Internet has changed the word in indescribable ways. With the advent of cloud computing all products and services are now hosted on the cloud. Cloud computing enables access to data from any device or any place.Rapid penetration of internet has made access to data easy and quick. Most businesses are now on the cloud so why should accounting be an exception? A recent report estimated the accounting software market to reach US$ 20,408 Mn by 2026.There has been steady shift to cloud based accounting software from desk top software.As businesses become more mobile, they will move away from on premise accounting software.
In this post we shall read how cloud accounting can transform your business. Here are some reasons to move your accounting to cloud:
Desktop accounting is a manual process. This requires sales invoices,expense entries, bank and cash entries to be entered manually. In a cloud based software one can:
- Set recurring invoices for sales
- Set recurring bills for expenses
- Integrate expense management software with books of accounts
- Sync bank accounts,credit cards,payment gateways for automated matching
- Create workflows to streamline processes
These features are absent in a desktop environment.
2. All teams on one Software
Cloud based application empowers services organizations to manage
in one integrated application. Desktop bases software is designed to do only accounting. This means that the finance function becomes a silo, distinct from the rest of the business.
All you need is internet connection. Internet penetration is increasing in India and data costs are cheapest in the world. Your accounting software can be accessed from a PC,tablet,mobile phone or any other device. This allows teams to work remotely.
Desktop based software is installed on a machine and remote access is not possible unless one brings the machine along. This rules out remote working.
Cloud based accounting software are very flexible. An user can customize:
- Sales invoices based on customer requests
- Emails to be sent to vendors/customers
- Financial reports
- Integrate with third party apps
Desktop bases systems rarely integrate with other applications.Hence customization options are limited.
All data rests on the cloud. Data is backed up off site and secured by high tech systems. If your computer crashes,is broken, you can access your data from another device.
Desktop software requires manual back ups. If your dedicated accounting computer breaks down then data,if not backed up, is lost. This can cause huge damage and downtime.
A recurring question when it comes to cloud is “How secure is my data”?. Relax. All the cloud based accounting software’s use state-of-the-art encryption to secure data. You do not need an IT department to host and administer these applications. User access can be regulated and can be changed on demand.
Desktop software requires that local machines be protected from viruses and unauthorized access. Login credentials have to be kept confidential.
In cloud based software you are always using the most current version.The software is automatically updated for changes in tax laws or any other upgrades. Installing updates in a desk top software is forced when there is a migration. Bug fixes or other upgrades require a new version to be purchased.
So there you have it, seven reasons why you should move your accounting to the cloud. Integra Books uses Zoho Books, cloud based accounting software to provide accounting services. Integra Books can help you migrate from into Zoho Books. Get in touch with us today to put your accounting on the cloud and empower your business.