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Understanding the Nitty-Gritty of Collaborative Accounting

This is the age of Collaborative Accounting. Collaborative Accounting is the model that enables accounting firms and their clients to work together in real-time.

Collaborative Accounting removes the barriers of time and distance and allows accounting firms and their clients to carry out several day-to-day complex and time-consuming tasks with ultimate efficiency.

As of now, you may be thinking about how to implement collaborative accounting in the overall functioning of your accounting firm.

Before we discuss the most recommendable platform for collaborative accounting, let’s understand the primary advantages of collaborative accounting.

Benefits of Collaborative Accounting

Strategic Finances

You can strategize your financial activities through real-time collaboration with clients and your other staffs. Strategic finances can help you uproot the flaws in the existing accounting system and let you and your client increase profit and reduce expenses.

Accurate Financial Reporting and Analysis

Collaborative accounting helps accounting firms and their clients to comprehensively track, predict and measure their financial activities. Having accurate as well as real-time financial data, statistics and reports at fingertips have become essential to take crucial business decisions

No Waiting Time

You or your client don’t need to wait for any approval or documentation with collaborative accounting. You and your clients have real-time collaborative ability with the accounting system that helps to carry different accounting activities without waiting for each other.

Paperless Documentation

Earlier, there used to be a paper-based documentation process for all the financial activities. With accounting software, such as QuickBooks Desktop coming into prominence, you have to still present paper-based journals, reports and other key documents to clients.

Collaborative accounting, however, helps to have a paperless documentation process. Your clients can directly get access to the accounting software and see any financial document.

Enhanced Productivity

All in all, collaborative accounting ensures enhanced productivity. There is no need for waiting time with the collaboration accounting, which helps your accounting firm, as well, your client to do time-consuming tasks within a fraction of second.

QuickBooks Hosting: The Right Collaborative Accounting Solution

Last few years were all about technological continuum in the form of internet, cloud and apps. Technological advances in these three have revolutionized our accounting experience.

The cloud technology has enabled accounting firms, small and medium-sized business and several other individual entrepreneurs to get anytime, anywhere and from any device access to their QuickBooks Desktop.

QuickBooks hosted on the cloud server, termed as QuickBooks Hosting is the most powerful and easy way to build collaborative accounting environment, in which you and your clients can work simultaneously.

When you host any version of QuickBooks, such as QuickBooks Enterprise on the cloud server, then, QuickBooks Enterprise files are stored on the server of a QuickBooks hosting provider.

Thereafter, you need to set QuickBooks in a multi-user mode. By enabling QuickBooks in a multi-user mode, you and your clients can simultaneously work on the same QuickBooks file.

Working simultaneously on the same QuickBooks file enhances accuracy and exceptionally speed-ups the entire accounting and bookkeeping process as well.

When QuickBooks is hosted on the cloud, state-of-the-art technology such as certified datacenters, Tier 2 data security compliances, etc. ensures safe and secure collaborative accounting.

Altogether, the cloud technology supercharges yours and your client’s accounting experience and provides a safe and secure platform for collaborative accounting.

What’s Next

If you want to capitalize on collaborative accounting and take your and your client’s accounting experience to the next level, get QuickBooks hosting right now.

To know more about collaborative accounting, QuickBooks hosting or QuickBooks Enterprise hosting, feel free to contact us.

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