7 Benefits of Cloud Computing for Accounting Firms

About 67 percent of accounting professionals prefer cloud accounting over locally installed software options. Cloud computing has remarkably transformed the accounting process and changed the way accounting is done. The technology eliminates the need to have in-house technology infrastructure and to install software in every desktop system. So, is adopting cloud accounting solutions worthwhile?

Here is how cloud computing can help your accounting firm.

EASY ACCESS FROM ANY LOCATION

One of the best cloud computing features is that it allows you to access data and applications from anywhere in the world. Increased accessibility enables you to handle urgent tasks even when traveling, on holiday, or when you need to visit a client’s office in person. You can also hire people from around the world since staff can work from different locations. This helps you to maintain productivity.

DATA SECURITY

Data breaches and data loss are serious problems for businesses of all sizes. Your accounting firm has to ensure that sensitive client data is kept private and secure. Cloud security can benefit your firm through strong physical security, login management systems, encryption, disaster recovery processes, and 24/7 monitoring for security threats. This ensures that your sensitive accounting transactions and data are protected.

AUTOMATIC DATA BACKUPS 

The impact of a data breach on your business can be far-reaching. Losing data will be not only time-consuming but also costly for your accounting firm. Cloud computing vendors will manage the backup process on your behalf to ensure all your valuable data is secure. As such, you will not have to worry about these responsibilities and will be able to focus more on important tasks.

GET DATA IN REAL-TIME

Unlike traditional on-premise systems, cloud computing allows accountants to see data in real-time. Several accountants can work on the same sheet simultaneously, a factor that eliminates back and forth communication in case of errors. Cloud-based accounting also makes it easy for skilled personnel to run reports and analyze data. This way, the management can get information and make decisions quickly.

RESILIENT AND SCALABLE 

The needs of your accounting firm will keep changing as the business grows. Cloud computing allows you to scale up or scale down resources whenever the need arises. You can add users, storage, and applications when you have a large contract and cut back when business is slow. Since you will pay only for what you have used, this flexibility can help you save money.

TIME AND COST SAVINGS

Adopting cloud accounting will help you save time that your employees would have spent handling monotonous work.  By decreasing manual work, automated software can contribute to increased productivity. Automation also helps you avoid paper, something that saves you money and is suitable for the environment.

Your service provider will take care of issues such as maintenance, server failures, and the associated costs. Most vendors offer a range of packages so you can choose the one that best suits your needs. Choosing the right package will save you a significant amount of money.

IMPROVED COMMUNICATION AND EFFICIENCY

Clients no longer want to communicate with you via phone or email. They prefer a more direct way of engaging with you. Cloud computing provides accounting firms with different ways of communicating with clients. These include online dashboards, unified communications systems, and up-to-the-minute reporting. In the end, this can lead to improved client relationships.

This list is by no means exhaustive. There are many more benefits that accounting firms will enjoy when they adopt cloud technology. At Mathe IT Fortress, we provide managed IT services to help you improve efficiency and grow your business. We have highly-skilled and experienced managed services professionals who are ready to serve. Contact us today to schedule a free consultation.

 

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