The benefits of moving your accounts to the cloud aren’t limited to gains such as free storage, more accurate accounts and a more productive team.
Some of the risks that can give small and medium-sized business owners sleepless nights can be discounted once the business moves to cloud accounting.
Security
Many business owners worry about data protection, hacks and leaks. With a cloud system, this is no longer a concern. Data is automatically backed up. You don’t have to worry about the office flooding or catching fire or being inaccessible for some reason. No anxiety over whether the admin person remembered to do the back-ups. You have guaranteed business continuity because if you can log on to the internet, you can access your accounts and keep invoicing.
What’s more, when your employees are working on site or visiting customers, they aren’t taking the firm’s data with them. If the laptop is lost or stolen, there’s no data on it. Similarly, a virus can’t disable your customer interactions, because the data and customer records are elsewhere. This is why outsourced accounting services from https://www.mushroombiz.co.uk/homepage/services/accounting/
actually offer a better deal not just for you but also for your customers.
Scalability
The government has recommended that all its departments should look at cloud services because of the cost advantages. Similarly, small businesses can simply pay for the storage, processing and services they need instead of having to buy complex accounting systems full of features, 90% of which the business never uses.
Cost-Efficiency
With in-house computing systems, small businesses have to have expertise in infrastructure, software installation, data security and a dozen other IT-related areas. But this isn’t cost-efficient – it it’s an expensive way for a small or medium-sized business to run its accounts.
Cloud-based systems are run in huge data centres, where economies of scale are so great that they can be passed on to customers as cheaper services. When functionality, such as accounting applications, is provided through the cloud platform, the cost benefit ratio increases.
The great advantage of these cloud-based accounting systems is that changes to the tax regime can be implemented through the software, freeing the business of the need to change their accounting system to keep up with frequent changes in taxation rates and policy.