With advancement of Cloud technology, it's not surprise to see more business moving from conventional accounting software to cloud accounting. Other than storing data over the internet, here are the reasons why everyone is moving.
1. Real Time Data
With real time data, companies have a clear overview of your current financial position. Also, with cloud base accounting, data capture is more accurate as duplicate entries and discrepancies is reduced.
2. Multiple User Access
Collaboration between teams and advisors are made easy. Sharing of information will be more efficient and effective as there is only one centralized data. Unlike traditional method, there will be less overlap.
3. Upfront business cost are reduced
Server, system upgrades, maintenance and administration cost will be reduced as these cost are managed by the cloud service provider. Plus, many cloud service provider offers pay-per-month plan for small medium enterprise which makes starting up easier.
4. Ease of Access
Cloud accounting allows user to have ease of access to financial data. Business owner can access the data on the go and increase productivity.
5. Secured Data
Unlike traditional accounting software where data security can be expensive, data security are included in most cloud accounting service provider.