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Debunking The Top 5 Myths of Cloud Accounting

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If you are related to the world of accounting then you must be aware of the fact cloud accounting has become a new normal for most of the people out there. Even the professionals working in the accounting industry are not hesitating from using the different types of cloud accounting solutions. There are many benefits being offered by different types of cloud accounting solutions and this is the main reason why QuickBooks cloud hosting providers are now on the way to grow at a very fast pace.

The concept of cloud computing has changed the way of working for many industries and accounting is no exception to it. From huge piles of papers prepared by geeky nerds to tech-savvy accountants who take part in important business decisions, accounting has traveled a long road of transformation, and cloud computing has played an important role in transforming the structure of accounting.

There are surely many benefits that you will get by shifting to the cloud accounting solution like anywhere, anytime access, multiple login access, better security, high uptime, scalability, flexibility, economic pricing and much more but you will be surprised to know that there are many businesses out there that are surrounded by the myths of cloud accounting and this is what stops them from moving to the cloud accounting solution and harnessing its benefits.

So, in this blog post, we will debunk the top 10 cloud accounting myths which are stopping people from utilizing the numerous benefits of the cloud platform.

  1. Unsafe

Yes, it is true that the most important data of any business is the financial data and every business should take utmost care to ensure its security and safety. But if you are thinking that the financial data stored on a local computer is a much safer place than the cloud environment then you are living in your dreams.

The cloud platform is a highly secured platform that follows the most updated security protocols to ensure 360-degree protection of your data. All the data centers and third-party hosting providers follow strict safety guidelines on both physical and virtual level so that you can work without worrying about any type of cybercrime or data breach.

So if you are not shifting to the cloud accounting solution just because you think it’s not safe then you are making a big mistake and your company will have to suffer because of it.

  1. Expensive

The most common hurdles for most of the SMEs are limited budget and limited resources. Competing with giant players in the industry with such constraints becomes really tough and that’s why most of the SMEs consider economical solutions for their business. But in the process of managing everything in the limited budget, they miss out cloud accounting as well because they think it will also be an expensive solution for managing their accounts while the truth is that cloud accounting is the most economical and effective solution for managing various accounting operations.

You can find numerous cloud hosting providers who offer hosting services for various accounting and tax software at a very nominal rate which can fit in like a glove in even your tight budget constraints. You will be surprised to know that there are many cloud accounting solution providers out there that will offer you the cloud accounting solution in as less as $30 and if you can’t give even such a small amount to your accounting solution then you should stop hoping for growth.

  1. Difficult to adopt

No one can ignore the fact that the adoption of technology is not a cakewalk. You need to train your employees, make little changes in the firm’s way of working, and ensure a smooth adoption without any resistance. But ruling out the adoption of cloud accounting because it will be a cumbersome and difficult process is completely wrong.

The adoption of cloud accounting will not require a complete restructuring of the accounts department and months of training because it’s very simple and easy to adopt. If you are using accounting software that can be hosted on the cloud, then the adoption will become a cakewalk for you.

You will just need to spend a couple of hours with the cloud hosting providers and then after a couple of days, you will be able to master the skill of cloud accounting solution without any hassle. This is what makes cloud accounting a great solution.

  1. Difficult to understand

Cloud accounting is considered a difficult concept to understand but only by those people who haven’t even tried to understand it. Many SMEs resist from using cloud accounting in their organization because they think that the concept of cloud accounting is very complex

Cloud accounting is not rocket science that will require months of training to understand and use the technology. All the accounting software have very user-friendly tools and functions that can be easily managed by even a non-accounting person. And after hosting such software on the cloud; you get the same tools and functions which you get on the desktop but it is accompanied by numerous benefits of cloud as well.

  1. Suitable for giant businesses only

Most of the SMEs relate cloud accounting with giant businesses, and they think that it’s not their cup of tea. But in this era of rapid technological evolution, enhancing your performance and productivity by utilizing the latest technology and trends has become important for even startups. And this has been made possible because of cost-effective technologies like cloud accounting.

Accounting solutions like QuickBooks has been specially designed to match the accounting need of SMEs, CPA, accountants, and bookkeepers and by hosting solutions like QuickBooks on the cloud, you can increase the potential, productivity and collaboration in your accounting department by a mile.

It doesn’t matter how small your business is or which type of business you are running, you will just have to make sure that you are not surrounded by the myths of cloud accounting solutions.

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Shailendra Kumar is a Professional blogger and creative writer. He was helping many people who have lost data, image, video.

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