The means for performing accounting has greatly improved over the years. From simple pen-and-paper ledgers to advanced software on desktops, we are now taking things a step further and using cloud accounting as a medium. Despite the advancement, not all businesses have progressed with time and needs. There are still businesses that rely on traditional accounting methods and need some time before they transition.
If you are still using an outdated accounting method, it’s time to consider a complete transition to the cloud. Unfortunately, many business owners hesitate because they don’t truly understand what this option has to offer.
What Is Cloud Accounting?
Cloud accounting, also known as online accounting, moves your business’s financial processes to the cloud—a server that is only accessible over the internet. That means you’ll no longer have to worry about desktop applications to manually update or books to dust off.
If you already use accounting software, rest assured that cloud accounting offers all the same functionalities, but instead of logging into your desktop accounting software, you can access everything you need via the internet. The service provider will be responsible for keeping the software up-to-date and ensuring that all your sensitive data is safely stored in their systems.
Here are some other facts about cloud accounting that you should know:
A Cost-Effective Business Solution
Anything new that involves advanced technology incurs expensive costs upfront. Because cloud accounting fits the description, most people assume that it’s something they can’t afford. However, this is not the case for cloud accounting. While it is advanced in nature, you can find a solution that delivers value for a fair and reasonable price.
It isn’t just the software you’ll be benefitting from, either. With experts on the other end to maintain the system and provide valuable insights, you’re benefiting from knowledge in the field. Remember—any solution that’s worth your while may cost money, but you’ll gain much more in terms of time saved and industry expertise gained. This investment will not only improve your financial processes but also save you money in the long run!
A Setup You Can Fully Control
The beauty of cloud accounting is that everything is stored and processes are completed online. That means there is a significantly lower chance of compromising sensitive information in your database. There is no need to download any files, and the admin has the power to only grant access to a few key people who can access what they need. What is even better is how the admin can track the people’s movement in real-time, eliminating potential suspicious action. That also means employees can collaborate anywhere they are in the world as long as they are granted the necessary permissions.
A Layered Security Strategy You Can Trust
Besides the previously mentioned security control, keeping sensitive information on cloud servers is more secure than storing them on local hard drives or disk storage. A physical copy can be stolen, and there’s nothing you can do except for getting it back. With cloud storage, you can execute multiple layers of security. You can require two-factor authentication before people can access your files and set up an anti-virus system, ensuring no kinds of malware or virus infiltrate your files.
Conclusion
Cloud accounting is a truly revolutionary development. It is an online setup that allows you to do your job efficiently while also increasing your productivity and protection. More importantly, it is a flexible option that helps you save on cost. Instead of purchasing hardware or software and continuously maintaining or updating them each time, you rely on a technology that can provide you with many other business opportunities.
Are you looking for cloud accounting services in Australia? Your Accounting Sanctuary can be your partner. We are experienced in most Cloud accounting platforms so we’re well placed to make sure you’re set up to use the most appropriate, hassle-free solutions for your needs. Book an initial chat with us today to learn more!
