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In today’s world, technology makes its presence felt in every sphere of life. Technology has developed into an integral part of the personal world as well as the business world. The internet is commonly referred to as the cloud, and the concept of cloud storage grew over time, which refers to storing data on the internet.
Since companies have adopted technology to be a key component in their business setup, the use of software for different functions is a common sight to see. Web-based accounting software is one such component that has completely revolutionised the concept of accounting in the business world.
Web-based accounting or online-based accounting refers to storing data on a remote server. It is popularly called cloud-based accounting. Cloud-based accounting allows the user to access the financial data and carry out transactions online and save it, doing all this in real-time.
The internet is commonly referred to as the cloud since it comprises various servers that store data. The fact that web accounting often carries with it the features of data backup and disaster recovery tools are all the more reason to integrate it with one’s business.
Traditional accounting software is relatively expensive, not just in terms of purchasing the license to operate it. In addition to the license cost, there is a cost incurred for the storage devices as well, since most traditional software do not contain a data backup feature.
New businesses will find themselves struggling to cope with the upkeep and maintenance of traditional software. Moreover, traditional software often requires one to pay extra money for additional features.
The spine of any business is the data. Losing data permanently could very well destroy the business. Traditional software is usually backed up on an internal server, and thus the risk of losing data permanently is potentially high. Therefore, companies use external devices to store the data as well. But these devices could also be compromised by a virus, thus leading to data loss.
The problem with traditional accounting software is that it is normally installed on the central server computer in the office. If the server computer were to break down, the access to data would be lost, thus causing a major hindrance to the business. The inability to access data as and when it is required constitutes a serious drawback, limiting the ability of the business to carry out work efficiently.
Cloud-based accounting involves the usage of the cloud as a storage hub. The security features of the cloud are far superior in comparison to the security levels of traditional accounting software. Since the data is stored over the cloud, the security features are diverse, such that the security keys can be customised so that only a designated person can access the data.
Backups are a standard feature of cloud-based accounting. The data backup can be literally performed with the click of a mouse. The fact that the data is stored over the cloud makes backup and restoration all the more easier in any event where the physical servers break down. There is no additional cost incurred for data backup since it is an embedded feature of cloud-based accounting.
The standout feature of cloud accounting is that the data can be accessed at any time. In any instance where the data has to be accessed instantly, this feature usually ensures that the situation is taken care of. Quick and reliable business decisions can be made since data is accessible instantly.
Cloud accounting does not require long installation processes of any kind in order to begin using it. The vendor’s application over the cloud can be set up and deployed in a matter of a few minutes.
In comparison to traditional accounting software, web-based accounting is relatively inexpensive. It will amount to no more than an operational expense since no additional infrastructure is required to maintain it. Cloud accounting normally requires the user to pay an affordable monthly fee in order to continue using the services.
The packages offered for cloud accounting are usually attractive, with the option to pay annually, semi-annually, monthly or even fortnightly, in some cases. This, in turn, helps businesses maintain a steady cash flow as they can plan accordingly and choose a plan that suits their needs.
Cloud accounting takes accounting to a whole new level in terms of business automation. The business automation feature enables the user to set up a work process that carries out certain tasks automatically, such as the payment to creditors on a monthly basis. Similarly, the user can also make use of the automation to generate invoices for every sale transaction. By automating certain tasks, the business saves a lot of time, which in turn saves cost.
Cloud accounting can be customised to suit the needs of the business, irrespective of its size and nature. Since it has the ability to scale, the functions can be expanded to meet the needs of the growing business. The flexibility of the software plans enables the user to choose the one that suits the needs of the business at any given time period.