What is this thing called the cloud?
Think about when you use internet banking. You use the cloud every time you access your bank's data. Data and software can now be accessed online 24/7 from any location and device thanks to the cloud. Your computer's or laptop's hard drive is no longer the primary hub.
“If you want your business to work smarter and faster, cloud accounting software is a wise investment”.
What is cloud accounting?
Cloud accounting gives users the ability to manage their finances in a manner like the SaaS (Software as a Service) business model. You maintain your company's books online when using cloud accounting. Through the internet or any other network, such as a cloud application service provider, the cloud accounting firms have remote access to the software programs and may operate from anywhere.
With the help of cloud accounting, firms are free from installing and maintaining accounts on their own desktop PCs. Businesses that have employees remote or in different branch offices will benefit the most from this system. They can now have access to the same data and software version from anywhere in the world.
All your accounting processes & procedures can be streamlined with the support of cloud accounting, which has numerous advantages for your company. The following are some crucial aspects of cloud accounting:
1. It is simple to collaborate online with your team and advisers thanks to the multi-user access feature.
2. You don't need to install or update anything in your PC because the software is online, and all your data is backed up automatically.
3. You can use cloud-based software from any device with an internet connection.
4. Complete tech support available.
5. Improve accuracy with reduced errors since the system is user friendly.
6. When compared to conventional accounting products, the cost of possession is lower.
7. As a small business owner, you might be concerned about a cloud service provider storing your data. But the cloud is one of the most secure ways to store information.
8. Additional users can be added at low costs. Also, if you invite users to view your data, you can control the level of access. This is much more secure than the old-fashioned way of emailing your files or sending out a USB stick with your data on it.
The beauty of online accounting software is the freedom it offers you to manage your company whether you're at home, at work, or on the go. Regardless of where you are, you can be sure that you have an accurate view of how your business is going. In the cloud, software updates may be created and sent more quickly and easily. This means you won't have to worry about updating to the most recent version and that you'll have immediate access to new features. You have the choice to manage your business remotely from any location in the world using cloud accounting software. The possibilities are unlimited when data is accessible and fluid.
Comparison of cloud accounting with traditional accounting software
| Data is easily accessible & up to date. | The data in the system isn’t always up to date. |
| Data can be accessible via the cloud from any location. Data can be simply and securely downloaded to a PC. | It only works on one computer and data gets moved from place to place, for example, on a USB drive – this is not secure or reliable. |
| Multiple user access option available with access control for different users. | Only one person has user access which can mean key people can't access financial and customer details. |
| Data is backed up automatically. | It's costly and complicated to keep backups (if they’re done at all). |
| In cloud accounting, software is updated automatically. | It's expensive, difficult and time consuming to upgrade. |
| There’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription. | Need to install and run applications over a desktop computer |
At Lotus Solutions Business & CPA Consulting , we offer the top cloud accounting services along with extra advantages that help both large businesses and SMEs. It's simple to update your accounting data with cloud accounting, which also provides excellent functionality and dependability. We guarantee the highest level of protection for your data. With specific technology, only those who have access to your cloud account can access your data and information. Receive real-time updates and alter your accounting programs. As one of the top cloud accounting providers, we remain on top of developments to give you improved insights and streamline company operations with quick financial reports.