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Cloud Accounting

Businesses large and small continue to take advantage of conducting business operations via cloud computing. Cloud computing uses computer hardware and software applications delivered as a service over the Internet, allowing you to store files and use applications accessed by multiple users and devices.

Cloud accounting serves the same function as accounting software - except that you access your information, data, and files via the Internet. Meaning, you are able to access your business financials from anywhere - using any device - as long as you are connected to the internet.

The move to cloud accounting is driven by its many advantages:

  • Real time access to your current financial position. Reporting is more flexible with up to 13 dimensions and visibility for consolidated or multiple entities.
  • Multi-user access enhances collaboration and information sharing. This makes it easier for business partners, such as auditing firms and outsourcing companies, to access relevant data more quickly.
  • Cloud systems are extremely scalable. Instead of having to procure user licenses and suitable hardware needed in traditional on-site installations, the cloud easily accommodates new users and multiple entities, as well as multiple currencies through its central data center.
  • Upfront business costs are reduced – version upgrades, maintenance, system administration costs and server failures are no longer issues. Instead, they are managed by the cloud service provider.

When you are ready to make the move to cloud accounting, your first step is to select a service provider. When looking a provider it is important to find a system that minimizes some of the risks associated with data in the cloud. The following are key features to look for in a cloud based system:

  • Access: Look for a system that offers the ability to export your business data in multiple formats.
  • Encryption: Data should be encrypted so if the system should experiences a security breach, what it viewed or taken is of no use. Security: Access to the system through password authentication or other methods.
  • Recovery: Whether due to a system failure or natural disaster, it is important that the provider you select has a method to recover data quickly and effectively.

Considering the advantages in system performance, reporting, and efficiency, cloud accounting offers businesses of all sizes an alternative to traditional software.