By Sethulekshmy, Faculty-Accounts
“Nothing has more strength than the dire necessity”- the Coronavirus outbreak has strengthened and converted virtual business platforms into a necessary medium of survival. Companies all over the world have navigated through the challenges that are rooted due to the outbreak. Presently, all the entities are considering a digital transformation even more due to the COVID-19 scenario.
These emerging behaviors of the new world have influenced the financial or accounting arena, by introducing cloud accounting in respective business operations. Through Cloud accounting software we can manage the financial information as well as business operations similar to paying bills online, shopping online, using social media, etc. Even more, encouraging the use of online accounting provides a chance to work from their respective home. Quick Books, Zoho Books, Sage 50 etc. are some of the cloud accounting programs available
How an online/cloud platform helps you to do all your accounting?
If you have done internet banking, it gives you, a clear idea about accounting in an online platform! Internet banking lets the user access the banking data anytime, anywhere, from any device through an online platform. Similarly, the cloud accounting platform lets you keep your books of accounts and access the financial information through any web browser, an app on their phones, etc. by user-defined logging credentials. Apart from these features, cloud platforms have the following features to make accounting more secure and assessable.
Benefits of Cloud Accounting
Accessibility
As it is hosted on a cloud platform, most of the modern accounting software has started offering data accessibility to its login credentials without any constrains.
Security
Data is stored data in an encrypted format using an advanced level of algorithms. It will ensure safe and secure storage for financial data without looting it.
Automatic Backups
Data backup for system based accounting software is always a time-consuming process. The unavailability of server connected systems will make it difficult and consume more time for such actions. Cloud accounting will eliminate this drawback to a great extent as it has the feature of real-time backup.
Ease of sharing information
Cloud accounting is a real-time platform, similar to social media sites, which enable the user to share the financial data without any difficulty.
Cost Savings
It does not require the installation server system, up-gradation of server software, temperature-controlled room, etc. It mainly comprises of a subscription fee depending upon the storage of the cloud.
Reporting
Cloud Platform provides well-structured reporting tools that convert the raw data into an understandable format. The uncomplicated presentation will help the stakeholders in better analysis and decision making.
If you think about running a business, and more about accounting software consider the best online cloud platform for the same, to manage your business operations. Choosing the best cloud platform will save your company time and money.
In addition to the above, cloud accounting is laying opportunities before future professional finance aspirants. Presently, numerous learning institutions are introducing their cloud accounting courses to dig out the ‘Next Generation Accountant’ from their learners. As it is an advanced method of computerized accounting, finance aspirants are now attracted to this domain, to elaborate their field of knowledge.
So try to find the ‘Next Gen Accountant’ in you by choosing the best cloud accounting platform to learn and to do.