Cloud-Based Accounting 

Cloud-based accounting is similar to the usual on-premise accounting software, only that it is hosted on remote servers. Identical to the Software as a Service (SaaS) business model, the data is stored in a remote cloud and accessible via any computer. 

A cloud accounting solution eliminates the tedious process of installing and updating accounting software on individual desktops. Cloud accounting allows employees in remote branches to access the same data. Multiple users can also enjoy the same version of the cloud accounting software.

Is Cloud-based Accounting Secure?

Cloud-based accounting software is secured through multiple layers of encryption. They follow strict protocols to ensure your data is safe. The operation model itself is secure. When using on-premise accounting software, the data is only stored on the computer. Cloud accounting software has its information stored on remote servers. Even at the brink of breakage or theft, information stored in cloud accounting software will remain intact.  

What Are The Advantages Of Cloud Accounting Software?

Cloud accounting eases operation, saves time, and is generally an effective accounting process. It is, therefore, a crucial tool amongst business consultants and Accountants. Here are a few perks of having cloud accounting software in your business; 

• It is budget-friendly and easy to use 

• It gives you the freedom to choose and evaluate your financials at any time

• It is accessible from anywhere in the world

• It does not require installation or updating 

• It has an automatic backup system

• It is managed by a remote server system, freeing you from maintenance, admin and server failure costs

Why Should You Use Cloud-Based Accounting Software? 

Cloud accounting shapes the way businesses handle their financial accounting operations. For one, it can help you consolidate your portfolio. You can have an on-screen integrated overview of your businesses. This can help you make strategic decisions and effectively identify optimisation opportunities. 

Cloud accounting services ease your accounting constraints and help you achieve better cost savings. Not embracing cloud accounting technology will only render a business obsolete in a competitive market. 

What Is The Main Difference Between Cloud Accounting And Conventional Accounting Software?

There are a couple of differences between cloud accounting and on-premise accounting software.

For one, cloud accounting is less costly. Software updates and maintenance may often lead to a delay in the accounting process. Cloud accounting provides real-time assistance, while traditional software accounting depends on a software expert for support, installations, etc. Cloud accounting providers handle all the maintenance. They give regular updates without inconveniencing the business’ day-to-day activities. This is a huge plus in terms of added costs in system failure, maintenance and other unprecedented activities. 

How Can We Help Manage Your Accounts?

At The Numbersmith, we strive to give our clients the best experience. We are certified accountants and Platinum Advisors for QuickBooks and Xero. We’ll take you through the entire framework of how the two-cloud accounting software work. Plus, we will help you make the right financial decisions. So, don’t hesitate to give us a call, and we’ll sort you out!