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As the size, pace, and complexity of your business operations grow, you might find that accounting processes seem increasingly tedious and frustrating. The same systems that you once used to manage operations and finances have progressively become a barrier to efficiency and growth.
In today’s fast-paced business environment, there’s little room for inefficiency and overheads caused by outdated systems. Apart from functional limitations, they also come with unnecessary business risks.
While your on-premise accounting systems might have been a staple during the early years, it is possible that you may have outgrown your system now. At best, it’s holding your company back from achieving its full potential growth—at its worst. The system could be jeopardizing your operations and putting business continuity at risk.
Take a look at these warning signs to see if your on-premise accounting system, such as on-premise QuickBooks Desktop, may be holding you back.
Sign #1: Endless Manual Entries
Older accounting systems are less likely to be integrated with other business functions, which often results in excessive manual data entering. Whether this is adding information by hand or copying it from other spreadsheets, these processes take up a lot of time and effort unnecessarily.
Apart from time, manual data entry increases the chance of human errors and inconsistencies that can put your business at risk. At the end of each accounting period, CPAs and bookkeepers might find themselves matching accounting and fretting over incorrect entries.
Cloud-based accounting solutions such as QuickBooks cloud hosting can simplify and automate everyday tasks. Instead of working with disparate systems, your accounting is linked to sales, marketing, and supply chain operations for maximum accuracy and automation.
Sign #2: Ever-Increasing Compliance Issues
Customer demands often necessitate new business structures and changing revenue models. For instance, moving to a subscription-based pricing model places new demands on finance and accounting because it comes with different revenue recognition systems.
Unfortunately, older accounting systems don’t offer the flexibility and accounting tools needed to effectively meet the compliance requirements of such models. If you start relying on rogue spreadsheets and multiple systems to manage new requirements, you’re opening yourself up to a lot of liability and audit nightmares.
Choosing an updated accounting tool to meet your evolving business structure and needs then becomes essential. For instance, we recommend the Professional Services Edition of QuickBooks Enterprise hosting for our service-oriented clients because it offers custom billing and invoicing features.
Sign #3: Lack of Cybersecurity
Unlike cloud hosting service providers that come with dedicated security personnel and heavy-duty security protocols, your on-premise equipment is at a higher risk of cyberattacks.
On-premise systems are less likely to be updated as soon as software patches or upgrades are released. Delaying upgrades can make your system more susceptible to hacks and breaches. In addition, on-premise systems require an in-house IT team and tools such as VPNs, firewalls, and antivirus software to ensure protection. Many companies don’t have the budget for this level of protection and end up foregoing cybersecurity altogether.
With cloud hosting services, all your data is stored safely in the cloud. A trusted provider will take necessary measures, such as data backup and server maintenance, to ensure data integrity and high uptime for your business.
Sign #4: Lack of Business Visibility
Traditional, on-premise systems can make it challenging to understand where the business stands because the information is limited and hard to customize. Most on-premise systems still operate process data in batches, which limits visibility and slows down decision-making.
Today, business success depends on your ability to track business metrics and make informed, timely decisions to make the best of market opportunities. Cloud hosting ensures that all changes are incorporated simultaneously so information can be present in real time. Users can draw up more accurate reports using customized dashboards that show key metrics and complete visibility into the business.
Sign #5: Unable to Keep Up with Business Expansion
As you expand into new locations and markets or incorporate new lines of business, you need financial processes to match your needs. For instance, with new subsidiaries, you may have to deal with more currencies, sales channels, product costs, pricing models, regulatory frameworks, and tax jurisdictions.
These advanced capabilities are usually not available in on-premise, legacy accounting systems. This will make it difficult to get a consolidated view of different business entities, multiply the costs of processing, and ultimately, hold your business back. In this scenario, switching to a smart, cloud-based solution can give your organization the foundation it needs to grow while minimizing costs and maximizing visibility.
Why QuickBooks Cloud Hosting Service?
The latest improvements and advanced features continue to make QuickBooks Desktop one of the best business management solutions out there. QuickBooks Desktop cloud hosting takes things one step further and gives users access to the full feature set of QuickBooks along with better security and remote access capabilities that come with the cloud.
If you’re looking to benefit from all the functionalities of QuickBooks without compromising speed and flexibility, then the best solution is to work with an experienced QuickBooks hosting provider like gotomyerp.
Using the cloud to host your applications is the only way to ensure seamless integration across multiple devices and workplaces. In addition, you get all the functionality of QuickBooks Desktop that just isn’t available on QuickBooks Online. As a leading commercial hosting provider, gotomyerp offers fast and reliable QuickBooks hosting at competitive prices. Not only do you get superior quality services, but also excellent after-sales support, including licensing, optimization, data migration, training, and continued support.