced everywhere, adopting cloud accounting solutions
for your business is the wisest move you can make now.
WHAT IS CLOUD ACCOUNTING?
In simple English, cloud accounting is the practice
of hosting your files or applications on the internet instead of a local PC and
they can be accessed from any device on the internet. This idea of remote
access enables you to work on a system regardless of your location and device.
NOW IS THE TIME TO MAKE THE MOVE.
Owing to the current pandemic, making the move to cloud
accounting has become the necessity of the hour. With people having a
genuine risk and fear of infections while at the same time the discovery of
vaccination being a seemingly distant goal, the 'work from home' culture is
gaining prominence. Without the ability of a remote workforce outside of the
office as well as efficient cloud accounting solutions, businesses may
succumb to operational vulnerabilities as the present one.
Cloud accounting has numerous benefits
and making the move now is an intelligent decision. With a cloud accounting
tool you can:
- Access
your accounts anywhere: Remote access sets you independent of a central office-based PC. You have 24X7
access to your applications irrespective of your location and the device.
This minimizes business disruption in times of crisis and uncertainties.
- Get
live feeds: Unlike the traditional accounting system, you get access to the real-time reporting of your business data that are instant and up to date. You no longer have to check with your data history when making plans for the future. This helps in evolving better strategies as well as making timely and prompt decisions.
- Simplify
tax compliance: Cloud accounting
simplifies tax by bringing you accurate information on a specific tax.
- Share
date securely: Sharing files on a cloud account with your client is safe and secured by encryption. There is no need to send constant emails back and forth. Information is shared in real-time. This helps for better technical support to your client and thus, helps to form a better client relationship.
- Better
team collaboration: When the important tasks are
centralized and a team works on a file simultaneously, better
communication amongst the workers is bound to follow. This eventually
leads to better collaboration as it brings the entire team together.
HOW TO MAKE THE MOVE TO CLOUD ACCOUNTING
To understand how to make the choice for a cloud accounting
software that suits best to your business, you first need to understand key
things about your business like:
- How big
is your business?
- How
many transactions you do per month?
- Who
approves payments in your organization?
- Who
will have access to the software?
When you are in an absolute understanding of these important
points, you should go ahead to make the move to an efficient cloud
accounting tool. When choosing the one that suits best to your needs,
always consider:
- Security
: This is foremost and paramount. Your provider's reputation, history, and clients are crucial details you should look for. One cannot compromise on quality here.
- Budget
: Cloud accounting software comes with functionalities that get smart while getting expensive. You got to consider your requirements as well as range.
- Flexibility
: Every business grows over time. Your software must
be flexible enough to be able to scale with your growing business.
- Customer
Support: In an emergency, how responsive
your service provider's customer support staff is, directly reflects the
quality and reliability of your provider.
CONCLUSION
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