The one fact that you cannot ignore about technology is that it will keep on evolving as it will keep on changing with time. It doesn’t matter which technology we use as an example, you must have seen that it will be completely different from when it was introduced in the market and now after many years it would have completely changed and modified and become a mature technology. Well we can say the same thing about cloud computing which is one of the most powerful technologies in the current era and it is not only acting as a powerful technology but it is also acting as a springboard for many other technologies.
Although there are many different aspects of cloud computing that you need to consider, in this blog post we are going to talk about one of the most important applications of cloud computing that is known as cloud accounting.
Cloud accounting is on its way to conquer the whole world and bring the needed change in the accounting system. There is a huge shift towards cloud accounting and it can be seen through the various reports and surveys available on the internet.
According to a survey conducted by Sage software, 43% of the people think that soon there will be a major shift rather than happening later. This is a very big chunk of people who are expecting the cloud accounting solutions like Hosted QuickBooks to dominate the world of accounting.
There was another survey which revealed that most of the accountants are now willing to invest in accounting software and cloud technology as now they are understanding the importance of cloud and how it can act as a blessing for their firm.
Why are firms shifting to cloud accounting solutions?
Most of the accounting firms are now realizing that they need to match their pace with time and meet the versatile needs of their clients in this technology-driven market. There is also pressure on the accounting firms to be ahead of their competitors and one of the best ways to do that is early adoption of the most updated technology.
Both of these things can be easily achieved through cloud accounting solutions, regardless of the size of the company and their budget. Ease of access, enhanced security, multi-user access and backup facility are some of the points of attractions for accounting firms and SMEs.
There’s no denying the fact that most of the business is out there are no more ready to be confined to the old ways of dealing with accounting since it introduces a lot of invitations and this is one of the most important reasons why all the business is out there regardless of their size and the industry are moving to cloud accounting without any second thoughts.
There used to be a time when cloud accounting was limited to only child businesses but as cloud computing became mature, powerful solutions of cloud accounting became available for even small and medium-sized businesses and can take the example of quickbooks on the cloud which has become a new normal for most of the small and medium-sized businesses out there.
What are the perks of cloud accounting?
Ease of access – Cloud accounting solution makes accessibility very flexible as you can use your software and access your data from anywhere and at any time. With the help of cloud computing solutions like QB hosting, no business is able to get access to their accounting files even from on while on the go and this is around the small and medium-sized businesses to stay productive and level the playing field while competing with giant firms.
Backup– You also get a backup facility with cloud accounting solution and it helps you to fight against both man-made and natural disasters.
If there will be no backup for any type of business then any type of disaster will cause the end of the business and this is not what most of the firm owners want. The best part is that when you start using the powerful cloud accounting solution then you will not have to pay a single penny for backups if the cloud hosting provider will offer automatic backup as an add-on with the cloud package.
Pocket-friendly– Cloud accounting solutions are very cheap and you can easily afford it with even a limited budget. Therefore don’t worry about your budget while planning to migrate from desktop to cloud.
Small and medium-sized businesses on a visit to deal with budget day can’t go on shopping for costly solutions for the powerful cloud accounting solution that fits in like a glove in the limited budget of small and medium-sized businesses and this is why cloud accounting is a perfect solution for all the SMEs out there.
Better security– With your financial data on the cloud, you will not have to worry about its security and safety as the cloud platform is the most secure platform for your important financial data.
With the increasing number of cyber attacks every business needs to be prepared for any type of attack on their financial data and what can be better than cloud accounting since it comes with various layers of security which can be produced by even the most talented and experienced hacker for evil minded people out there.
Technical support– Without paying any extra price, you get round the clock customer support from your cloud hosting provider. This solves the IT hurdle which might disrupt the continuity of your business.
What will happen to cloud accounting in a couple of years?
Many people are thinking that AI, machine learning and cloud technology will become a threat to the accountant’s job as soon everything will become automated and lay off in the accounting industry will become a new normal for the whole world.
There are many new technologies that are being introduced in the market and all this technology will have an effect on the cloud accounting solution since the introduction of food technology always influences our technology and cloud accounting is no exception to this trend.
You can even take the example of big data that is going to have a very big impact on cloud accounting since cloud accounting is all about financial data and big data is playing a very important role in transforming how we use and analyse data.
But you need to understand that these advancements in technology will only enhance the working of humans and looking at the current technology used in accounting, the accounting system becoming fully automated doesn’t look to become real in even the near future.
You should never be afraid of being fired from your job just because cloud accounting is becoming more and more powerful since cloud accounting is only going to add people in their business as it is not going to replace accountants, bookkeepers and CPAs forever.