May 30, 2024

Cloud Deemed Indispensible For Business Accounting

3 min read

It wasn’t that long ago when every business irrespective of its magnitude used to have its accounting infrastructure and software residing on on-premises computer. Things have drastically changed thanks to the emergence of cloud computing which has enabled 1.3 million users of QuickBooks to access its online version. It’s time for every personnel affiliated with the field of accounting to thoroughly scrutinize the possibilities and potential cloud computing has to offer. Availing and incorporating cloud architecture can streamline the process of everyday tasks. In conjunction with mobile devices, cloud puts forth high availability without geographical and physical boundaries which can be a boon to in-house and financial team as well as consultants.

Cloud Deemed Indispensible For Business Accounting

Cloud computing usage comes highly endorsed by American Institute of CPA’s which in their recent report strongly recommended that accounting transactions and records be moved from paper to digital. According to AICPA, accountants can increase their efficiency ten folds by harnessing the power of the cloud computing. AICPA declared that moving to cloud is a key investment which will pay rich dividends by obliterating reliance on usage of paper and on-premises PC hosting. Cloud computing will pave way for digital workflows hosted in the cloud. Continuous usage of paper is hindrance which is weighing down client accounting services from attainting optimal levels of efficiency curtailing the usage thereof is pivotal for creating a sustainable business, the white paper further declared.

It wouldn’t be farfetched to state that what we now consider cloud computing would one day become the norm and will be vital for conducting everyday business. Mobile services will be instrumental in amplifying the cloud’s usefulness by enabling accountants and their teams to collaborate and exchange information with clients on demand on 24/7 basis. The current prime example of cloud’s effectiveness is the aforementioned QuickBooks. QuickBooks makes full use of cloud to make its data available to end users via mobile phone or tablets. Businesses are greatly benefitting from this by rationalizing their internal processes. For example, a construction firm or a plumber instead of resorting to the old fashioned way of manually noting down data and then creating an invoice can instead produce one on site using a tablet. This is a very effective strategy which not only saves time, it marginalized errors due to double entry and manual mistakes and improves overall transparency and data accuracy.

Needless to say, a small business stands to gain the most from cloud incorporation and mobile device usage. Having the ability to access business centric data from anywhere and anytime and record transactions directly onto mobile device can greatly speed up the entire process. The transaction is seamlessly synched to cloud based accounting system where it’s always available for retrieval and processing. Using cloud is also a tremendous cost saver as it negates the need to dedicate a budget for hiring an IT team to deal with various technologies related issues. Data storage, software updates and server maintainers are all dealt with the cloud computing service provider.

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