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.