Benefits of Cloud Computing For Accounting Firms
Accounting firms generate vast quantities of data every day, including data and business communications. That’s why accounting firms and CPAs must have fast and reliable networking and data storage to enhance communication and operational efficiency. Cloud computing is one great way to steer your accounting firm in the right direction and get ahead of the competition. Below are some of the benefits that accounting firms draw by adopting cloud computing.
1: Anytime Access from Anywhere
Cloud computing enables your employees to access accounting data and applications anytime from wherever they are through an internet connection. They can use various portable devices such as tablets, laptops, or smartphones, something impossible with desktop accounting solutions. Whether you are on a business trip or vacation, you can easily check your team’s work, business payments, invoices, bank transactions, and much more.
2: Real-Time Metrics
With cloud computing, your accounting firm can get real-time metrics to help prepare and share cash flow, tax statements, and earnings simultaneously, leading to enhanced transparency in your work. Your company’s decision-makers and stakeholders can determine how well your organization performs against set targets and analyze the data in real-time. This lowers the risk of errors in financial reports.
3: Improved Data Security
Switching to the cloud ensures that the integrity of your clients’ data is protected by diminishing the possibilities of computer failures or data loss. Cloud security incorporates multiple tools such as login management systems, multi-factor authentication, and encryption within the network infrastructure. This provides continuity and protection to your sensitive accounting data and transactions.
Accounting firms can also benefit from cloud security in the following ways:
• Industrial strength security to protect against fires or other disasters
• Redundant data backup systems to protect against data loss
• Well-designed and functional disaster recovery processes
• End-to-end encryption to secure data flowing to and from the cloud
• 24/7 system monitoring to thwart security threats
4: Data Backups
Losing valuable data is usually costly and time-consuming. Cloud technology allows your CPAs and accountants to focus on their core tasks and become more productive, knowing that their files are safeguarded through regular automatic backups. Cloud data backup also ensures redundancy and security for your business by ensuring that essential data is available even in times of disasters like cyberattacks or earthquakes. In cloud computing, data is often stored in multiple data centers in diverse geographical locations.
5: Time & Cost Savings
Cloud computing offers vital cost-saving benefits. It eliminates expenses associated with IT infrastructure maintenance, server failures, and hardware and software costs. When you go for cloud hosting services, the service provider manages all such tasks, which reduces both capital and operating costs. Besides, you have the freedom to choose the subscription that suits your needs and pay only for what you use.
Another cloud computing benefit is the cost savings you’ll realize when you no longer have to maintain environmentally-controlled facilities for servers holding your data. It also means that your IT team will have more time dedicated to the day-to-day support, as opposed to focusing on server maintenance. Many professionals also make huge time and cost savings from the ability to automate data entry. By switching from CapEx to OpEx, you save lots of space and reduce labor.
6: Improved Communication and Efficiency
Today’s clients expect more hands-on ways to collaborate with you. Cloud computing provides a variety of ways to communicate with clients — such as online dashboards, unified communication systems, and up-to-the-minute reporting. Your practice can leverage cloud computing to serve clients from across the globe while offering a similar experience to serving a client down the street.
Internally, cloud calendars and email enable seamless communication between your team members and departments. With multiple people accessing the same data simultaneously, your accounting firm can eliminate redundancies and errors that often occur when data is keyed in multiple times.
7: Flexibility and Scalability
Cloud computing allows your firm to scale up or down its server resources and add or remove users based on your business requirements. You can also modify resources along with your growing business and not worry about hardware replacements. With the PAY-AS-YOU-USE pricing model, you will pay only for resources your firm utilizes.
8: Automatic Updates & Upgrades
With cloud computing, users can create enhancements in the background without interfering with the customers’ work. Your business can turn on or off new updates and features based on your firm’s requirements.
9: Stronger Team-Client Relationships
Typically, cloud computing empowers teams and clients with efficient file sharing techniques. You can seamlessly trade and edit source documents and share the files virtually, saving you time and hassle. With access across all devices (desktops, laptops, mobiles, and apps), several users on the network can collaborate and work together any time from wherever they are.
10: Check Errors and Curb Duplicate Entries
Even if you’re meticulous with your numbers through manual accounting, there is always a tiny probability of errors or repetitive entries. With cloud computing, your CPAs and accountants free themselves from such issues. The cloud system will automatically detect and rectify any errors and check duplicate entries on your financial records.
Mathe: Cloud Computing For Accounting Firms Specialists
Overall, cloud computing is highly beneficial to accounting firms throughout the world. The features and possibilities of cloud accounting are endless in terms of time and cost-saving. Besides, CPAs and accountants are increasingly becoming mobile, leading to less work carried out in fixed office locations.
With the prevailing COVID-19 pandemic, accounting firms are leveraging cloud computing to process and complete most of their work on the cloud to increase business growth and meet the needs of the rapidly changing marketplace. Cloud computing offers flexibility, scalability, data security, and data backups, which are all essential for modern accounting firms.
At Mathe Inc, we excel at providing cloud technologies, cybersecurity solutions, and a myriad of IT solutions for accounting firms. Our goal is to provide your firm with exceptional cloud computing solutions and IT services, allowing you the time and freedom to focus on what matters – your business, your teams, and your clients. Schedule a cloud computing consultation with Mathe for your accounting firm!
With over 35 years in the business of supporting and implementing technology for the SME market, and 6 years previously in Corporate IT and Voice. I have seen a great deal of change. The only common thread is I have always focused on the Business Wise application of Technology. We always try to look 5 years ahead of the current technology to make sure our clients are on the right track to meet current and future needs.