If you’re looking for a way to make your accounting department, and your company as a whole, run more smoothly and efficiently, cloud accounting might be beneficial to you. Cloud accounting means that most or all of your accounting happens online, instead of on a server in a closet next to the accounting department. This concept is not new to the world of business, and businesses have found a number of benefits to cloud computing, especially for accounting purposes. Here are a few.
Multiple users can work at the same time
When data is in the cloud, any number of people can access it at the same time. This includes not only employees sitting at desks next to each other, but also employees at other branches, or across the country. For example, one single accounting file stored in the cloud could be accessed by an employee in the accounting office in Florida, a purchasing manager in California, and a Senior V.P. at the corporate office in New York, all at the same time.
No installation or upkeep costs
A company that manages its own servers from within the office has to first purchase and install those servers. This is an incredibly expensive process, even for the smallest company. Once the system is installed, it has to be maintained, upgraded, and expanded. This usually requires at least one dedicated employee and more money. On the other hand, a company will only be required to make one combined payment per month in exchange for usage of the cloud, including accounting software. In addition, this payment is usually much less than what it would have cost to run their own servers, because the cloud is shared, and therefore, the costs are shared too for a cloud accounting setup.
All data that a company maintains should be backed up. Data backup can quickly become a complicated process. However, any legitimate cloud company will automatically backup all data stored on their servers. This is true automatic backup, because the company does everything for you, from the research to the recovery. This makes it very easy to keep your accounting department safe.
Thinking about trying cloud accounting for your company? Contact us. We can help you figure out where to start.