Benefits of cloud accounting
- Reduced cost – cloud accounting is a very cost effective solution for all enterprises regardless of their size. It eliminates the need to purchase hardware or accounting software. And unlike the conventional accounting software, it requires absolutely no updates. Overhead costs, version upgrades, maintenance, system administration costs and server failures are now no longer issues – all those things are managed by a cloud accounting service provider.
- Ease of access – cloud accounting applications enable users worldwide to access their company financial data from anywhere, at any time without having to download and install anything on their desktop. All you need is an Internet connection!
- Advanced features – One example is a Multicompany feature. Managing finances for multiple companies is never an easy task. If you need to maintain records of several organizations, Multicompany is going to come in handy. It will allow you to customize each organization as you please while maintaining the ability for them to work together in one system.
- Low TCO – cloud accounting applications tend to be subscription based and can scale according to your company’s needs. Usually there is no major up-front investment in hardware and software. Companies using cloud accounting technology benefit from better cash flow and are able to allocate their IT staff to more strategic projects. Upgrades are also managed seamlessly allowing users to enjoy the new features that come along. What’s better – all this is at absolutely no cost!
- Improves Business Performance – It gives an organization the scope to respond to changing business conditions and helps a finance team to generate real-time financial reports and dashboards while allowing a shift of focus to more strategic initiatives.
Online accounting is the application of online and Internet technologies to the business accounting function. Similar to e-mail being an electronic version of traditional mail, e-accounting is “electronic enablement” of lawful accounting and traceable accounting processes which were traditionally manual and paper-based.
Cloud computing is a model for enabling ubiquitous, convenient, on-demand network access to a shared pool of configurable computing resources (e.g., networks, servers, storage, applications, and services) that can be rapidly provisioned and released with minimal management effort or service provider interaction.