In today’s topic of CloudnetworkUSA comes with a new article related to your query. So, here we will discuss cloud hosting, and why it is important for every business. Cloud Accounting is the way of keeping our accounting details on the internet, not on a particular software or any hardware present on the computer, this process is known as Cloud accounting. For using this we don’t need to install any extra software for this accounting software.
And we all are very familiar with Cloud accounting because in today’s time everyone has their own smartphone where the owner can easily do phone banking.
And also they do not need to go to the bank for withdrawing the money he can simply do phone banking. Phone banking is the best example of cloud computing because in this the system does not connect with a single server. In other words, we can say that Phone banking no need to connect with a single server its only need is a fast data connection.
According to a survey, the survey predicts that 78% of small businesses show their total belief in Cloud accounting in 2020. Cloud accounting is a very good future for accounting in the whole world. Cloud computing is very useful for data security. As we all know that the level of cybercrime is increases day by day so cloud computing is the only software that ensures the data security of its users.
Benefits of Cloud Accounting is Important for Every Business
Save Time with Automation
Most cloud-based accounting solutions allow you to create automated workflows that save you time. For example, you would enter your vendor information into the system and you would get a workflow that automatically pays that vendor every month. You can also send recurring invoices to your customers after entering their information into the system. Forbes revealed that there is a 50% reduction in labor costs due to cloud accounting.
World-class Security
93% of businesses reported having better data reporting security after switching to the cloud. You probably concern with some cloud service providers for storing your data, but the cloud is actually one of the most secure ways of storing information. However, they are logged into your cloud account with cloud accounting, no one can access your data unless from natural disasters, a cloud-based accounting solution also protects your data, and to view limited access information you will also be able to invite other users.
Co-operate Comfortably
Using an older, desktop approach, you had limited access to your accounts – which made collaboration with colleagues and advisors difficult. If your accountant needs specific numbers, they can be emailed back and forth, or saved to a USB memory stick and added to their office. When you work with colleagues and share data with your consultants, it is a particularly straightforward process when you are based within the cloud.
Let’s discuss some uses of this Cloud Accounting Software
Ensures real-time data:-
It tells that if you need your data anytime, anywhere you can easily access your data if your data is stored in the cloud otherwise you cannot access your data.
Gives you access to the financial data:-
This software gives all the access to their customers like, if you have your own business and you need to analyze your financial condition then you can easily access through the cloud.
Ease in collaboration:-
There is some businessman who does not want to do compiling of their financial report for their accountant you can easily access by the cloud accounting and do collaborate with your employees who handle your accounting procedures.
Accurate rate:-
In traditional accounting, there is no assurance for accuracy but in the cloud, accounting customer is fully assured with the stored data in the cloud.
No installation needed:-
If we talk about traditional accounting we see that we have to follow a proper installation process after that we can start our accounting process but in cloud accounting, we no need to install any type of software.
Assured technical support:-
When we talk about the technical support provided by the company to the customer is very good because the software company gave the assurance of the technical support.
Access to a broad network:-
This is also a good use for this software because in this you can easily access your data anywhere because it has a broad network area that can easily accessible.
Now, we are heading towards knowing the use of cloud accounting in business:-
If anyone has his own business and he wants to make his business smarter as well as faster then he has to introduce cloud accounting in his business because cloud computing is easy to use for everyone either it is an employee or an accountant in the company. let us know what is the use of cloud accounting in the business:-
It has the ability to get automatic things done.
This is because in traditional accounting we have to manage our book-keeping and Accounting processes but in cloud accounting, we no need to manage the processes of accounting because it all can be done through cloud accounting.
Ability by which we can access the data without any regard for the location or the device.
This can facilitate the accountant or the user by which it can make direct contact with their clients.
Real-time updation of the data:-
When we talk about traditional accounting the data is not updated with time but when we talk about cloud accounting we see that there is accuracy in updating the data in real-time.
Provide a paper-free environment:-
Because we all know that cloud accounting is fully based on the internet there is no need to use a single piece of paper. Because if you do any changes it automatically updated in clouds. It is a very known feature of cloud accounting.
Pocket-friendly:-
As we all know that this software doesn’t require any installation so this can reduce all the expenses which a company has to pay them while the installation of software of accounting. So we can say it is pocket-friendly for a business.
Some of you have a question in your mind that is cloud computing is secure for its users?
So the answer to the above question is NO Because if it is not secure then how the company is assuring you the full security of your data. This cloud technology is introduced on the basis of data security.
If we compare cloud accounting software to Traditional accounting software which is already installed in the computer of the company suppose there is a fire accident and in that the computer is completely damaged then whole data is erased but if we put cloud accounting software in the company then all the data must be secured because cloud accounting only works on the internet, not on a local computer hard disk.
For example:-
We all have a smartphone but when we start our smartphone it asks us for identity like a Gmail account. Basically, smartphones are designed on the basis of all the possibilities which can be faced by a smartphone like theft, caught fire, and so on. So if you have your own unique identification inserted in your phone you can easily found all your data through that single Gmail id just because of the cloud network because all the data in your phone is stored in the cloud so you can easily found your data.
Advantages of Cloud Accounting system:-
Accessing the data from anywhere:-
The company provided access to the data for the user by which the user can easily access the data from anywhere.
Ease to Share Data
This can facilitate the user by providing the sharing of the data facility in which the data can be shared by one user to the other very easily. In this
Facility if you have to share your data then you no need to upload any file or folder just copy the link and send it to the user who wants.
Security Purpose
If we talk about the security of your document which is stored in the cloud
Is fully secured because cloud accounting software company is very concern about the security of the document of their users.
Lesser the Expenses
Those companies that use this software can earn more profit because by using this software they reduce their more money on the installation of the other accounting software, maintenance of that software but they install this software by which they reduce these expenses.
Reduce the no of Employee
It also very helpful in this because cloud accounting works on the internet not on a single server and also it can easy to access so the company doesn’t need to hire more employees for managing the account of the company.
Disadvantages
The major disadvantage of this software is that it only works on an internet connection. If you have an internet connection then you can easily access your data but if you do not have a proper internet connection then you are unable to access your data.
As we all know the cloud has known for its high security but this is not Invincible Because if we talk about 2016, dropbox is the most popular file-sharing service that was hacked and all the data of that service is getting exposed.
If you have to access all the facilities of this service then you have to pay more for the company.
This software introduces bandwidth to all the data which is going to be transferred from one to another if this violates the bandwidth condition of the company then they incur additional charges which you have to pay.
It has a very low-speed file sharing which makes some trouble to the users.
Conclusion
In this article, we have discussed cloud accounting, its uses, its uses in business, and so on. As we all know that Cloud accounting has a very bright future in the world because it provides many benefits for every user. Suppose in business, this software provides many benefits as it reduces the maintenance cost for software, its installation cost is also getting reduces, by this it helps a lot in the business. And if we talk about in the IT field it helps a lot because now everyone is going to trust in Information Technology by which the market of IT should rise rapidly.