Four Reasons to Adapt Cloud Accounting for Your Business

Published April 20, 2021
cloud accounting software for small medium businesses

Businesses leaped to reap the benefits of cloud accounting amidst the pandemic. With over 94% of small and medium-sized businesses adopting cloud accounting tools, cloud technology has been quite a growth and success driver during the chaotic 2020.

From remote access, mobile tech, and enhanced cybersecurity to cloud storage and paperless data entry, cloud technology has transformed the entire landscape of the accounting industry. Businesses are becoming highly reliant on cloud services to perform and achieve higher productivity in their accounting tasks.

Despite the sheer advantageous nature of business cloud accounting practices, there’s still a resistive force holding many accountants back. Sage conducted a cloud accounting survey that included 264 American accountants, and only 10% of the total respondents said that they utilized cloud-hosted accounting services.

If your firm hasn’t deployed cloud accounting software tools like QuickBooks or Sage yet, it’s time to hop on the bandwagon to incorporate agile decision-making.

Here are four reasons why you should adopt business cloud accounting services:

1. Faster, Efficient Collaboration

Thanks to cloud-hosted accounting, your employees won’t have to stay in one place to crunch numbers.

Cloud computing allows accounting professionals, financial advisors, and clients to stay on the same page and enhance team collaboration. This automatically translates into lower redundancy, duplication, and time wastage.

By authorizing access and limiting feature-based access to each of your employees, you can make sure that the data stays secure and up-to-date across the board. This works wonders in instances when clients require quick, real-time financial advice or reports based on their numbers.

Recommended Read: QuickBooks Enterprise Cloud Hosting and Why it’s Beneficial For CPAs

Additionally, due to increased deforestation and climate issues, companies are trying to gain a competitive edge by creating a sustainable and green business model. Adopting cloud accounting can also help you reduce unnecessary, wasteful paper usage by offering features like automatic reports, invoice generation, and virtual payment systems.

2. Cost-Efficient

Hiring accounting services for both clients and the company can be quite an expensive affair. Stringent licensing requirements, regulatory compliance notes, and industry stipulations make it hard for SMEs to stay on top of their accounting and finance procedures.

The advent of Fintech and robust software tools like QuickBooks and Xero has renewed the entire system. There’s no need to hire tech and finance specialists or web maintenance teams to handle software anymore.

Reliable and efficient commercial cloud hosting services such as gotomyerp help you perform accounting functions without incurring high costs.

Moreover, cloud accounting software like QuickBooks comes in various versions and annual plans, making it easier for SMEs to choose a plan that works best for them.

Recommended ReadQuickBooks Hosting with gotomyerp is the Ultimate Choice

3. Flexible & Customizable

Data storage and customization are the two core offerings of any cloud accounting software. SMEs can access huge databases and information systems without hiring department heads. This not only helps SMEs work like large enterprises but also allows them to double their profits and revenue streams by adopting tech-driven strategies.

A modern-day client wants security, fast service, and accuracy, and there’s no better way to offer three-layered services than by utilizing cloud accounting.

Cloud hosting services offer you a chance to tailor accounting software tools to your needs. With gotomyerp’s 30-day free QuickBooks trial offer, you can avail of comprehensive hosting services with integration, support, and training assistance.

4. Enhanced Data Security

Data security has become one of the biggest challenges today. Statistics show that the average cost of data breaches in 2020 rounded up to  $3.86 million.

With business cloud accounting services, you can protect your organization against physical theft or break-in incidents. Moreover, you can secure the data on the cloud, making it remotely accessible anywhere, anytime.

Cloud-accounting services such as QuickBooks offer multi-tiered security with HTTPS certification, RSA encryption, Secure Socket Layer, and various digital certificates. This integrally contributes to the unhinged success of QuickBooks, making it the favorite top accounting software for over 4.5 million organizations worldwide.

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If you’re interested in switching to QuickBooks Desktop 2021, choose the QuickBooks hosting providers at gotomyerp. We ensure your firm stays productive and efficient by successfully managing all the latest QuickBooks developments, features, tailored units, and software integrations at the best prices.

As a leading and trustworthy commercial hosting provider, gotomyerp offers QuickBooks cloud services to small and medium-sized businesses. Our skilled software experts are here 24/7 to help you make the most of your Quickbooks accounting software.

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To get started, call us at (877) 888-5525 or try a live demo today!