Over the past few years, we have made significant progress towards a highly digital landscape. Take a look at the following data.
According to a study published by Statistical, digital transformation spending hit $1.3 trillion in 2020, two years ago. The spending represented approximately 10% growth in digital transformation spending over the prior year. That’s right, global digital transformation spending is expected to reach $2.4 trillion over the next two years.
As industries move towards a digitally driven world, we need technology to work in a flexible, scalable and achievable way. Cloud hosting is one of those comfortable technologies that helps you improve data security, scalability, accessibility, and feasibility.
When you host accounting software on the cloud, you can improve employee productivity and business operational efficiency.
Why should you host cloud accounting software?
From collecting massive amounts of data to receiving high-end processing power for tax season, you can easily accomplish these functions if you host accounting software on the cloud.
Here are some benefits of hosting accounting software on the cloud:
1. Unified work
If you host accounting software on the cloud, you can work in a unified way. Your application and its data are stored in a centralized location, which can be monitored and viewed by your IT administrators at any time. This reduces problems and improves the IT team’s control over the infrastructure.
2. Remote accessibility
The best feature of hosting accounting software on the cloud is the ability to use it remotely. For example, if you use QuickBooks Pro, you can only use the software on a dedicated desktop that hosts the tool. With the cloud, you can access the software remotely from anywhere.
If you have a device that has an internet connection, there is no location barrier with the cloud. Even when traveling or working from home, you have direct access to your QuickBooks or accounting software.
3. Regular Backups
When we host accounting software on the cloud, we take the services of a cloud hosting provider. Usually, your CSP performs regular automated backups of your data and software. At regular intervals, new backups are created by the system to replace the old ones.
Since a cloud server is a huge network with server redundancy having different servers in geographically different regions, your backup files are stored on these servers for up to 15-30 days (depending on the provider).
In the event of a disaster in your region, you can recover your data from the backup without any problem. The principle of cloud redundancy helps you reduce your dependence on office infrastructure even in the event of a disaster.
4. Third-party integrations – essential for accounting software
On the cloud, third-party integrations are simple. You can easily integrate your payroll or tax software into your accounting software for seamless data flow. With this integration, your team can enjoy seamless data connectivity and experience incredible unified working that reduces hassles and improves productivity.
5. Multi-device access
In addition to remote accessibility, when you host accounting software on the cloud, you can access data and software from any device. This involves your desktop computer, laptop, tablet, or smartphone. You can also use any operating system, such as Windows, Mac, Android, or iOS.
For example, your accounting software is cloud-hosted, which you used in a Windows environment in your office. You can easily open the same software on a MacBook with the same interface and a cloud image.
The cloud service only provides you with an image of the software and data. Your device’s resources and operating system do not interact with the actual operating system or resources of the accounting software.
6. Data Security
If you host accounting software on the cloud, you are able to maximize your company’s security structure. Here are some ways to do it:
- The cloud infrastructure is physically secured by the provider using a CCTV camera and other equipment.
- For cyber threats, the cloud uses various measures such as multi-factor authentication, access control, DDoS protection, updating, patching, intrusion detection and prevention, and data encryption.
When you access accounting software on a terminal, your software is not on the terminal. Your device is just one way to open a cloud instance. Therefore, any incident on the end device or desktop computer does not reach your cloud-hosted software. This is how cloud computing secures your application and its data. You also have a data backup as a contingency plan to restore sensitive software and information in the event of a cyber threat or preventable security circumstances.
If you host accounting software on the cloud, you get an affordable deal. Internally on desktop computers, your IT team ends up spending more resources and time compared to the cloud. Plus, you have to constantly upgrade your desktops and reuse them. So there is the huge cost of hardware.
On the cloud, you don’t need to manage IT infrastructure. As a result, you can reduce the size of your IT team. Likewise, we can upgrade system resources on the cloud, so we don’t need to buy PCs with an upgraded configuration.
Finally, the cloud is scalable. The cloud service provider has a huge resource. They can offer you on-demand resources and storage whenever your business needs it.
If you were to increase that storage and performance internally, you could spend a lot. It’s not even possible to reduce storage once you no longer need it.
On the cloud, you can scale and scale on demand, optimizing your company’s cost and storage needs.
Most accounting firms use accounting software and tools to automate functions. It helps maintain books and accounts without difficult calculations and costly mistakes. When you host this accounting software on the cloud, you can enhance the features and functionality.
The cloud gives you scalability, high performance, security, and disaster recovery. Find the right hosting provider to receive value-generating services.