How and Why Cloud-Based Accounting Software is Changing Business

It’s impossible for you to own a phone and computer without using the cloud – let alone run or work for an entire business. You already know its greatest advantages – and now it’s adding one more to the list in regards to accounting.

Quickly fading are the days where on-premise (on-prem) accounting software was the best game in town. These days, if you want to excel, it’s time to embrace cloud based accounting software, which offers all the benefits of the traditional route – but also many more, with none of the downsides.

So what is it really?

3 Reasons It’s Becoming so Popular

Accessible Anywhere, Any Time

No more being tied to a single computer with singular user access. Now it’s easy for small business owners who are constantly on the go to access and use their accounting software – anywhere, at any time. This is also advantageous for larger companies, who have to connect multiple experts to the same hub, but suffer under the cost.

Better Security

When you have on-prem accounting software, you’re reliant on USB drives and the like to transfer it from one place to the next. This puts your data in jeopardy while in transit. Additionally, you’re in charge of your own security – what you’re skilled enough to implement or are rich enough to buy. With cloud-based accounting software, you’re reliant on the entire cloud infrastructure to keep your data safe and easy to transfer.

Lower Costs

While it’s easy to see the investment of on-prem software as more cost effective, since the price tag itself shows a lower number, the fact is: cloud-based solutions are the most cost effective. This is because on-prem requires manual updates, constant physical maintenance, and should something go wrong, it’s on your budget and shoulders to see it solved. With the cloud, the greater infrastructure means greater management long-term, which may cost more up front, but will incur fewer reoccurring charges down the line.

3 Greatest Benefits to Businesses

Among all these assets, there are still the nitty-gritty benefits that truly make the cloud shine where it really counts, in the day to day use.

Instant Updates

Getting behind on software updates can lead to severe glitches, require you to endure bugs, and at the very least, keep you in the dark while other businesses thrive with the latest upgrades. The cloud, however, offers instant and self-managed updates so you can be sure each time you use the software, it’s the best version available.

Collaboration Simplified and Enhanced

With business moving online, more large and small companies are hiring remote workers to fill their ranks. This means online collaboration is a must – and the cloud excels in this field, making it easy for several people from all corners of the world to access information at the drop of a hat. But that’s not all; cloud-based accounting software is often designed to host collaboration, making it easier for teams to coordinate and get creative, in ways on-prem software simply can’t allow and isn’t creative enough to allow.

Better Customer Support

The cloud is fast paced and omnipresent – so it’s no surprise the customer support is as well. Rather than waiting long hours or days to receive the help you need, should you ever need it, the cloud is the modern tool for the modern age, and boasts of a response time to reflect it. You can instantly get in contact with support and receive the solutions you need, 24/7.

Cloud solutions are quickly outpacing the older alternatives, and when it comes to crucial elements such as accounting – where the success of the business itself is in limbo – it’s no wonder the cloud is still the best and first choice.