If you are someone who still inputs transactions into a spreadsheet manually, and stores receipts and bills in separate folders then, no offense, but you might as well go back to the 20th century, and remember to take your outdated practices with you. The 21st century is an era of artificial intelligence, augmented reality and cloud computing.

The concept of cloud computing has radically transformed the field of accountancy. Inspired by the server network, cloud accounting allows individuals/organizations to access an unlimited number of files and data online. Hence, the metaphor cloud represents immense connections while staying afloat.

Cloud accounting lets us control sophisticated accounting software online. As a result, businesses can save hundreds of dollars worth of time and effort. Depending on the cloud-based accounting solution, organizations can reap a number of benefits from cloud-based applications.

Easily Accessible Anywhere Anytime

No more waiting for the office to open, staying back, or running back to the office to access a crucial set of data. Cloud Accounting allows you to access your required set of data wherever you may be. You can easily view all the data from your tablet or smartphones, allowing you to resolve any query in real-time, instead of scheduling it later.

Cost Effective

The decisions that you make with your initial capital, when setting up your business, make all the difference. Similarly, when you want to grow your business by making a onetime investment in cloud accounting services, it will surely pay off in the long run.

You will be able to significantly save your cost as compared to conventional methods of accountancy. Irrespective of whether you are using tons of papers or ineffective systems to record your data, cloud accounting systems significantly reduce the cost by maintaining and updating accounts instantaneously.  

Safe and Secure

From a robbery to electrical hazards, from a fire alarm to earthquakes, you just never know what unfortunate accident might take place and sabotage months and years of hard work within a matter of seconds.

Therefore, it is crucial to adopt such systems that have encrypted connections on your server and is backed-up on a regular basis. Even in case of any uncertainty, you cannot afford to lose precious time rebuilding yourself. Moreover, sophisticated cloud accounting systems are almost impossible to hack.

Easily Integrated

Say goodbye to those organizational days in which every department had its own set of four walls around it, and coordination among each other would take days, and at times, months even. Now is the time in which every department is connected to one another via smart systems. This ensures safe and faster collaborations among various departments leading to efficient task performance by the whole organization.

Highly Accurate

If you are a spreadsheet user and you think that your chances of making errors are minimized, then think again. Transactions can easily be rewritten or deleted accidentally, and any task that requires manual labor can never have zero chances of error. Software, on the other hand, can guarantee this. Cloud computing software does most of the work for you, and the only thing that you would be required to do is set up specific accounts, assign codes, and let the software do its job.

Grows With Your Business

You don’t have to worry about going through the tedious process of selecting the right human resources to support your growing business operations. Cloud accounting entails the ability to easily grow as your business expands. For instance, if it currently has the potential for up to 100 transactions per month, and shortly afterward you are expected to require a capacity for more than 10,000 transactions, your cloud accounting software will easily be able to support your requirement in a moment.

Regardless of the size of the organization, cloud accounting systems have been an absolute necessity in the fast-paced environment businesses now operate in. Lack of accessibility to your OWN data should not even be an excuse, considering the age of technology we live in.

Indeed, changing organizational practices can be a huge challenge itself; however, the results are quite rewarding.  You might want to stick to your conventional practices for as long as possible, but think about it; all your competitors have adopted this technology to run faster and there you are walking at the same pace, do you think will you be able to stay afloat, let alone win the race?

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- Written by: Jag Bath