Every business tries to keep up with the changing times using advanced technology and the latest solutions. Many of them have adopted numerous changes along the way to bring in innovation. One such adoption has been that of accounting software- QuickBooks.
Similarly, accountancy firms use QuickBooks Desktop accounting software to ease financial tasks like managing income, tracking invoices, calculating profits, etc. For a long time, this desktop software has been of great help.
Here are some reasons explaining how cloud accounting with QuickBooks will benefit your business:
1. Anytime, Anywhere Access
The use of QuickBooks desktop restricts the movement of its user. You have to be available at the office premises for accessing data even in case of any urgency.
Adopting cloud accounting with QuickBooks offers remote access, which means you can even work on crucial data from the comfort of your home or while on vacation. You are not bound to the office desktop.
It further makes accessing and working with the financial tasks on the go possible. This scenario promotes work-from-home culture and improves work efficiency.
2. Multi-User Collaboration
In order to make any business a success, you need joint efforts from all the team members. However, there are times when some of the workforces is not available for any task. It often poses issues in communication and efficiency.
Hosting QuickBooks on Cloud servers allows multiple users to work together on a common virtual platform. You and your teammates, including accountants, tax professionals, CPAs, and other stakeholders, can access, share, and edit any file at the same time and make real-time modifications. It saves time and improves productivity. There is no need to wait for other partners to finish their tasks so as to start your own.
Furthermore, in the case of a global team, you can communicate and work on a shared platform with anyone from around the world. It helps in growing the business and improves its reach to the global scale.
3. Enhanced Security
Data security is one of the biggest concerns for any business. There has been a drastic rise in cyber-attacks over the past year.
As per the reports in Fortinet, online scams increased by 400% in 2020 as compared to past months.
These attacks and other malicious threats can compromise the availability, privacy, and integrity of business information. Therefore, you need a robust system to mitigate the impact of these threats.
When you host QuickBooks software with a reliable cloud provider, it becomes their responsibility to safeguard data from any mishap. They implement many security standards that include:
Multiple level firewall protection
Intrusion Detection and Protection System (IDPS)
Anti-virus and anti-malware
In addition to these virtual level measures, precautions are taken at the physical level as well, such as 24/7 CCTV coverage, security personnel, fire-alarms, biometric scanning, and temperature control. It ensures that you have more time to work on your core competencies rather than worrying about security concerns.
The cost of running any business is high. It often becomes challenging to meet capital expenses like buying in-house infrastructure, managing resources, and constantly upgrading them.
QuickBooks cloud hosting helps get through these constraints. It is a budget-friendly solution that eliminates the need to invest in on-premise servers or additional devices. You can access your QuickBooks application and data from any device like a laptop, smartphone, or tablet. All you need are your login credentials and a good internet connection.
Also, the remote working scenario decreases the need to travel back and forth to the office. So, you also save money on commuting. In turn, you can spend more on enhancing your business services.
5. Resource Scalability
Businesses, whether large or small, need resources, and their requirements change drastically over time. For instance, during the busy Tax Season, your business needs might increase and decrease once it is over. This scenario often leads to the wastage of resources.