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2020-06-10 09:10:43accountantsEnglishCloud based Accounting Platforms: This article explains why, as a Business or Start-Up should migrate from a traditional desktop-based... switch to Cloud based Accounting Platforms?

Why switch to Cloud based Accounting Platforms?

2 min read

By Arijit Datta FCCA, Fincap Consulting

This article explains why, as a Business or a Start-Up should migrate from a traditional desktop-based accounting solution, to leverage on the latest accounting technologies.

Think about when we use internet banking. Every time you access this data, you’re using the cloud. Cloud technology offers a platform to make data and software accessible online anytime, anywhere, from any device. Your hard drive is no longer the central hub.

Similarly, with the latest cloud-based technologies, you can also manage your regular accounting and financial management. Below are several issues with managing your accounting the traditional way:

  • The data in the system isn’t up to date and neither is the software (legacy data, lack of IT support and spend to update
  • It only works on one computer and is therefore dependent on that physical machine, exposing all data and records to risk.
  • Only one person has user access. Key people can’t access financial and customer details.
  • It’s expensive, due to licensing requirements and complicated to keep backups (if done at all)It’s costly, difficult and time consuming to upgrade the software.
  • Customer support is expensive and slow.
  • Incremental costs on overall Business due to limited features, leading to incremental manual work (such as data analysis, leading to higher payroll costs.

Why the cloud-based solutions like QuickBooks are a must-have for any new Start-Up or a Small Business:

Use cloud-based software from any device with an internet connection. Online accounting means small business owners stay connected to their data and their accountants. The software can integrate with a whole ecosystem of add-ons. It’s scalable, cost-effective, and easy to use.

In cloud-based platforms, there’s no need to install and run applications over a desktop computer. Instead, you pay for the software by monthly subscription.

  • Cloud security is world-class
  • User-friendly software, which can be accessed at a click of a button. In addition, the platform provides a holistic solution right from Invoicing, to reconciliations to the preparation of Business and Financial Reports.
  • Highly cost-effective and leads to business efficiency and cost control in the longer run.
  • You have a clear overview of your current financial position, in real-time.
  • Multi-user access makes it easy to collaborate online with your team and advisors.
  • Everything is run online, so there’s nothing to install and everything is backed up automatically. Updates are free and instantly available.
  • Upfront business costs are reduced version upgrades, maintenance, system administration costs, and server failures are no longer issues. Instead, they are managed by the cloud service provider.
  • Work smarter with accessible data in the cloud.
*The opinions expressed in this article are those of the author. They do not purport to reflect the opinions or views of Intuit QuickBooks.*
Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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