Cloud Accounting – A Matter of Survival for the Finance Industry

1. Cloud Accounting – A Matter of Survival for the Finance Industry The shift from traditional accounting practices to the cloud is well proceeding. Adaptation of the cloud technology is reaching new heights and gaining the much-deserved popularity, specifically in the young generation. But for the accounting industry, this shift to cloud-based applications, like QuickBooks cloud or Sage 50 clouds hosting, brings threats and long-term beneficial prospects. Cloud computing automates various low-level manual tasks that accountants have provided to small businesses. Business owners will now prefer to use a cloud based-software for small tasks. Also, many have said that they do not want to hire an accountant who does not work on a cloud system. Surveys have shown that in a couple of years, the mainstream set of SMEs and their accountants will manage finances over the cloud. In fact, most young entrepreneurs admit that they don’t want a face-to-face meeting with their accounting or tax professionals; instead they can collaborate over the cloud platform. With all that said, cloud computing can never replace an accountant. Never, however, accounting professionals who work on, or are well-versed with the cloud will be given preference over the others. Smart alternatives like Sage 50 cloud will be what businesses need in the future. But what is cloud accounting? It is the same is traditional accounting, but done on accounting software which is hosted over remote servers. The arrangement is very similar to SaaS (Software-as-a-Service). All functions are completed online and not on the local desktop software as it are not installed on your computer. Data is transmitted back and forth through an internet connection. With the availability of Sage 50 cloud hosting service, smart accounting has become simpler and popular. But why cloud accounting? The modern technology comes with its own set of very lucrative benefits. Some of them are as follows. 1. Eco-friendly Save paper, use accounting software. Traditional accounting practices included sifting through loads of paperwork which takes a lot of time and resources. Working on an accounting application saves time and efforts, which can be utilized in enhancing business productivity.

2. 2. Anytime, anywhere access A modern entrepreneur does not want to be tied to a desk. Take your work with you and access your financial data from any location with Sage 50 cloud accounting. You get an up-to-date view of the cash flow which is crucial in making important business decisions. 3. Client-accountant collaboration The cloud makes it easy to share latest information between an accountant and their client. Collaboration on the cloud platform improves the relationship and makes in super easy to have business discussions. 4. Cost-effective A major factor for its popularity, the cloud significantly reduces upfront infrastructure costs making it an ideal solution for small and medium sized businesses that might have a tight budget. Sage 50 cloud hosting will cost you much less, and give you more benefits than a local setup. 5. Data security Do not believe the myths that go around. The cloud platform is extremely secure (more than an on-premise system) with two-factor authentication, updated firewalls and encrypted data transmission. The cloud is the future. To stay relevant in the upcoming times, accountants must seek training for their professional growth and survival. The accounting industry is gradual shifting and it is essential to learn and flow where the tide goes.