Increasingly, small business owners are turning to cloud-based applications for their online data storage needs. Services such as Google Drive, Microsoft’s OneDrive, and Dropbox are popular, but there are other cloud-based apps to consider as well. From social media to project management, everything is happening in the cloud these days. If you own a small business, you probably use the cloud every day, even without realizing it. It only seems natural to move to a cloud-based accounting service, but does it really have benefits over conventional software? Read on to learn more about QuickBooks cloud hosting and its benefits.
Why Are Companies Making the Move to the Cloud?
According to the experts at Intuit, 78% of small business owners will be using cloud technology by 2020. As a bookkeeper or accountant looking for ways to serve your clients more efficiently, you’re likely already aware of the advantages of cloud-based accounting. However, it may be difficult to get some clients to play along. Some may have questions about “the cloud”, the security of their data, and the cost of cloud software. These concerns are legitimate, as change is always difficult. With the facts and information in this guide, you’ll be in a better position to answer clients’ and customers’ questions.
What is QuickBooks Cloud Software?
Usually, business owners execute their accounting duties on locally hosted software such as Quickbooks Desktop. On the other hand, cloud-hosted accounting is all done online. PCMag defines “cloud computing” as the storage and accessing of programs and data via the internet rather than a computer hard drive. The cloud has radically changed numerous industries over the past few years, allowing them to reduce costs, increase results, and operate efficiently. With QuickBooks cloud software, you can put that power to work for your company.
How Cloud-Hosted QuickBooks Can Help
Though QuickBooks is just one of many cloud accounting software suites, it’s one of the best. Some of its biggest benefits to business owners include:
- Easy automation of many bookkeeping and accounting processes. These capabilities allow bookkeepers, accountants, business owners, and their clients to increase efficiency and spend more time growing their companies.
- The ability to access important data from any device or location. One of the biggest benefits of cloud accounting is its accessibility. With QuickBooks cloud hosting, all you need is a compatible device and a reliable internet connection to access all your receipts, reports, and records. What’s more, you won’t have to install or download any software; you can do it all from your web browser! You’re no longer tied to your office’s servers when you need to access information remotely, and you’ll find it easier to collaborate with employees, partners, and bookkeeping staff. With always-on communication and access to remote services, business owners like you can build stronger relationships with your clients.
- Real-time data updates. Because you’re able to access your company’s and your clients’ financial data in real time, you’ll gain the power to make important decisions quickly.
- Scalability, both now and in the future. If your business started out really small (let’s say, performing less than 100 transactions per month), but it has recently grown tenfold, it’s important to choose a cloud accounting solution that supports that growth. With QuickBooks cloud hosting, you can easily scale to meet your company’s changing needs.
- Moving into a paperless work environment. With cloud accounting software, you’ll save money, save time, and decrease your company’s carbon footprint. Cloud-hosted QuickBooks eliminates the need to physically manage and store paper documents, which is beneficial from a cost perspective and an environmental standpoint.
- Receiving automatic updates. Because your QuickBooks software is automatically updated via the internet, you’ll enjoy better security and improved functionality with no additional effort on your part.
- Reducing costs. Cloud accounting is great for entrepreneurs, small business owners, and startups. There’s no initial cash investment for hardware, software, or a dedicated IT team. All you’ll need is a bit of time to personalize your accounts, upload your data, and learn how to use it. It’s not much different from on-site software, except for one area: it’s much easier to use. With plenty of online videos and tutorials, you’ll be using cloud hosted QuickBooks before you know it. Most cloud services work on a monthly subscription model, but because cloud accounting requires fewer resources and little investment, it quickly becomes an economical choice.
- Easy integration with other cloud applications. Because hosted QuickBooks can easily be integrated with other cloud-based solutions, you’ll improve the power and efficiency of your online accounting tech.
Cloud Accounting is a Safe, Secure Solution
Business owners deal with a significant amount of data, especially where accounting is concerned. The best reason to keep sensitive and vital information in the cloud is that it removes the potential for human error, as well as the possibility of stolen or lost hardware. Everyone makes mistakes; laptops get lost, and servers fail occasionally. Thankfully, cloud accounting services like QuickBooks manage backups effortlessly, so you won’t lose your (and your clients’) important data.
Cloud accounting resolves other safety issues with high security standards, automatic data redundancies, and effortless security upgrades, all at no additional cost to you. Data connections are secured with SSL (secured socket layer), which means your sensitive details are fully encrypted.
In comparison to conventional accounting software, which can easily be compromised if your company’s hardware is damaged, stolen, or lost, cloud accounting comes with numerous security advantages. Hosted QuickBooks solutions use advanced measures such as end-to-end encryption and multifactor authentication, which ensures the continued security of your important data.
The Real Cost of Cloud Accounting Software
QuickBooks Online is one of the most well-known cloud accounting suites. A primary advantage of cloud accounting software is that it’s easy to choose add-ons that suit your company’s needs and improve your workflow’s efficiency. For example, the Hubdoc application seamlessly gathers financial documents, extracting crucial data. When an add-on is integrated with hosted Quickbooks, its value (and that of your accounting software) increases substantially.
Typically, cloud-based accounting software is available via the SaaS or software-as-a-service model. Your price will depend on the additional applications you need to meet your company’s unique requirements.
Cloud Accounting and Its Special Benefits for Small Business Owners
Digital technologies such as cloud computing have served to level the playing field for small businesses. Cloud accounting systems such as QuickBooks Online give smaller companies the oversight and flexibility that was once available only to big corporations. You might have an office, or you may be working from home, but with a cloud-based accounting solution, your location doesn’t matter. As a business owner, you’re usually on the go, and the always-on nature of a cloud accounting system empowers you to focus on other areas of your company.
The Risks of Failing to Adopt a Cloud-Based Accounting Strategy
As attached as some of us are to our desktop software, the cloud really is the future. Even if your current accounting software seems to work fine, and even if you diligently manage the process, the financial world is changing at a rapid pace. It’s important for your company to stay ahead of those changes. The risks associated with the maintenance of old processes aren’t questions of capability; rather, they’re questions of whether or not you want to keep your edge and grow your business.
Change is difficult, but if the benefits outweigh the disadvantages, cloud accounting is worthy of your consideration. Although the transition may seem daunting, you shouldn’t feel intimidated. By choosing us as your QuickBooks cloud hosting solution, you’re gaining access to an entire team of experts who are ready to answer your questions and make the switch as seamless as possible.
Cloud Accounting Makes it Easy to Keep Up
As we mentioned earlier in this guide, one of the best things about cloud accounting is its immense scalability. Whether you’re a startup owner or you’re running a huge multi-national firm, the cloud can expand and contract with your business. And here’s the part we like the most: it allows us to work with you to facilitate your company’s growth. Cloud accounting software is an affordable, secure, and accessible solution that’s easy to integrate into your company’s current structure. Though you may be reluctant to try it at first, before long, you’ll wonder how you ever did without it.
Take a Look at the Bigger Picture With Cloud Accounting
Cloud-based accounting software has numerous benefits, but one of the biggest is that it gives you a deeper understanding of your company’s financial status. QuickBooks Online makes it easy to check invoices, incoming bills, invoices, and much more from your phone or your computer. Because the data is sent straight to your accounting system, it doesn’t take long to find out exactly where you stand. Cloud accounting allows you to keep your finger on your company’s pulse, enabling you to make smarter and faster decisions. With QuickBooks in the cloud, you’ll learn the difference between surviving and thriving.