Every business tries to keep up with the changing times using advanced technology and the latest solutions. Many of them have adopted numerous changes along the way to bring in innovation. One such adoption has been that of accounting software- QuickBooks.
Here are some reasons explaining how to cloud accounting with QuickBooks will benefit your business:
1. Anytime, Anywhere Access
The use of the QuickBooks desktop restricts the movement of its user. You must be available at the office premises for accessing data even in case of any urgency.
Adopting cloud accounting with QuickBooks offers remote access, which means you can even work on crucial data from the comfort of your home or while on vacation. You are not bound to the office desktop.
2. Multi-User Collaboration
To make any business a success, you need joint efforts from all the team members. However, there are times when some of the workforces are not available for any task. It often poses issues in communication and efficiency.
Hosting QuickBooks on cloud servers allows multiple users to work together on a common virtual platform. You and your teammates, including accountants, tax professionals, CPAs, and other stakeholders, can access, share, and edit any file at the same time and make real-time modifications. It saves time and improves productivity. There is no need to wait for other partners to finish their tasks to start your own.
3. Enhanced Security
Data security is one of the biggest concerns for any business. There has been a drastic rise in cyber-attacks over the past year.
As per the reports in Fortinet, online scams increased by 400% in 2020 as compared to past months.
These attacks and other malicious threats can compromise the availability, privacy, and integrity of business information. Therefore, you need a robust system to mitigate the impact of these threats.
When you host QuickBooks software with a reliable cloud provider, it becomes their responsibility to safeguard data from any mishap. They implement many security standards that include:
• End-to-end encryption
• Multiple level firewall protection
• Authentication system
• Intrusion Detection and Protection System (IDPS)
• Anti-virus and anti-malware
• DDoS protection
4. Budget-Friendly
The cost of running any business is high. It often becomes challenging to meet capital expenses like buying in-house infrastructure, managing resources, and constantly upgrading them.
5. Resource Scalability
Businesses, whether large or small, need resources, and their requirements change drastically over time. For instance, during the busy Tax Season, your business needs might increase and decrease once it is over. This scenario often leads to the wastage of resources.
If you choose cloud accounting with QuickBooks, you get scalability options to adjust various resources like RAM, the number of users, and storage space immediately as per requirement.
6. Disaster Recovery
Businesses often face disruptions due to external factors like natural disasters, fires, and theft. It can affect business continuity and recovering data can be almost an impossible task.
But if you opt for QuickBooks cloud accounting with a competent hosting provider, you get “Disaster Recovery” solutions. In this scenario, cloud hosting providers practice storing your business data redundantly at multiple geographically isolated locations.
Therefore, even if one of the data centers faces any downtime or maintenance issues, your data will be retrieved from a different location to ensure business continuity.
To Sum It Up
QuickBooks has always been a one-stop accounting solution for businesses. However, integrating its benefits with that of cloud technology has been a boon for businesses worldwide.
In addition to the points mentioned above, cloud accounting with QuickBooks also promotes paperless processing of finances that further improves productivity. Therefore, QuickBooks hosting is crucial for the growth of any business.
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