Speed and pace of technological changes are so significant and enormous that it’s started touching our lives even when we are sleeping. There was recent article in times where it says we may be already living in Matrix World. Who would have thought that virtual reality would become reality so soon? The efficiency and control technology is bringing to us is amazing. We can access anything from anywhere and especially our phones.
The above will equally apply to the way we do business and manage our accounts and therefore we should be fully prepared to move our accounts to cloud sooner and be better prepared.
The wave of technological rising has touched the accounting and changed for a lot of good. Amongst all the changing agents, cloud accounting has been transforming the dealing of accounting arena.
3 most powerful reasons I think cloud accounting will become indispensable part of business:
- We need Everything real time / anytime / anywhere : As mentioned above the speed of change of technology on our lives is so powerful that we are quite used to concept of anytime anywhere and real time and only cloud accounting can meet the needs of users / business and all statekholders. Therefore moving to cloud accounting is indispensable. You can access it from anywhere in the world and all you need is internet. This means you do not need to access from office alone and have flexibility.
- Efficiency / Speed / Cost Savings: Business are always on the lookout to increase speed, increase efficiency and reduce costs – With cloud accounting lot of routine tasks can be automated and this means increase in speed and efficiency. Many tasks like production of dividend vouchers, entering of bank statements can be automated and saving time and costs.
- Empowerment of Accountants and clients: Cloud allows accountants to spend time on things those matter like planning advise and support and not just spend time on chasing data, processing and compliance so adding value to clients. Cloud benefits clients as they have access to real time info about their business and numbers and therefore they can take better decisions quickly. Overall planning and support can be improved considerably.
- Cloud allows multiple users to work simultaneously and therefore no restrictions on access
- Cloud accounting will save costs of your server, upgrades and need to keep In house IT Team at site and therefore resulting in cost savings.
- Cloud is more secured: Concerns have been raised around cloud security but it appears that cloud is more secured than local networks. Cloud servers are monitored and managed by professionals and therefore security breaches are less likely to happen. These cloud platforms use advance and latest technologies. Chartered Institute of Management Accountants (CIMA) has mentioned in their report that data theft is the reason behind the businesses avoiding the online option. But, that’s not the reality as cloud accounting comes with enhanced security elements that are more reliable than its traditional counterparts. This fact is being acknowledged by the experts in the same CIMA report. For a small business, it can be very advantageous as they avail high-end security without spending extra funds.
Do we continue to challenge cloud or Embrace is on us but those who embrace cloud would survive and swim the deep waters of fast changing world and those who do not I wish them all the luck.