Granted, your teachers might have been talking to you about cloud accounting, but did you ever get the feeling that they’re not saying everything?
Well, here’s what we believe they are not telling you:
1. How Much It Saves on Costs
There’s no doubt that your teachers have told you about the cost-efficiency of using a cloud accounting system. But, did they tell you what costs you’ll be spared from paying as a business owner?
To start with, you won’t have to pay for upgrading your department’s computers every time you realize they process data too slow. Second, you won’t have to pay any software installation fees.
Not to mention, you won’t be spending as much on paper since everything will be done online.
Other than that, you’ll be saving your employees’ time and effort, which is a non-monetary aspect that can have huge monetary repercussions; after all, relaxed employees work more efficiently.
2. There’s More to it than Accounting
Only someone with an insider’s point of view can tell you that not only does cloud accounting software have an impact on aspects related to accounting, they are also capable of benefiting other departments. Integration is the main feature of cloud accounting tools.
In a comparison between Xero vs. QuickBooks, you’ll find that both tools bridge gaps between clients, accounts, and finances by using data from your CRM software, as well as other business management tools.
3. The Extent of Data Security It Offers
On the contrary to what people might believe, cloud-based accounting systems are highly secure. Not only do they use complex encryption methods, but some companies choose to have their own highly secure physical data storage facilities.
When using traditional accounting software, the data is either kept on portable hard drives, or on company computers, which can be hacked into, stolen, or damaged.
On the other hand, with cloud accounting, you won’t have to go through that hassle of carrying around a hard drive or having gigabytes of data weighing down on your processor.
4. It Has a Positive Impact on the Environment
Yet another thing that isn’t recognized when it comes to cloud accounting is good; it does to our planet. Since all data gets stored and processed on the cloud, rendering paper useless, you’d be saving a huge amount of paper and, in turn, trees.
5. Strengthens Ties Between your Accounting Team
There’s not much to say here other than when you have a whole team accessing data and working on their tasks simultaneously; instead of waiting for each other to finish their specific task first, you’d be creating a dynamic atmosphere.
These kinetic vibes between employees are always a team builder; they bring the members’ attention to them being part of a whole.
As you can see, there is a lot that is yet to be recognized when it comes to promising technologies like cloud accounting.
While old school teachers may not tell you everything you should know, it doesn’t matter because good things often speak for themselves.
With that being said, we hope that we’ve highlighted some essential aspects or cleared some misconceptions regarding cloud accounting.