To be precise like many other changes taking place, accounting and bookkeeping services undertaken on computers has come a long way in the last 50 years. Still, many clients and firms use the desktops, but a surging number are utilizing those systems located elsewhere to connect with application and storage is concerned.
Due to advancement in technology more clients and firms are making a changeover from their in-house to the cloud computing in recent times. In the past, many firms would turn to the vendors for cloud accounting solutions for getting answers. But now, things have changed dramatically.
Cloud accounting software is similar to traditional self-install accounting software. The only difference is the accounting software is hosted on remote servers where ‘Data’ is sent into the cloud where it is processed and returned to the user.
What is more significant about this software is all applications functions are carried off-site and not on the user’s desktop. Cloud accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in other departments to access the same data and use the same version of the software.
What makes cloud accounting so unique?
Cloud accounting is considered to be more flexible when compared to traditional accounting software. With the help of the internet, accounting data can be accessed from anywhere on any device. Unlike traditional accounting software, cloud accounting software has a feature of automatic updating of financial information and offers financial reporting in real time. This means account balances are always accurate and there is no margin for errors taking place due to manual data entry.
A firm has to encounter greater software license and maintenance costs when dealing with fees for the database, system management, and other software. It might also have to make an expensive purchase of new hardware like servers and so on. By doing so the firm is burying a deep hole in its pocket. But with cloud accounting software, businesses are not hindered even when you are looking for expansion. One will not notice any big spikes as costs are concerned.
Cloud accounting requires less maintenance than its traditional counterpart. It completes the backups and automatically updates the data. Nothing needs to be downloaded or installed on a company system.
One may ask is the financial data secure enough with cloud accounting?
One can be rest assured as far as data security is concerned. Cloud accounting solutions provide an equally secure or for that matter even more secure method of storing financial information. For example, there is a high risk of data being stolen or lost on a company computer which could lead to an information breach. Cloud accounting, however, leaves no trace of financial data being lost or stolen as the access to the data in the cloud is encrypted and password protected.
Last but not the least cloud accounting usually have the backup servers in two or more locations. In case one server network goes down, one still has the access to the data from another server located at another place.
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