Today, we will talk about Cloud Bookkeeping. Should a business adopt this technology? Is it safe for business data to stay outside your premises? How can it be useful for individuals doing Bookkeeping? Are there any benefits for a Business Owner using this technology? Students looking for Job, how ready they are with to use this technology? What will be different that the traditional software installed on Desktop or Laptop against accessing over the web portal? All these and more will be explored, along with experiences and examples.
Data Security, No Manual Backups
No Expensive Hardware
Save on Manpower
Mobile accessibility of Data on The Go
Sharing of Data is Easy
Real-time Reporting, Less Dependency
Integration with Other Apps
Let’s deep dive in it:
1. Data Security, No Manual Backups:
- One of the most important tasks of Bookkeeping is to ensure you do backups of your data. Generally, in a small organization it will be the Bookkeeper or Senior Bookkeeper themselves responsible for doing the data backups.
- Often it is seen to be either forgotten or postponed. Even though traditional desktop software’s do have auto data backups, they are disregarded or when it starts doing backup they are paused, primarily due to some other important bookkeeping task is being functioned.
- With Cloud Bookkeeping, almost all the providers also ensure this burden is taken from your plate, as now the data is residing on their Servers or data center infrastructure.
- If you are a Bookkeeper or Senior Bookkeeper or an Accountant, you will be logging in doing your tasks about Bookkeeping, Sales Tax, Payroll and logout. Doing Backups are generally a thing of past, unless you want to do it or your tool doesn’t have the facility.
2. No Expensive Hardware:
- Small businesses, with Cloud Bookkeeping all you need is a good machine, either laptop or desktop and a good internet connection. All job can be done!
- Desktop Software’s need way more than this setup, mostly a Server Machine, network connections and a few more technical products to get it going.
3. Save on Manpower:
- For Desktop based systems, you need an IT person to manage those hardware’s (Servers and Desktops). If there is a software update you need to install those on each machine, updates related to operating systems or bookkeeping software.
- Example, if there is a Payroll Tax Table update generally update need to be installed on each machine whereas in Cloud based, you do not have to worry, no need to remember, your provider does update on the backend, you as a user would not even feel the difference.
- Save time, no need to wait for anyone to do the task for you.
4. Mobile accessibility of Data on The Go:
- Access your data from anywhere, of course that is the biggest advantage of using cloud bookkeeping. You are not stuck at one place to do your bookkeeping or view your reports or to find out how much is your accounts receivables or to send an estimate. You can do it from your device (phone/tablet) from anywhere. It is a time saver!
- I have experienced business owners telling me their examples how cloud bookkeeping is helping them. Previously, if they have to send a quote to a customer and if they are on the job site, they need to go to office at the end of the day to send one, now they can do instantly in their break time on the job site and complete it. No need to remember and no spending of more time, mobile data on the go, make things seriously easy.
5. Sharing of Data is Easy:
- Sharing your data with the one’s that you want is relatively easy.
- In desktop systems, if a bookkeeper wanted to share data with accountant, the business owner and themselves at the same time generally at year end or fiscal period end they would have to collaborate all of them at one location, now each of these can be where they want, get them connected online and present the data.
- Not only sharing, but changes also can be done instantly by whichever user and tasks would be done much easier. No sending data, back and forth to fix those journal entries or payroll errors or sales tax adjustments.
- Cloud Bookkeeping certainly provides more automation which helps save time and reduces errors. Example, Link your bank and credit card accounts with your cloud bookkeeping system. Transactions drop in instantly and most of the systems do have auto-posting capability.
- Generally, by enabling such valuable features you are saving time rather than, traditional desktop systems record each transaction manually, wherein the chances of errors are also higher.
7. Real-time Reporting, Less Dependency:
- Real-time reporting is what Cloud Bookkeeping provides. No processing of systems, manual procedures of posting are things of past. In, cloud bookkeeping no matter where the users are their data is always updated.
- Across, country if there are multiple locations, they all access the same data, so need to wait for merging of data. Imagine a business have 3 locations across country each of them having their own database at their end, to come to conclusion of any data i.e., sales, profit and loss it can be cumbersome and time consuming, here in cloud bookkeeping everyone uses the same data, no dependency on anyone.
8. Integration with Other Apps:
- Generally, there are hundreds or even thousands of apps that can be integrated with cloud software’s. No software will have all features needed by a business but if you want to utilize the data from your software and get started with a new module that can be done with other apps.
- Example, a bookkeeping software may not have HR module or CRM module, but it does have your employees’ details (if payroll is in your software) or customers and you can utilize that data in these other apps, they can connect and update back and forth.
Cloud Bookkeeping is a win-win both for Employers and Employees. At FinTech, to empower our students with the best of bookkeeping techniques we offer variety of tools of Cloud Bookkeeping. Be it QuickBooks Online, Sage Cloud Accounting you can prepare yourself wherein you are better ready to take your career to next level. Students, who want to make a perfect career in accounting can contact us, we shall be glad to guide you!
Check our link for more details https://www.fintechcollege.ca/ab-explore-pathway/