Cloud computing has evolved over the years and become a part of our daily lives in a way we have never imagined before. The same holds for accounting businesses that have also gone digital with the advent of new technologies. Several accounting tasks that once required manual labor are now done in less time using accounting software. Merge the two sides of accounting business with cloud hosting, and you get an incredible combination – Accounting Software Hosting.
As an accountant, you might have heard this term before. Cloud hosting can be considered the next big thing for the accounting industry. The amalgamation of cloud computing and accounting technology makes it easier for CPAs to save time and money while accessing their preferred accounting software anytime. Like many other accounting professionals, if you have not utilized cloud accounting benefits, you need to know about it first before using it to your advantage.
What is Cloud Accounting?
Cloud accounting refers to the deployment of licensed accounting software and data on a third-party cloud server. As a user, you can then access the software from anywhere using any compatible device. With cloud hosting for accounting software, you can eliminate the time-based limitations related to work. Irrespective of the day or night, cloud-hosted software and data are easily accessible.
While battling over the edge of survival resulting from the Covid-19 pandemic, many accounting firms think of cloud hosting as a method of continuing to offer their services online. Hence, it does make sense for them to leverage the power of cloud accounting in contemporary times. The transition to cloud computing becomes more accessible with the proper selection of a cloud solution provider. It will significantly change your dependency on local computers, giving you the power to innovate new levels of services.
Switching to cloud hosting for your accounting firm comes with the following advantages:
Quick and Real-time Data Analysis
A common hurdle faced by many accounting firms is the lack of real-time updates related to their work. They often have to work on redundant data files, making it challenging to analyze financial data in less time. This is where cloud technology acts as the much-needed remedy. With cloud hosting solutions, it will become easier for you to make significant financial decisions.
Think of the cloud as a common platform where you and your team members can store all the business-critical data and access it in real-time. Multiple people can work together on the same data file without sending it to each other as an email attachment. As a result, you will get more time to keep an eye on various clients’ core accounting tasks.
Ease of Managing Documents Seamlessly
The accounting field relies heavily on secured documents. Whether it is an invoice, purchase order, or account statement from your client, keeping it safe becomes your top priority. With the rising prevalence of online transactions, electronic forms of these documents have replaced their printed counterparts considerably.
With cloud hosting solutions, you can keep these electronic data files safe, share them with ease, and access them on the go whenever you need them. If you feel worried about your clients’ endless piles of documents, you need cloud hosting benefits more than many other CPAs.
Another linked advantage of cloud storage is the integration of third-party applications with accounting software. These integrations help share transactional data from one application to another, further eliminating the need to maintain local copies of various types of documents.
Scalable Cloud Resources
Have you ever gone through situations at work when your local computers’ storage limits end, leaving no room to accommodate more accounting files? Accounting data files, being heavier ones, require considerable space. As the number of these files grows with the increasing business volume, you need to upgrade the storage limits regularly.
Investing in cloud hosting solutions also helps in this regard. As per your needs, you can quickly scale up the cloud resources, be it virtual RAM, storage, or even the number of users who can access the cloud-hosted application or data. This way, there is no need to invest in IT infrastructure before the demand arises.
Improved Relationship with Your Clients
In many cases, the relationship between accounting firms and their clients becomes more transactional. They interact less often and do not get the time to interact over the more delicate nuances related to work. If this is something you want to change, cloud hosting solutions for your accounting software can make it possible. They allow you to enhance your connection with your clients.
This happens with permission-based sharing of accounting data files that are hosted on a cloud server. Instead of sharing data files over emails, you can provide authorized cloud access to your clients so that they can look at the work done in real-time. It also adds value to the service as CPAs become available to assist their clients on the go.
Get More Things Done with Accounting Software Hosting Solutions
Diverse businesses are always on the lookout for reliable accounting advice and services. When it comes to managing accounting files and calculating taxes, a CPA’s role cannot be overlooked in any organization. With cloud hosting services, accountants do not need to spend a lot of time on administrative tasks but focus more on their training.
Want to learn more about the benefits of cloud accounting for your business? Give us a call at 1-855-583-7486 and enjoy the free trial.