The Popularity of Cloud Accounting is on all-time high and sores on Cloud 9. But we all know that accounting has been around even before the advent of Paper Money but then with the invention of calculators the accounting process has become quicker and faster and then with computers and cloud accounting, the same process goes on improving. Cloud Accounting means use of the internet services and storing the entire data on an online server which can be accessed from anywhere globally just like our email accounts.
Benefits of Cloud Accounting
- The Cost of Cloud Computing is lower as compared to traditional on-premise computing as it has various benefits such as access from anyplace, avoidance of large files and memory on the traditional on-premise, avoidance of costs of upgradation of the software and backup of the data.
- The problem of taking backup regularly, having adequate resources to take backup, labelling of the backup data systematically etc. are avoided altogether.
- Multiple Userscan access the same data simultaneously in cloud accounting as against the requirement to carry personal traditional on-premises everywhere in order to gain access over them. Also traditional on-premise allows only single user access.
- Cloud accounting gives the benefit of Real-Time Update of the data whereas traditional on-premise accounting lacks this. In Traditional on-premise accounting the real time update is unavailable. Moreover any update in the accounting data is available only when the single user synchronizes the traditional on-premise data with the database of the main system.
- Time Savings can be easily attained in cloud accounting system as it automates certain recurring entries when template is created as against this the traditional on-premise accounting system which requires each and every entry to be manually fed-in despite being a recurring entry.
Is Cloud Accounting right choice for you?
It Depends on you choose your requirements and prioritize them. If you want to give access to multiple users from anywhere and want real-time updates along with freedom from the hazels of system upgradation, timely back-up, maintenance of log files etc. then yes Cloud Accounting is the best Alternative.
What if you aren’t comfortable with Cloud Accounting?
In case once you opt to cloud accounting and are not comfortable with the same then you can export your entire data in a spreadsheet or any other option comfortable to you as offered by the software. Besides in case you stop paying the subscription fees then the software may not permit you to access the data but still the data is safe and the application is bound to abide by the security norms.
We suggest that you give cloud accounting a try and opt for it. In case you need a customized opinion or want any accounting or accounting related services whether cloud or traditional on-premise then feel free to contact us.
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