The use of terms like cloud technology and workflow software scares off many accountants just by listening to them. Yet this fear like most others, can be chalked up to the fear of the unknown. Plainly speaking cloud technology is basically a server that holds your information which can be accessed anytime anywhere. The server is completely secure and provides you with the convenience of mobility. If you have or are using programs like Dropbox, Google Drive, Netflix or Gmail then guess what, you are using the cloud. Small businesses are often challenged by competition and to stay competitive firms choose to upgrade their technology. The best cost effective choice is to move to cloud-based technology. Here are reasons why startups and small businesses should move to cloud accounting.
Reduce cost With cloud technology everything is operated online, there is no need for you to install anything. The cloud service provider provides regular system updates which reduces system maintenance and administration cost. The added advantage of using the cloud is that it will also save valuable time and energy which will be converted into cost savings for the accountant.
Real time information Unlike traditional accounting software which gives access to single operator, cloud accounting lets multiple users to edit data and view real-time information anytime, anywhere.
Security Most accountant shy away from cloud technology because they feel it won’t be secure. Well let’s break this fear down practically. If a company wants your business and in fact wants your continued business then they in return must provide you with satisfaction and assurance. This is the primary motivator for a cloud company to make sure your data is secure and also accessible whenever you want it. As soon as this trust is broken they lose you as a customer forever and any future clients you could have recommended. This is exactly why cloud companies will go above and beyond to ensure your data is secure and available to you.
Backup Using cloud technology provides you with backup service reducing the likelihood of losing important data. You will not be required to take any backup of accounting files on your own drives as these files will be backed up and secured on your cloud system which you can access from any device.
Improved efficiency Moving to cloud accounting system will upsurge employee efficiency as multi –user access will help in easy collaboration within teams based anywhere across the globe. With the world already moving and living in the digital realm it only makes sense for accountants to also adopt these technologies. The Small Business Cloud Barometer 2015 drilled down into the top business challenges and cloud usage habits and benefits. The industry reports can be downloaded here.