Most industries in the market are benefitting from the versatile attributes of cloud computing. So, why should the accounting industry be left behind?
The accounting software such as QuickBooks is well-equipped in handling all the functions related to accounting and more. However, hosting QuickBooks on the cloud can enhance the features even further and optimise your performance.
Here are some of the advantages of hosting QuickBooks on the cloud.
No doubt QuickBooks Desktop is a handy software for accountants, businesses, and professionals. However, the accountants can access their work only from the office which involves unproductive tasks such as daily commutation. Other parameters such as traffic and meeting add up to the loss of efficiency.
According to Jeff Phillips, CEO of AccountingFly, “you’re going to get the production you need if you give people control of their time, control and ownership of where they work, and control of when they work.”
As an accountant, QuickBooks on the cloud enables you to access QB remotely. Using the remote access software, you can use QuickBooks on portable devices such as laptops, smartphones, or tablets. Remote access reduces stress and improves the productivity of accountants by giving them the freedom to manage their time efficiently.
Cloud Hosting provides you with the flexibility of upgrading or degrading your process as per the business requirements. The cloud infrastructure is such that the QuickBooks is hosted on virtual servers, the specifications of which can be altered easily.
Hence, if you want a higher specification for the new version of your QuickBooks, the specs can be upgraded instantly. In a local system, it is not possible without hardware replacement.
Security is a significant factor that gives the accounting firms sleepless nights. CPAs handle a bulk of confidential information like balance sheets, transaction history, payment card information, and bank account details. Hence, it is vital to host QuickBooks in a secure environment.
Cloud hosting providers offers you an optimum level of security by deploying advanced security methods like multi-factor authentication, Intrusion Detection (IDS) and Intrusion Protection System (IPS), data monitoring and filtering among others.
The data centres in which the data is stored deploy administrative and physical safeguards like multi-level access to ensure total data protection. Deployment of such advanced security standards in your accounting firm can cost you a substantial amount of revenue.
However, with the cloud, such protection for the data and applications comes at an almost negligible cost.
Cost is one of the primary concerns while setting up any business process. It is the same case for the accounting industry.
Cloud saves you revenue in more than one way. Firstly, cloud service providers charge you on a “pay-per-usage” basis. It helps you evaluate the specifications for your software and the amount of data storage required and pay for the same.
Secondly, there is no need for hardware replacement and maintenance as the cloud providers take care of it. Thirdly, as you become hardware independent, the IT costs are minimised considerably.
With the number of tasks accountants are expected to accomplish, the last thing they want is to worry about the IT issues concerning their accounting software. Any minor or critical glitch in your accounting process can lead to a catastrophic outcome.
Of course! You have an IT team in your office to take care of all the issues, but to employ them on a 24*7 basis involves a lot of revenue and effort.
The renowned cloud hosting providers offer dedicated support which means they are always at your beck and call. For instance, Ace Cloud Hosting offers dedicated 24*7*365 support for their customers.
6. Integrate Your Applications
The accounting process demands several functions being performed simultaneously to accomplish diverse tasks. These functionalities can be achieved with the help of various applications available in the market. The applications (known as add-ons) work as a complementary software to QuickBooks Desktop perform functions ranging from billing to documentation.
With cloud hosting, you can integrate all the desired application and build a complete solution for your accounting needs.
7. Multi-User Collaboration
The accounting process requires the collaborative effort of multiple employees in a firm.
QuickBooks cloud hosting enables multiple users to access the software. As cloud functions in a virtualized environment, it makes the collaboration between accountants and clients a lot easier.
People can share files directly on the cloud in real-time rather than first downloading to the system first.
8. Data Center Capabilities
The servers that host your QuickBooks are kept in state-of-the-art data centres. These data centres contain redundant equipment for network, power, and cooling so that your data does not get affected even if one of these malfunctions. There is also a provision for multiple ISPs to ensure seamless connectivity.
It is very painstaking to build such an infrastructure for your process. Not to mention the costs associated with it. In the local system, the data could get hampered due to hardware failure or unauthorised access. Hence, it is always wise to store your data in these data centres.
9. High Availability
The cloud environment ensures that your QuickBooks is always up and running. As the QuickBooks Desktop is hosted on virtual servers, in case of hardware failure, the software is shifted to another server.
Uptime is the percentage of the time the cloud provider guarantees to keep the system functional in a year. The cloud providers guarantee an uptime in their SLA that makes them liable to provide uninterrupted hosting.
The data is also backed up in redundant servers so that the data can be restored swiftly in case of a crisis.
10. Disaster Recovery
Disaster Recovery is the protection of data from a disaster or the restoration of data after the same. Let us assume that your area is affected by a natural calamity and the data stored in your local system is lost. What do you do then?
Even if you have backup servers, in the event of a disaster, the entire office area could get damaged. Disaster could be natural or human-made. Most QuickBooks cloud hosting providers deploy a disaster recovery plan in their services.
The data is stored in multiple geographic locations so that the loss of data due to a disaster in one location can be restored from another.
QuickBooks on the cloud gives you a complete accounting solution for your process. As an accountant, you can access your software from anywhere, be free from IT issues and work in tandem with your clients and colleagues.
QuickBooks hosting empowers you to pace up your process as you desire and integrate it with other applications. Accountants now have the convenience of working in a hassle-free environment and focus entirely on their work.