As a business owner, you need to wear multiple hats and master numerous skill sets. If you wish to be a successful business owner, you should be aware of the work of multiple departments.
You cannot say that the marketing department does well and the sales department fails to deliver. However, most business leaders are aware of multiple departments; they often overlook one aspect – the use of technology in the accounts department.
The primary purpose of running a business is to make money. During the initial phase (when the company is small), business owners focus majorly on accounting and coming up with multiple ways to increase the profit. As the business grows and the team expands, the accounts department does not get the attention it needs. There is a need to streamline the accounting activities and introduce the technological advancements made in the field.
Well, hiring the best talent is a part of the streamlining process, but for the employees to perform well, you need a cloud-hosted accounting solution. Experts say that a hosted accounting solution is far more beneficial than desktop software. Do you wonder why it is so?
Keep on reading this post to get answers to all your questions.
1. Anytime Access
When your accounting solution is hosted on the cloud, you can access all the important files and data at any time from any place.
If you use a desktop accounting software, you can access it only through the system it is installed in. All the financial data and files are saved in the local drive, making your access to the information limited.
Hosted accounting solutions will not limit your access to the files as the data is stored safely at a data center. For example, if you opt for QuickBooks Enterprise with hosting, you do not need to download any software – use your web browser or RDP software to access your files and QuickBooks and stay updated with the status of your accounting data.
2. Reduced Paperwork
Keeping paper records and printing them is a time-consuming task, and is not good for the environment. As the world is becoming technologically advanced, it is time to move to paperless accounting. For instance, you can email the invoices and file tax returns online. This will also reduce your expenditure and reliance on printed datasheets.
As all the documents are saved digitally, there’s no need to keep physical copies.
3. Reduced Expenses
Using a cloud-hosted accounting solution means that you will not be dependent on any physical IT infrastructure, reducing your expenses.
Desktop solutions require significant IT hardware investment and maintenance. You also need an in-house server to store the data and an IT expert to take care of all its needs.
With hosted accounting, all you need is a compatible device with an internet connection. All the IT needs are taken care of by the service provider.
4. 24/7 Support
As mentioned above, all the IT needs are taken care of by the cloud hosting provider. This means that they also offer round the clock support so that your business does not suffer (even during non-business hours). This is one of the major benefits of hosting your accounting software on the cloud.
5. Easy Collaboration
Sharing documents and sending information to colleagues and clients is a quick and straightforward process with cloud accounting. For instance, checking a specific sheet for numbers and making changes in the same is a simple process. There’s no need to send multiple versions over emails.
6. Automatic Backups
If you work on desktop software, there’s a need to save the data at the end of each day.
With hosted accounting, manual backups are a thing of the past. Most service providers provide a feature where the data is encrypted and backed up daily. This ensures that your information is stored safely and securely. In case of a natural disaster, the disaster recovery plan will ensure that your data is intact.
7. Almost Zero Downtime
If you’re using a desktop accounting software, what would you do if your machine crashes? The time needed for it to be repaired means that you’ll not be able to access your data.
If the same happens while using a cloud-hosted solution, you can access the software by using any other compatible device like your smartphone since your data is hosted on many data servers and reliable cloud hosting providers offer business continuity services.
8. Better Data Security
Can on-site servers be hacked? Can cloud servers be hacked? The answer to these questions is YES. No security system in this world is perfect, but saving your data on a cloud server is more secure as the data is encrypted, and the service providers use multiple layers of virtual and physical security to keep your data safe.
Do you now realize the benefits of using a hosted accounting software? You can focus on your business and not worry about IT issues, data backup and security, information sharing, etc. Access your business information from anywhere and help your business reach greater heights.