Today, one look at your smartphone will make you realize our dependence on the web to manage our personal and professional existence. Newer technology is giving way to older ones enabling wonderful possibilities. One such technology, the Cloud, has become the go-to for endless needs. Dropbox, Google Drive, Sales Force etc. are all examples of easy to use Cloud based tools.
What is a Cloud?
Think of Cloud as the platform to make data available from anywhere and anytime.
How does Cloud accounting make a difference?
Cloud based accounting has paved a new way to look at Finance Management. Organizations that have been using traditional accounting systems are waking up to this delightful service, because they reckon that storing data in a physical filing cabinet is both tedious and risky.
But I store my data on a computer! How is that risky?
The disadvantages of storing data on hardware are way too many to overlook. For instance your computer is vulnerable to hackers, viruses, spyware, identity theft and spam! Worst still in the event of loss or theft of your computer, your business could be greatly interrupted. To add to the woe, your company’s financial history is all up there, prone to misuse if intended. Even if you choose to back up data along the way, it can prove to be both costly and complicated.
How is Cloud accounting better security wise?
Cloud eliminates the need for you to store data on local hard drives and servers. It safely and securely stores your uber private data on encrypted and remote servers. Engineers with thorough expertise in data protection are employed who dedicate their time in understanding how hackers think, and innovate measures to keep them at bay.
I am still not convinced!
If you don’t switch to Cloud, because of safety concerns, you end up opening yourself up for greater potential threats and sacrifice the incredible ease of use of Cloud technology!
Does it mean it is always safer to use Cloud?
Yes! If you choose your software vendor wisely ( preferably reputable), Check if the vendor has his security certificates in place, and ultimately exercise caution while accessing application from public or shared devices, cloud accounting will prove safer, easier and better than traditional system every time.
Now that is cool!
Yes! And despite being safer than conventional accounting, it provides flexibility in and out of office fosters team collaborations and streamlines data management, improving the
overall efficiency of your business.