QuickBooks is actually accounting software developed and managed by Intuit. These products provide on-premises accounting applications and cloud-based versions. They are commonly used in small as well as medium-sized businesses. Cloud accounting is somehow related to traditional and desktop-based software. The only difference is that the former is hosted on what is referred to as remote servers.
In cloud accounting software, data is actually processed and stored in the clouds. With this technology, a user can access data from anywhere and anytime as long as he or she has a stable internet connection. The data can be accessed from devices such as smartphones, tablets as well as laptops. Another important thing about this technology is that employees have a better visibility in a company and can actually collaborate more effectively.
Cloud accounting software is usually subscription based. This means that the users can upgrade their annual or monthly plans so as to meet the rising requirements of a business. The routine maintenance, as well as updates to this important software, is usually done by the SaaS provider. The software does not require a long-term commitment. This is another important reason why you should have quickbooks in the cloud.
The importance of cloud accounting solutions
For new companies, beginning with a cloud accounting software solution is an easy process. However, things are different when it comes to established businesses. They need to plan ahead and prepare for migration so as to make sure that important data is kept well and intact and everything runs smoothly. The good thing is that many cloud accounting providers allow efficient transition from previous, traditional desktop account solutions. Most business owners who have already migrated say that cloud accounting technology is cheaper and efficient. Other benefits are discussed below.
- Sync data automatically
You know what? Cloud accounting software can perform various business activities. This means you have plenty of time to perform other necessary activities. It is also possible to sync the accounts of your business automatically. If you do this, you’ll not be required to either verify expenses or important transactions automatically. According to statistics, about 84% of business owners who have migrated to cloud accounting software, their application costs have really reduced. It’s crystal clear that things are good there.
- Data accuracy and prevention of unauthorized access
It is important to know that cloud accounting solutions promote accuracy. They do not only do away with the double-entry mistakes and other human errors, but they also streamline data-importing processes. Once you have accounting software, you will be provided with unique credentials. Only you and a few other people can access and view your financial information. In other words, data is completely protected.
Information provided here proves that there are several benefits that come with cloud accounting software. It provides a secure way of keeping financial information. It does not involve physical hard drives or other portable devices which can be stolen. Cloud accounting solutions are not prone to natural disasters and fires. With cloud accounting solutions, there is a multiuser feature. It is possible to allow several people to have access to information like financial records.