A few years ago, cloud accounting started to become more cost effective than locally installed software packages, which lead to firms using cloud accounting software to become more profitable. Accounting businesses have been somewhat divided over whether it is safe and practical to switch to cloud accounting software, but with proof of higher profits and increased levels of security, the question surrounding cloud accounting software is now – what’s the best way to make the transition?
What Is The Difference?
The cloud is used for storing information and has become part of most people’s daily interaction with their phones and computers. Photos and documents are often automatically stored in the cloud, and dropbox, and file sharing programs utilise the cloud to allow for remote access. Basically, anytime to retrieve or send data the cloud can be used to store that information as a way of providing remote access.
That remote access is the main benefit of online accounting software. Instead of having all of your client’s information on your computer, where it could be lost if your computer crashes, accidentally deleted, or even stolen, using cloud accounting software offers you and your clients the benefit of their information being stored on remote secure servers. This allows your clients to upload new information easily and gives you access from your laptop, tablet, or phone making you more mobile. Making the switch will also save you money on IT support, as your online accounting software will provide regular updates to keep your information secure.
Increase Your Efficiency
Online accounting software is becoming the new normal because it has the ability to make your business more efficient and reduce costs. Your staff will be able to spend more of their time on higher revenue earning tasks such as consulting and new business development, as the efficiency of completing basic services like tax preparation, and bookkeeping increases and becomes cheaper.
In addition to being efficient, it is imperative for a business to have operational agility in order to grow or deal with losses. If you are part of a growing business, cloud computing with allow for increased flexibility and fluctuating demands. If your needs increase suddenly in a month, then it’s easy to increase your online capacity and move forward effortlessly. In the same sense, if your circumstances change, it is easy to downsize to suits your needs.
While it’s impossible to guard against all potential issues your business may face, making the switch to online accounting software will greatly help you guard against potentially disastrous computer crashes. Telling your client that your computer crashed, or you lost their data, just won’t cut it in today’s computer savvy society. You need to have back-ups, and the best available backup is the cloud. Have your recovery solutions in place and ready to be used by anyone in your business. That way, if disaster strikes, you’re ready to continue to look after your clients to the level they have come to expect.
Involve the Team
One of the extraneous benefits of switching to online accounting software is the way it opens up communication lines amongst your staff and partners. By allowing your staff members to access, edit, and share client data anytime and anywhere, they are able to assist clients every request in real-time, sharing back and forth and collaborating in a new and far superior way.
There are a number of great reasons why online accounting software has become the new norm, and why so many businesses are making the switch. Previously, the major concern was security and while that is a real risk to be taken seriously, the fact is that much of your client data and is already exposed everytime you open your computer.
Online software will offer a secure and easily accessible way to access your information and share it amongst staff and business partners. So, if you haven’t already made the switch, it’s time to jump-start your shift to cloud-land.