FEATURE


ACCOUNTANCY SERVICES


Cloud’s on the horizon


More and more businesses are turning to cloud accounting. But what is it, and is it right for your business? Business Network explores the potential benefits of upgrading your accounting software.


WHAT IS CLOUD ACCOUNTING? Cloud accounting software is similar to traditional, on-premises, desktop-based solutions – only it is hosted on remote servers. All application functions are performed off-site, not on the user’s desktop. Instead, data is sent to ‘the cloud’ where it is processed and stored. In cloud computing, users access software


applications remotely through the internet or other networks via a cloud application service provider. Cloud accounting frees a business from having to install and maintaining software on individual desktops. It also allows employees in other branches or offices to access the same software and data. In fact, the end user has access to real time data from anywhere with an internet connection and from any device, including laptops, tablets and smartphones. Subscription-based models are popular


among cloud accounting providers, and in most cases these subscriptions are usage- based. This allows customers to upgrade their monthly or annual plan to meet the growing needs of a business.


THE BENEFITS Cloud accounting is more flexible than traditional software – for one, data can be accessed from anywhere on any device with an internet connection, rather than on a few select on-premises computers. However, there are a number of other benefits:


Real time – cloud accounting software updates financial information in real time, meaning account balances are always accurate, eliminating manual data entry errors.


Save time – users can automate manual accounting and book keeping processes, enabling them to save time and increase efficiency.


Scale up – the software can easily be scaled up to meet growing business needs


Go paperless – as the need to physically store and manage paper documents is eliminated, cloud accounting software is not only beneficial from a cost and storage perspective, but it is also good for the environment.


Reduced cost – cloud-based software does not incur any of the costs associated with traditional software, such as administration, maintenance and upgrades.


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THE FUTURE OF ACCOUNTANCY? Even if your on-premise accounting solution seems to function sufficiently, and even if you are diligent about managing security and data protection, it is also important that your business keeps up with the modern world. The risks associated with maintaining old


processes is not necessarily a question of business capability, but whether or not you are in a position to maintain a competitive edge and grow your business – and cloud accounting may be the answer to achieving success. Although change can seem daunting, if the potential business benefits of adopting cloud accounting outweigh the costs, then it is worth the consideration in the year ahead.


SECURITY While traditional desktop accounting software could be compromised if a company computer is stolen, damaged or lost, cloud accounting has many security benefits. Cloud accounting provides a secure


method of storing financial information as it leaves no trace of financial data, even on company or shared computers. Access to all data held in the cloud is encrypted and password protected. Businesses can also benefit from secure


backup servers. Many cloud providers have backup servers in multiple locations, so should one server network go down, a business will still have access to its data. Traditionally, information was kept on a company premises, putting it at risk of being destroyed by a fire or natural disaster, or stolen.


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