Is your business using cloud-based accounting yet? If not, you might actually be spending more, to run less efficiently than your competitors. Cloud accounting is reinventing the business world and transforming how companies operate and grow. Find out why traditional accounting systems are costing you more time and money than cloud-based ones, and why you should consider making the switch to improve your company’s performance.
Problems with Traditional Accounting Systems
Limited Software Access
In most cases, traditional accounting programs will only work if you’re logged into the computer that has the software installed. This makes it extremely difficult to access the documents when you’re away from the office or on the go. Many systems also restrict access so that only certain people can login and obtain the documents at any given time. So, in order to transfer or send any of the data to someone else, you need to either email it, use a thumb drive, or print it out and scan it. This isn’t exactly a safe or reliable method. This can create hold-ups if someone needs an important document and they can’t get a hold of the person who holds the information.
Lost Data Risk
Other accounting systems offer shared folder access that can be installed on a number of computers. This allows a team to gain access to folders at once, but it has many limitations. For instance, if one person has a document open, another person cannot work on the same document, make changes, or delete it. And if any modifications are made or the document is moved to a new folder, these changes are difficult to track. There is also a data loss risk with shared folders if someone accidentally deletes a file. In most cases, a fully deleted document cannot be retrieved if it was not backed up.
Costly to Update Systems
It can be extremely costly and challenging to update entire accounting systems. Not only do you have to constantly upgrade to new versions, but you also have to pay for regular server maintenance, equipment upgrades, and administration costs that can quickly add up over time.
How Cloud Accounting Fixes These Issues
Your Data Anytime, Anywhere
With cloud-based accounting software, you can access all of the documents from any device at any time, and from anywhere. That means if you need to pull an important financial document, you don’t have to call your accountant and wait for them to send it to you. Instead, you simply login, search for the document, and pull it up right then and there.
Cloud-based software also makes it easy to collaborate with your team. You can make changes or updates to documents simply by logging in. And even if you don’t have the user rights to obtain the document, it just takes a quick click of a button to send a message to the user’s device to get immediate access.
Data in Real-Time
With cloud-based accounting, everything is done in real-time. Any changes you make are instant and also recorded so that it’s easy to find out who last updated the document. Backups are also automatic so that you don’t have to worry if you delete a file before the system has a chance to respond.
Easy and Affordable to Upgrade
The software can also be easily upgraded at any time and even tailored to your business needs. Maintenance and system administration costs are also greatly reduced, saving you money over the long term.
Cloud security is also superior compared to desktop security. If your laptop is stolen or a fire breaks out in the server room, you don’t have to worry about your data being lost or compromised. With cloud software, your information is stored securely online in the “cloud”. It’s always available because it’s securely stored off-site and no one can access your data unless they have your login.
Work smarter, faster, and for less with cloud accounting software. At Envolta, our software will streamline your accounting process, take the heavy lifting off your hands, and help improve your business operations. Learn more about our account software and services today!