The line between work and leisure isn’t always as clear as we’d like. While Christmas and New Year are meant for enjoying the company of family and friends, they’re also the most hectic time for businesses. We might wish it were otherwise, but sometimes you have to work during the holidays.
Fortunately, there’s no need to ditch the beach or mountain retreat and slog back to the office. With current technology, work goes where you do. And with cloud accounting, even extensive records can be maintained remotely.
Cloud accounting takes traditional accounting software and makes it available as a service. As with other software as a service (SaaS) models, businesses can subscribe to a cloud accounting service and avail themselves of a range of features based on their subscription package. These services are most often accessed via internet browser, but some of them have optional apps for further convenience.
In recent years, cloud accounting has become a popular choice for businesses of varying sizes, thanks to its efficiency, security, and cost.
Efficiency
Because it can be easily accessed by multiple users from various locations—without having to be installed on specific machines—cloud accounting allows for more efficient collaboration. This makes it easier to confer with colleagues and consultants.
As updates are done in real time, it makes accounting less susceptible to inaccuracies. This is backed up by automated functions that guard against duplicate entries and similar errors.
Maintenance and upkeep are minimal as well. Because the software is hosted server side, it’s the provider that is responsible for updating software. This is done out of peak hours and announced well in advance to avoid inconvenience. The software itself also regularly generates backups to protect users’ data. As for physical threats? Accounting clouds always maintain a backup server in another geographic region as a failsafe.
Security
Having all your accounting data stored elsewhere protects it from physical threats closer to home, as well. You won’t have to worry about equipment damage or malfunctions in the office. Data won’t be lost and can be accessed using any remaining devices all without any installations needed.
Similarly, you won’t have to worry about data loss or information breaches that might happen during file transfer. Because the most up-to-date data can be accessed anywhere, file transfers become redundant.
If the idea of having your accounts in another party’s servers worries you, know that all information that goes through cloud accounting is encrypted. Access to that data is, naturally, password protected.
Cost
Cloud accounting costs less overall, since functions can be purchased at varying tiers according to your company’s needs. With updates coming as part of the subscription fee, it also does away with the need to upgrade to new versions or update licenses, which can be especially costly on a large scale.
The ease with which companies can shift to cloud accounting—the services include means for quickly transferring data from previous software—also mean that little time and effort is spent on the transition. Many providers also grant free trials of their software, ensuring that you can go into a full switch knowing what’s in store—so you could shift as early as the turn of the year.
If you’re in need of more help when it comes to optimising your business for profit, get in touch with the experts at Easdowns today! We provide business and financial advisory services to help you maximise the potential of your business, achieve your goals and secure your financial future.
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