With over 3.6 billion users (as of 2018) across a plethora of industries, the cloud’s popularity continues to grow. More and more businesses turn to it as a creative alternative to traditional information systems, even for purposes that deal with sensitive data and strict compliance, such as accounting.
Is cloud-based accounting (or cloud accounting) for your business? Read on to see its benefits, and how it can positively impact yours.
Accessibility and mobility
Cloud accounting software allows users to access data from anywhere with an internet connection, even from mobile devices. This lets you take advantage of cost opportunities, especially with regards to overhead, rent, and the like. It’s also strategic, as the world is starting to embrace a more mobile workforce, and it isn’t uncommon for even small- to mid-sized businesses (SMBs) to have remote teams.
Having a cloud-based accounting system is a great way to ensure that your business data is available on demand, without compromising accuracy and integrity. It allows businesses to have the flexibility to adapt to costs and other needs.
Data security is an ever-increasing concern, and when it comes to financial data, businesses shouldn’t compromise. Having impenetrable cybersecurity is paramount, especially because most recent data shows that 62% of exposed data in 2019 came from the financial sector. What's more, failing to protect financial data puts your business at risk of financial loss, to say the least.
Cloud-powered accounting solutions are a great way to protect business data: not only are they a secure way to manage money, they can also be used to make sure that your information stays protected even if your hardware gets lost or stolen.
Cloud accounting software is a great way for SMBs to stay abreast of industry standards when it comes to tech and compliance, but without the heavy capital investment of traditional corporate accounting solutions. With cloud-based solutions, there is no need to invest in a lot of hardware, particularly servers. You’ll also spend less on manpower and expertise, as cloud-based accounting software providers guarantee support for their software. You can also expect less overhead costs.
With capital in short supply, it is smart for SMBs to adopt an OPEX (operating expense) model for IT. Having an OPEX model means that your costs are absorbed by your running income, instead of something that the ownership needs to approve from its capital coffers. In short, the costs are smaller relative to the scale of the activity or investment, and its financial effects have less of an impact on the company’s overall value.
Bandwidth refers to the amount of data that can be carried from point to point within a given time period. With a cloud-based accounting system, you’ll get to save bandwidth since users will no longer need to attach large files to emails. Cloud accounting software have reporting and input pages that are purely cloud-based, so you only need to send relevant links or URLs to your colleagues and they’ll have access to what they need.
With many internet service providers throttling internet speeds after a certain amount of usage, it is smart to manage your company’s bandwidth. This system will also allow your remote and mobile users to feel less constrained by their data usage.
WhiteOwl is South Florida’s premier digital transformation provider, serving Miami and surrounding areas for over 23 years. For your cloud accounting software needs, go WhiteOwl. Give us a call today for your FREE assessment.