It’s the right time to embrace the cloud accounting for SMEs

accountants

In the age of rapid technological growth, times are changing, and this doesn’t exclude how businesses work.

As mobile technology evolves, our requirements for accessibility changes too, meaning running a business from a central, stationary, hub, is no longer a necessity, or even convenient. These days, being able to travel and remain connected is an integral aspect of modern life, both personally and professionally.

An estimated 70% of all workers now work from home at least once a week, while it is estimated that, in just a few years, 40% of all workforces will do so remotely. The shift from working on site is in full progress, and at this moment, it’s the right time to embrace the cloud accounting for all SMEs (small and medium enterprises).

What is the cloud accounting?

If you’re unfamiliar with the cloud, what you need to know is that, in essence, it is simply an online resource for the storage and access of data and programs. In the same way, you access information on your localized hard-drive, the cloud allows you to do so online. Therefore, you can access and use any cloud compatible software using any device that has internet connectivity, anywhere in the world.

The reason the cloud is different is that it facilitates for shared data to reach all intended people with access immediately, in real time, with a user-friendly interface. The cloud accounting integrates this superior accessibility with familiar accounting software, like QuickBooks 2019 Desktop, offering you quick, shareable, up to date information, and an improved overview of your current finances. 

Is the cloud safe?

Managing your business accounts online may sound like a risk, however, you’ve more than likely already had experience using something similar if you’ve ever used internet banking. Information stored in the cloud is only accessible with personal account information and is otherwise encrypted for your protection. Here’s some essential  cloud storage solutions you would want to look into to boost small business.

In many ways, data stored with the cloud is safer than on your hard-drive, as your information is not vulnerable or at risk from device theft or damage. Online sharing and accessibility remove the need for physical file sharing, like with USB drives, email, etc, so data is at less risk of being copied and falling into the wrong hands. With your data being stored and accessed online eliminates the need to make copies and gives you greater control over who has access. 

How can any SME benefit from the cloud accounting?

Aside from the greater security of your data, there are many ways in which the cloud accounting can benefit SMEs. If you’re considering utilizing the cloud and integrating QuickBooks 2019 Desktop, or any other accounting software, we have listed just some of the improvements it can make within your business below.

  • It is cost effective.

As managing your accounts with cloud compatible software is provided via a subscription service, all the maintenance costs are upfront. There are no potential unexpected fees or additional charges for customer support, software updates, etc, as all aspects are managed by the service provider remotely.

  • It is time effective.

As software changes, upgrades, and maintenance are all managed online, it saves you all the time you’d usually spend downloading and installing programs to keep your system up to date with traditional software. This allows you to reinvest your time better in other aspects of your business, or even your personal life.

  • It offers flexible accessibility.

The flexible access afforded to you by online accessibility means the opportunities are endless. With the cloud accounting, you can manage your business at work, from home, or wherever you need to be in the world.

In addition, the ability to share data across any device with internet connectivity, allowing for multiple users to access the same data simultaneously, improves productivity and collaboration. The cloud will contain all up to date information pertaining to your business in one place, with an easy to use operating system, both fully customizable and manageable.