Cloud Storage and Accounting: A New Way to Account for Your Business
When a company purchases accounting software, it is typically installed on one or two computers and stored within an in-house network where individuals can access integral business and financial information. Unfortunately, if the network goes down or the software crashes, this information is lost, and users must rely on the backup – if they were diligent enough to establish one. Over the past few years, more accounting companies have turned to cloud services to host their accounting software. Instead of installing a software program on your computer, you can utilize a cloud service and access your company’s financial information online.
Multiple User Capability
With online accounting hosted through a cloud service, you don’t have to worry about updating or backing up to a network drive, and an unlimited number of users can be granted access to your company’s accounting and financial information. With a cloud service accounting program, you are provided with a username and password, which can be shared with integral members of your company for all-over access.
Cloud computing accounting software is accessible from anywhere and at any time. Instead of being at the office, you can access your company’s accounting books and ledgers from a mobile device, smart pad or even a home computer by logging in through the cloud service site. Bookkeepers and accountants can also have access anytime and anywhere, and they can be provided with a special username and password that allows them as much or as little access as you see fit. With this level of accessibility, the time you spend traveling to and from your office to update your books is cut significantly, which provides you with extraordinary flexibility to run your business from wherever you are.
Like most cloud services, cloud computing accounting software is safe and backed by multiple servers and virus protection. In fact, the security offered by cloud computing accounting software companies is far better than the security a company can purchase for their in-house network, which means financial information is more secure on a cloud service.
Investing in cloud storage accounting software is significantly cheaper than purchasing a hard disk and installing it in the office. Not only will you save the cost of additional storage and network set-up, but you will also save on the initial accounting software package price, which can be close to $200. That being said, you will have to pay a service fee and storage fee, typically billed monthly, for the cloud computing accounting software, which can add up over time.
Cloud storage and accounting have created a new way to account for your business. Upload receipts from your phone, account for an expense while on vacation or even print out a ledger from your accountant’s office – the possibilities with cloud storage accounting are endless.
By KoriLynn Johnston