3 Key Benefits of Cloud-Accounting

3 Key Benefits of Cloud-Accounting

With the world quickly migrating to a digital landscape, more and more accountants have also made the choice to implement cloud accounting software. In fact, research shows that 67% of accountants actually prefer cloud accounting. However, implementing new software requires change management, from onboarding and training new users, migrating data and other associated tasks.

While this may seem daunting, or you’re on the fence about moving to the cloud, here are three main advantages you must consider.

What is cloud-accounting?

Before we dive in, what is cloud-accounting? With cloud-accounting, your software is in the “cloud” rather than on your desktop or local server. What this means is none of the accounting processes occur on your laptop, but instead are run through and hosted in the cloud. In simpler terms, it’s a remote but extremely secure server. This does not mean you cannot download reports and other files from the cloud to your desktop, it simply means that everything is stored remotely.

Accessibility and easy collaboration

When using cloud accounting software, you have the freedom to access your files from any location, 24/7, as long as you have a secure wifi connection. This provides great flexibility for organizations with multiple offices, teams that are located in different geographies and full-time remote employees. Collaboration is also streamlined, as you no longer have to send various files through email to find that the files are too large for Outlook or Gmail. With cloud-accounting, users can instantly access the files they need.

Superior security

In the past, there have been concerns surrounding security with any cloud-software, for example gaining improper access to sensitive data, or files being distributed to incorrect staff members. However, these concerns are diminishing quickly as organizations continue to move more and more towards a digital environment.

Today, with cloud-software, you no longer have to worry about the loss of files as they are constantly and automatically backed up to the cloud. Multiple vendors also offer file encryption, geo-replication, and file recovery, meeting the high-security requirements set out by IT teams across large scale organizations.

Significant savings

One of the most prominent advantages of using cloud-accounting software is potential cost savings for your organization. By using a cloud-solution, IT teams no longer are required to spend extensive hours and resources on support and maintenance, like they would on-premise solutions. With cloud-solutions, your selected vendor will be responsible for all system updates, maintenance, and customer support. Research has shown that organizations that have migrated to a cloud-solution have saved up to 50% on their labor costs to maintain a locally installed solution. Additional bonus? Your organization will also save on typical office costs such as paper, printing, and storage expenses.

The way of the future

Cloud-accounting software is here to stay, as it is a proactive solution that offers organizations greater flexibility but also more insight into their businesses than ever. If you’re looking to make the first step, make sure to reach out. As a Sage Business Cloud Accounting and Sage 50 partner, we are able to provide insight and a plan that will work for your specific business needs.