Cloud computing continues to be a hot topic in the accounting world. It is particularly beneficial for businesses that do not have the appropriate resources or personnel to handle an internal IT infrastructure. And depending on the type of cloud software you are purchasing, it can be very cost effective. Rather than spending thousands of dollars on servers and IT resources, executives can focus on other parts of their business when they go with a SaaS (Software as a Service) model for their accounting.

There are a number of other benefits:

Easy access from any location

The primary reason cloud computing is on the rise is due to the portability and ease of system access it can offer from anywhere in the world. Mobile devices such as laptops, tablets, and smartphones can be enabled to provide global access, assuming there is a sufficient Internet connection and you have the correct security privileges. Salespeople and managers have peace of mind when traveling, knowing they can get the information they need instantly. This allows them to reach out worldwide and diversify their business initiatives.

One downside is that security with cloud-based applications is not as tight as traditional on-premise systems. However, it can be made secure enough to avoid potential ramifications.

Work more efficiently

Cloud computing allows users to get more work done, as it generally involves fewer outages and reported errors. Since the data is stored and managed at a third party site, all updates and maintenance are done by the service provider. They can also perform all scheduling of backups and restorations with the click of a button.

When changes are made to the software, they affect all users equally and simultaneously. This translates to fewer work disruptions. It also prevents issues encountered during on-premise software upgrades such as compatibility with specific operating systems. Plus, companies do not have to worry about tapping additional resources to perform these upgrades, which can be very time consuming and expensive.

Work more uniformly

Nowadays, cloud ERP software packages can basically run a company when they are used across all departments. Depending on the cloud package you have and the type of business you are in, all employees can have a touchpoint with the same system at any given time. These systems can also greatly reduce data entry and redundancy, as they validate the data at the point of entry and transfer it across multiple modules. This allows major stakeholders in the business to analyze the information in real time to make key decisions more rapidly.

As a result, the cloud computing model for accounting provides many benefits over the traditional on-premise model. Access to the system is attainable at any time and from any location. Work can be done more quickly and collaboratively across multiple departments. And key business information is readily available for executives to review and to run their business successfully without missing a beat.

Matt Jose can be reached at Email or 215.441.4600.

 

Subscribe to Kreischer Miller's email newsletter

 

You may also like: