The first question that may come to mind is, what is the Cloud? Cloud-computing is the transmission of computer services over the Internet (“the cloud”), and it is to thank for this transition from conventional accounting. Essentially, the cloud provides speedier and more efficient systems that enable flexible resources through a broad network, transforming the way chartered accountants organize their client database, plan daily tasks and automate processes.
This is because the cloud has proven to be easy on a firm’s finances, along with boosting productivity levels!
That said, are you scratching your head wondering how exactly the cloud is benefitting various accounting firms? If so, let’s talk about the amazing benefits cloud has to offer in accounting:
- It Is Affordable
Accounting services have become affordable and scalable since the advent of cloud computing. There is no need to spend hundreds of thousands of dollars on expensive servers, related hardware or have an IT professional on hand to monitor these servers and systems.
With cloud service providers, you get to rent software or a portion of the overall software at a fraction of the cost. There are many providers that offer a free trial period, so you can try it before you buy and you can scale up as needed.
- All Your Documents Are Safe
There is no need to worry about your accounting data falling into the wrong hands because most cloud providers are equipped with advanced data encryption tools. They provide a safe haven for your sensitive data, including insurance documents, medical records, financial documents, and much more.
- You Are Always Up-To-Date
Cloud computing allows multiple users to save and read the same documents at the same time. This is great because it means a user is always up-to-date on the latest documents.
In addition, the documents are easily accessible anytime and anywhere. This is great if an employee is travelling or working from home.
- You Can Store More Data
Cloud computing has revolutionized the way accounting firms store their data with a broad network access. With the cloud, firms can store terabytes of data, which is great for storing files, images, and videos.
More often than not, when you opt for cloud, you are paying for what you are using. So, if you need more for your accounting firm, you simply upgrade your plan and pay as needed to accommodate for more data and the like!
- Collaborating Online Is Easier
Online collaboration is made much easier with the cloud. This is because cloud software provides a single place to store all your documents, all of which are accessible with an internet connection. Users can then share and edit these files online, and they can see the activities of other people in real-time, too!
Conclusion
Cloud computing has revolutionized the way accounting firms work, which has translated to amazing benefits that both clients and businesses can enjoy. Regardless, if you want to make the most out of your accounting firm, switch to the cloud! This is the move that will future-proof you and will also increase your chances of success.
Countable is a centralized platform that accounting firms can use to manage their firm via the cloud. If you’re looking for a working paper and engagement automation platform that can be part of your cloud-based accounting solution, have a look at countable.co