Whether we like it or not, cloud technology is here to stay. Not only is it changing the landscape of IT and recreational data-sharing, but it is redefining a new generation of accounting software. Though shifting to a cloud-based software isn’t right for every business and individual, there are several reasons you may want to explore this possibility.
The most obvious and convenient difference between standard and cloud-based accounting software concerns accessibility. The cloud enables instant access to real-time data regardless of your location or device. Additionally, when using popular programs like Excel, manual work-arounds and data manipulation are often necessary for required, on-time output. In switching to a cloud-based software, you can access the most recent data, allowing you to monitor and present accurate information.
Another reason to switch to the cloud concerns security. Sensitive financial data, such as that handled by accountants, is more secure when stored in the cloud. In most cases, the cloud is more secure than an on-premise or in-house option; you benefit from security measures that identify, intercept, and prevent malicious attacks and threats to your data. Similarly, your data is automatically backed-up and saved, which is incredibly important when managing large, complex data sets.
Cloud-based accounting software is often a financially sound choice, too. Standard software upgrades are both cost-prohibitive and labor-intensive; cloud accounting software allows you to address updates and upgrades, which are often rolled out automatically and at no additional cost to you. You won’t have to deal with high upfront costs and can benefit from a subscription pricing model.