Why should CPAs never overlook cloud accounting?
If you are still thinking that accounting is all about pen and paper then you haven’t been keeping tabs on the top trends of the accounting industry since in the modern era cloud computing has become an important part of the accounting industry and obviously for the CPAs too.
Now almost all the CPAs out there are using the power of cloud accounting solutions without any second thought since the cloud accounting solutions offer a long list of benefits and most of the clients are looking for cloud accounting solutions instead of relying on desktop installed accounting solutions.
Running a business is not an easy task as in many instances, you will have too much on the plate. And if you don’t have your accounting software running on the cloud then your dreams of becoming the leader in your industry can shatter down easily. By using the traditional method of accounting, your business might become mundane and you will be left with no options to bolster your business by daily contributors.
Understanding about this
It is the path of business accounting. Technology will continue to evolve with new features to be added that will make it even more obvious that embracing this and finance is the best option.
Users access software applications remotely over the Internet, using a cloud application service provider is very well established.
It is the simple practice of hosting your accounting software on the cloud through a cloud hosting provider. For example, if you are having QuickBooks software installed on your desktop, then you can search for a good cloud hosting provider and pay the price to host your QuickBooks software on the cloud.
By doing so, you will have QuickBooks hosting in your business and you will become part of the giant cloud community in which each and every person is getting benefited through the cloud technology and running his/her business smoothly without worrying about their accounting practices.
This simply means that when you use the power of cloud accounting, you are actually using the accounting software solution from the cloud instead of accessing it from the desktop. You can think of this as working on Google files and working on Microsoft Word installed on your desktop.
When you work on your word, you will have to return back to the specific desktop on which the Word has been installed but that is not the case with Google file since the files stored on your Google Drive can be accessed from anywhere and at any time. This is what makes cloud a more powerful and useful solution for everyone out there.
Well, the same thing happens in the case of cloud accountings when you shift from the desktop installed accounting solution to the cloud accounting solution with the help of a cloud hosting provider.
Why should CPAs never use desktop-installed accounting solutions?
One of the biggest limitations of the traditional accounting practice is accessibility. Being an accountant, your client can contact you anytime for your services and with a long list of clients, visiting each one without any delay might become difficult.
Another disadvantage of traditional accounting practice is the safety of the data. Financial data of your clients are a matter of uttermost importance and in any case, you will not like to compromise on it. Keeping the data on your hard disk is not a safe solution, but you don’t have many options in the traditional accounting practice. Other than this, you will also have to go through the manual data backup which consumes a lot of time and effort.
Even the price paid for using the traditional accounting software is also higher than the cloud solution.
What cloud offers to CPAs
With the power of the cloud, you don’t need to install any accounting application or add-on on your system. This saves a lot of time and effort. Cloud accounting is a real-time based practice and therefore you will always be up to date in terms of the financial position of your business.
The cloud accounting solutions such as QuickBooks desktop hosting also give you the power of multi-user access. With more people working on your financial operations on a real-time basis, you get better results, and enhancing your accounting service becomes facile.
You will also be able to get rid of the worries of IT maintenance, up-gradation, administration cost, and all other headaches related to traditional accounting practices.
If you are a CPA and looking forward to enhancing your services so that everyone will opt for your accounting services then the best thing you can do is to choose a cloud accounting solution without any second thoughts. You should know that all the CPAs out there providing quality accounting services rely on cloud accounting instead of using the old and traditional accounting solution by installing it on the desktop.
How cloud improves disaster recovery plan for CPAs
Nobody is prone to disasters, whether it is man-made or natural and accountants should also be ready for such situations. Although there is no way to avoid such disasters as they don’t come with any warning, you can use the cloud accounting solution to recover from such catastrophes without any delay.
With a regular backup facility from your hosting provider at different locations, you are able to recover your data without any hassle and resume your work.
This solution has become very necessary for each and every CPA who wants to enhance their service and extend their list of satisfied and happy clients.
If you are looking forward to making a career in the field of CPA then you should include cloud accounting as a part of your overall strategy since it is the cloud accounting solution that is going to give you an edge over all other CPAs.
We are living in an era of technological evolution where technology has become a part of every industry and we can say that even the accounting industry is no exception to this trend. If you are looking forward to making a career in accounting as a CPA then the first thing you will need to do is to make sure you are using the power of cloud accounting instead of using accounting software by installing it on your desktop.
5 additional reasons why should use :
- Multiple versions of data disappear and there are automatic backups. Data versioning is no longer necessary. It is not necessary to consume time in updates of the server that has the accounting software, nor do you need space to save the large files of accounting data. Also, no more data backups are required in cloud accounting. All of that is done by your cloud accounting provider.
- The files remain in real time, all the time . Multiple people can work with the data in real time at the same time. This allows accounting staff to interact with other users in real time and get support on any questions about the data or what the finances are reflecting. It promotes better communication.
- With cloud accounting, some data entry can be automatic. Why in the information age, when all transaction data is readily available in our banking system, do we have to manually re-enter everything into our accounting software? It is a waste of time and money. Accounting systems in the cloud allow you to automatically upload or bring that data from bank accounts in cloud accounting. Data entry time is drastically reduced. Fast real-time data downloads and smooth operation with intuitive software mean you spend less time managing and more time growing your business.
- Improve decision making. Traditional software that requires you to enter everything manually puts the business at a disadvantage. Accounting data is late and reality overtakes it. A modern company needs information in real time and always updated. How else can effective decisions be made? With cloud accounting, you can access live accounting data from anywhere, from any device with an internet connection, with complete mobility.
- It offers mobility, flexibility, and a better lifestyle. You can view account balances, outstanding invoices, total cash position and much more from anywhere 24/7, as long as you can access an internet connection. Today you can manage a company from an iPad, tablet, mobile phone or similar, since most accounting systems in the cloud have applications that can be downloaded to these devices. This translates into a more flexible lifestyle since you can be calm about finances, even when you are not physically present at the company.
Cloud accounting companies using cloud accounting systems need less upfront server infrastructure to store data.
Your IT staff is not required to maintain or update the cloud accounting system. Having less overhead and no need for new software purchases means bigger savings for companies.
In the world of applications installed on your own computers, the case is exactly the opposite. As the business grows, it faces higher cost for software licenses and maintenance costs, as well as new licenses and fees for database, system and other management.