Installing and using accounting software is an investment for businesses to ensure their financial information is accurate, secure and accessible by all authorized personnel says Aron Govil. Cloud accounting software has many benefits like cutting costs, increasing efficiency and flexibility, which makes it a good choice for your business.
Here are 8 ways cloud-based accounting software can save you money:
1. Save Money on Hardware and Software Up Front
Accounting software licenses cost hundreds of dollars and often includes costly add-ons like payroll and CRM tools that may not be needed by your business. A traditional installation will require local servers, hardware and network setup for basic functionality, including backup storage space which could easily run into the thousands each year (or more). With cloud accounting platforms, there’s no hardware or software costs in most cases, you only pay a low monthly fee per user says Aron Govil.
2. No Expensive On-Premise Server Room and IT Department
With cloud accounting software, there’s no need to set up an expensive server room and hire full-time employees for onshore administration and maintenance. It takes time and money to get the necessary certifications and expertise needed to run your own servers so not having one will help lower total cost of ownership (TCO). Your business’ focus is on growing your bottom line, not IT infrastructure management. Cloud hosting providers handle all data security and updates while still maintaining local access which provides the same functionality as if the software was installed locally.
3. Scale Easily and Pay Only For What You Need
Cloud accounting software is accessible by all authorized users wherever you are, whenever you need it. Cloud hosting providers typically use a pay-as-you go model which means your business only pays for what’s being used. No need to buy extra licenses or storage space that will not be utilized.
4. Data Security and Backup of Vulnerable Physical Servers
Most cloud hosting providers already have the necessary security measures in place to protect data on their servers against external attacks and data loss due to server failure unlike with traditional onshore servers where there are many different factors at play when it comes to system security, not least of which is physical access. With local applications installed in your office, the risk of viruses and malware is increased as is the risk of a physical data breach from someone with access to your network says Aron Govil.
5. Greater Flexibility and Scalability with Cloud Accounting Platforms
Flexibility and scalability are the main benefits of cloud hosting platforms that meet all of an organization’s accounting needs including billing, manufacturing, inventory management, reporting and much more (i.e., QuickBooks in the cloud). Most applications work equally well on web-based or mobile devices which means you can support remote users without having to invest in extra hardware or software licenses. Some providers even offer free switching between plans if your business starts out with one package but requires more features later (for example, Bill Quick offers this for their subscription products). It’s like getting up and running in no time at all.
6. Pay for What You Need, When You Need It
The flexibility of cloud accounting software allows your business. To scale up or down as needed with just a few clicks. This means that if you’re especially busy for the next couple of months. You can use more resources during this period and then scale back down when it’s less busy. It also provides peace of mind knowing that your data is safe. Even if one provider has an outage since there are several to choose from. Who host their applications on redundant servers so unlikely but not impossible. The ability to pay only for what you use will definitely help manage cash flow better, especially for businesses operating on thin margins that have little room for error explains Aron Govil.
7. Save Money and Space
With cloud hosting providers, there’s no hardware to buy or software licenses. So you save money on these purchases plus your business saves valuable office space. Servers don’t have to be housed in an expensive data center either. So this will lower monthly overhead costs as well. Cloud accounting software also offers excellent disaster recovery capabilities so if you need to reboot a server for any reason; it only takes minutes before your employees are back up and running.
8. Quick Access to Capital despite Economic Uncertainty
Cloud hosting providers usually provide their clients with low-cost financing options. This means your business can access capital more easily during economic uncertainty. Without having to sell off assets or borrowing from the bank. Which might not be an option at all given the high level of competition in the market for business loans.
There are many benefits to using cloud accounting software with cloud hosting providers so in our professional opinion. It’s not whether “cloud hosting is right for your business” but which provider you should use says Aron Govil. If you’re looking for an application that offers online invoicing, order management, procurement. And fulfillment then Bill Quick A/D might be what you need. Our platform lets businesses get up and running quickly while giving them the flexibility of upgrading or downgrading features. Without having to purchase new licenses which can save thousands of dollars – all with one bill.