If you look at the evolution of technology, particularly related to the accounting industry, you will realize that a lot has changed over the last few decades. The process has become much more straightforward, from manual entries to automated accounting via software. However, if you were to start with making the switch to the right technology now, then there are several comparisons waiting for you on the way.
It starts with comparing different accounting software as per your business needs. If QuickBooks turns out to be your first choice, the comparison does not end there. You will then need to compare different QuickBooks versions. Once that is done, the next step is to decide if you want to host it in a local set-up or on the cloud.
If you are confused about whether to install your licensed QuickBooks in-house or go with a renowned cloud solution provider, let’s look at the differences between the two.
-
Data security
With the rise of cybersecurity threats across the globe, it is evident that business owners feel more concerned about the safety of their accounting data. Unfortunately, the financial implications of data loss can be unbearable for many. Hosting QuickBooks in a local environment is quite risky and may lead to significant data loss.
On the other hand, if you choose to host QuickBooks on the cloud, the security of your data becomes the responsibility of the selected cloud service provider. A part of their hosting solutions includes maintaining data security for their clients with state-of-the-art security measures. Choosing a dedicated server for your QuickBooks data is better than storing it on a local computer.
-
Software accessibility
Accessing QuickBooks on local computers often feels like having lesser control over the accounting operations. You cannot access QB data when you are away from the office premises, thus limiting you to work during office hours.
If you long for a better solution, switch to QuickBooks cloud hosting that can make your accounting resources accessible remotely from any location via the Internet. Backing the power of QuickBooks software with cloud computing can help you and your employees work from any corner of the world and stay connected.
-
Expense for IT infrastructure
Imagine selecting the option of setting up local IT infrastructure instead of cloud solutions –
You would need capital for hardware and software installation and an in-house IT team to update or fix issues whenever they arise. While it all may paint a bright picture in your mind, the capital expense can become a cause of concern.
You can save a considerable amount of money by switching to cloud-hosted QuickBooks. Whether it is resource up-gradation or 24×7 support, the cloud service provider will take care of them both. In addition, you only need to pay for the hosting plan you select, which can be – Solo, Small Team, or Large Team.
-
Integrations
Irrespective of the accounting software you select, you may need additional finance tools to automate various accounting tasks. Each accounting software has been designed with a set of limited features. This is why you might find software lacking in functionalities related to invoicing, payroll, and similar others. This is where third-party software add-ons play a specialized role.
Think of these add-ons as mini-software designed to perform a specialized task. For example, in case you switch to QuickBooks on the cloud, you can integrate more than 200 accounting add-ons to boost productivity at work and streamline your business processes.
Recommended Read – All About QuickBooks Add-ons
-
Scalability
Every local computer has some software or hardware-related limitations. For example, you cannot install more software if your device’s internal memory is already full. You need to upgrade the system’s hard disk for such further additions.
Similarly, it can be difficult for you to continue adding more business data when you are about to consume the entire storage capacity of your device(s). Local system up-gradation means considerable investments when you need to get it done for all the systems deployed at your workplace.
QuickBooks hosting fits perfectly with the scalability requirements of growing businesses. You can scale the resources (storage capacity, user limitations, or the number of applications) up or down as per your needs and pay for what you use.
Conclusion
For your business, you ultimately need an effective accounting solution that can be accessed without technical limitations. As per the above comparison between QuickBooks cloud hosting and on-premise software setup, you can see what’s best for you.
Start your QuickBooks Hosting trial with Verito’s Cloud today by calling us at 1855-583-7486.
