Cloud Accounting – The Technology of Doing Prolific Business on the Web
21st century is the era of technology and wonders! Cloud computing is one of the biggest achievements in this century, which has transformed the way of accounting and helped organizations simplifying their tasks. Undoubtedly, cloud accounting has gained great deal of momentum.
According to an analyst firm, cloud services revenue is forecasted to increase up to 25% every year. In next 10 years, there will be no on-premise software that requires particular location to be accessed properly.
So, what does this increase means to the accounting professionals of various organizations? How will this biggest accounting trend help them maintain their presence in the industry? What would be the next step to retain manual accounting process? The blog post answers some of important questions explaining the opportunities in the cloud-
Doing Business Online
Cloud computing is nothing but doing business on the web that reduces the expenses of in-house technology infrastructure like servers, software, maintenance and running process.
Cloud applications designed for web development, are multi tenant and provide means of processing power and space. The types of applications hosted in the cloud are leased on subscription model and fetches following benefits-
● Quick implementation process makes application run within no time and also the process seems easier to companies with different locations as well as remote workers that allow individuals have access of the same versions to work simultaneously.
● With excellent internet connection, the applications are accessible anytime and from anywhere. Employees can work remotely.
Also, the cloud adds value to the investment by reducing the need of upfront cost. Most of the models allow users to pay as they go. They have to pay for what they use and there is no need of installing internal servers.
● Little or no hardware maintenance cost! The vendors are responsible to maintain the servers and other activities without charging additionally.
Switching from on-premise to the cloud products is comparing apples to orange. Leasing versus buying the software makes a big difference in terms of flexibility, benefits and advancement
● The cloud products for accounting do not need the expense of in-house expert. The vendors from which customers purchase the services get direct support for any type of technical issue or dilemma
● Vendors regularly tweak accounting and other cloud products. Upgrades of the products are done automatically in the background that does not hamper customers’ work and allow them working with the latest technology. Vendors inform customers about the changes so they can turn new features On or Off on premise of their requirements
● Disaster recovery, regular data backup, reliability and security are some other factors related to cloud computing. This is another area covered by the vendors ensures the customers that their data is completely secure and updated to be accessed easily from anywhere.
Nothing like flood, fire, earthquake or other disaster can harm the data in any way
A recent survey in United States of America found that thousands of accounting firms, small or medium sized-businesses and CPAs plan to increase their use of web-based applications. Use of these applications brings high return on investment and simplified business process. The cloud services industry, hence, is poised for strong growth in next 5 years.
Both the financial services and manufacturing firms are rapidly moving towards this technology and becoming the largest adopters. This is where the problems come from. Many tasks that had been completed manually can now be accomplished automatically with cloud accounting software.
These programs have really grabbed or controlled the market and this is how it is replacing the need of highly-paying accountants in the companies. However, the case may be applied in the case of SMEs that don’t have much money to invest in bookkeepers, entry-level accounting staff or administration staff.
Not only for businesses but cloud accounting is equally beneficial to the certified public accountants that can deliver work with more productivity, accuracy and advantages.
Many cloud hosting service providers play an important role to help individuals in taking benefits of the cloud, but choosing the best makes the big difference.
About Techarex Networks
Techarex Networks is constantly focused on delivering admirable and supreme hosting services to help customers from different parts of the world. If you are looking to get into the cloud, you can contact the service provider, choose the most beneficial plan to run a business in the cloud, reap huge advantages and take benefits out of technology.
- Angeela is Techarex Networks' Content Marketing Associate for Intuit products. She has worked as an eCommerce and Marketing Strategist for the last five years, helping businesses with software implementation for Customer Service, CRM and Email Marketing. Angeela thrives in helping companies find the right software solution for their projects. Aside from his obvious passion for Marketing, Angella admits to being a foodie and travel enthusiast.