Why Cloud Computing Is the Future of the Accounting Industry

Cloud Computing Is the Future of the Accounting Industry

Do you know how you can leverage the cloud to affect a positive impact on your accounting work? Keep reading to discover the benefits cloud computing has to offer your accounting firm.

Cloud computing is hardly a new innovation. For quite a few years now, industry leaders and other tech-savvy CPAs and accountants have enjoyed the many benefits of the cloud.

Sadly, despite the statistics pointing to a strong business case for cloud computing, a significant portion of the accounting industry is still lagging behind. As a trusted managed IT Services Company, we strive to educate such businesses to keep pace with this trend.

How much experience do you have with cloud computing? If you are just dipping your toes in the water, this article is meant for you. You’re probably thinking: how is a cloud arrangement better than your traditional IT framework?

To answer this question, let us explore the unique advantages of moving your accounting firm to the cloud:

You Can Access Your Network Whenever Wherever

With cloud computing, you and your team can access your accounting data and applications from anywhere at any time. Provided you have an internet connection, and you can get work done on any mobile device, even on the go. For example, you can check:

  • Employees’ progress at work.
  • Bank statements.
  • Business payments.
  • Invoices.

Real-Time Metrics

The real-time metrics offered by cloud computing enhances the transparency of your accounting work by helping you prepare and share:

  • Cash flow.
  • Earnings.
  • Tax statements.

By assessing your firm’s performance against your objectives in real-time, you can minimize the risk of making errors in financial reports.

Amped up Security

One concern we hear a lot regards the security of cloud computing. After all, how can you be sure your sensitive information is secure if it isn’t stored on-site? What is stopping cybercriminals from accessing your data? A lot.

For starters, it’s a cloud host’s full-time job to monitor your security continually. That makes it much safer than the typical in-house system that forces you to divide your focus among several other IT issues. What’s more, a shocking percentage of data thefts are actually perpetrated by employees. But why is it safer to store your data in the cloud? It’s primarily because of the following tools:

  • Login management.
  • Multi-factor authentication.
  • Encryption.

Data Backup

In today’s competitive market, you can’t afford any dip in productivity, revenue or brand reputation due to preventable downtimes. Although it’s not possible to foresee all the disasters that could harm your firm, you can take some steps to speed up your recovery. That’s exactly where the cloud comes to the rescue with a host of data recovery services. Whatever the scenario, be it power outages or natural disasters, the cloud guarantees shorter downtimes through quick data recovery.

Time and Cost Savings

For most businesses, the initial price tag associated with switching to cloud computing represents a massive challenge. But a better way to look at it is by focusing more on the potential benefits rather than the initial costs.

Most cloud-based services are pay-as-you-go, meaning you only pay for the features you need. Furthermore, with cloud hosting, a vendor handles your network maintenance, server failures and other associated costs shifting the financial burden from your accounting firm. Easy access to your data also allows you to save a lot of time and money on projects.

Flexibility and Scalability

If your current IT solutions are forcing you to pull yourself in a million different directions, it’s time to switch to the cloud. Cloud computing allows you to focus more on your actual work and clients even as your IT demands grow alongside your firm. Say you need extra bandwidth, a cloud-based service can quickly meet this demand while saving you the hassle of a costly infrastructure upgrade.

Greater Collaboration

If your accounting firm is like countless other organizations across the globe, you’ve had to embrace remote work over recent months. With cloud-based platforms, your remote team could share information and collaborate effectively and securely. Regardless of physical location, the cloud will keep your staff integrated and engaged.

Ready to Leverage Cloud Support from Sysoft Computer Consultants?

Our cloud specialists are eager to help your firm enjoy a smooth transition to the cloud. We serve accounting firms in Toronto, North York, Richmond Hill, Scarborough, Markham, Vaughan, Mississauga, Oakville, Burlington, Barrie, and the entire GTA.

Contact us now to book your first consultation.