6 Benefits of Choosing Cloud For Your Accounting Firm in Tax Season 2020
The tax industry is ever-changing, one minute you have finalized the papers of a client, the next minute a law passes or the client reveals new information, and you have to start from scratch.
Cloud accounting has graduated from being the future of accounting and has become the present of accounting; by 2023, the market share of cloud accounting will be $4.5 billion. Cloud infrastructure offers better security, accessibility, data back-up, disaster management, and most importantly, control.
If you wanted to learn one thing from the leaders of the accounting business, the “Big Four,” you must understand their keenness to adopt cloud technology. Yes, they have the money, but they also have the research that backs the data that says cloud accounting is the most profitable option for the long-term.
The factors contributing to the big corporations’ preference for cloud accounting over traditional accounting:
· It improves the security of data
· It helps maintain government compliance
· It saves CAPEX and OPEX costs
· It is a scalable solution; you can upscale or downscale according to your needs
· It helps you get a competitive edge over
If you are still not convinced, these are few benefits you can reap if you move your accounting firm to cloud this tax season:
1. Accessibility, Accessibility, and More Accessibility
Accessibility of data is the key to a business’ success. You cannot stay in the office 24*7*365, neither can your staff.
The primary reason for the popularity of cloud computing in tax season is that irrespective of last-minute debacles and evolution of tax requirements, you and your staff can make any last-minute changes or accept clients at the eleventh hour from anywhere, at any time, through any device available.
2. Collaboration Equals Productivity
Cloud accounting allows accountants to work efficiently, within or without a team from any place, at any time, through any device. The model provides sustainability, productivity, and long-term profitability, and you can implement it with the right technology.
Let’s say you have QuickBooks Enterprise Solution (QBES) for your business accounting. By hosting QBES on the cloud, your team, clients, and partners can work on the same QuickBooks file and check the changes in real-time. This results in better collaboration and improved productivity.
You can be the most trusted advisor to your clients and lead them towards better financial decisions with the help of an agile accounting infrastructure in this tax season.
3. Save Money, Save Time
Every investment made in a company should add value to the business, for it to be successful. So, why should you invest in a cloud computing system in your accounting firm?
Because it decreases IT costs in the long run. Such an investment can also save time, money, and effort.
Physical data storage requires IT hardware, maintenance costs, space for data, manual security measures, and labor costs. Cloud computing; on the other hand, can give you freedom from IT infrastructure creation, updates, and maintenance charges.
Additionally, you can respond to all your financial needs swiftly irrespective of time and space.
4. Robust Security
Yes, security breaches are real, and with each passing day, data leaks are increasing by the dozen. However, with the right market research and guidance, your accounting firm can choose the best cloud computing service in the market. Few important things to consider -
· Uptime and designated downtime
· Location of data centers
· Access control — who can access your data and how
· Password protection
· End-to-end encryption
· Multiple firewalls
· Multi-factor authentication
· Daily backups
5. Scale As Per Your Needs
Scalability gives cloud computing the power to utilize the infrastructure as per requirements. You can scale up or down in cloud resources, money spent, and features used with the services.
You can also change accessibility for different parties involved at any time, from anywhere. It is mostly a pay-as-you-go model that offers immense flexibility to change.
6. Save Paper, Save Power, Save the Planet
Cloud computing is extremely eco-friendly. There is no need to waste a lot of paper in creating and updating physical files, invoices, and documents. Also, there is no need to waste unnecessary resources on hardware purchases and maintenance.
Conclusion
Cloud computing is beneficial, cost-effective, time-saving, and human error-free. There are endless possibilities with cloud computing and immense control over the infrastructure. However, the first step before venturing out into the new and improved accounting solution is to do your research.
You can compare the features, read the reviews, compare prices, and then make an informed decision.
With changing times, evolution is mandatory for business growth. Moving to the cloud is simple, teachable, and secure. Your accounting business can do better if you choose cloud computing for your business in this tax season.
