Every business, big or small, maintains its accounts to keep a tab on their bottom line. Their various expenses, profits, overheads, what not! It takes quite a bit to wrap one’s head around it, no? If you’re still one of those few small business owners, who diligently maintain their accounts manually, worry not. The world has still not passed you by.
Thanks to the advancement in accounting software technology, there isn’t any need of crunching those numbers on the calculator while you furiously tally them on your notebook. Sounds good, right?
Well, what if I told you, there’re plenty of options for you to choose, depending upon your specific business needs! You can go for an on-premise ERP or opt for a cloud-based solution. While on-premise solution requires a one-time perpetual license fee requiring heavy investment, cloud solutions are available on a monthly or annual subscription basis, being much lighter on your pocket. Also, you can customize the cloud solution as per your requirements and enjoy greater flexibility, which is not true for the on-premise ERP.
Rather than going for an on-premise accounting solution, why not go straight for a cloud one? A cloud accounting solution would help you keep your IT costs down. By investing in a cloud accounting software, you can amp up your security through data encryption facilities provided by your cloud host. You can also access your company data through your smartphone or tablet giving you much-needed flexibility.
On Premise vs Cloud Accounting
Are you thinking of finally getting that accounting software to help ease your burden? Let’s help you make up your mind.
#1 Lower Investment Cost
You require a considerable budget for purchasing on-premise accounting software and ensuring its subsequent maintenance. Businesses running a tight ship can do well to avoid this by opting for a cloud-based solution.
By going for cloud-based accounting software, you have access to its full arsenal of modules and other resources, so installation of programs on local computers becomes redundant. Plus, since your data would be stored on the cloud, you don’t have to invest in servers or maintain an in-house data centre.
#2 Downtime…What’s that?
Another feather in cloud accounting’s cap is that it requires almost no downtime for carrying out maintenance or software implementation. Which is usually a big downside of on-premise software. Even small companies are not spared who end up facing unscheduled downtimes which affect their bottom line.
#3 Easy Does It
As businesses continue to expand and evolve, their business needs and financial requirements undergo changes accordingly. This complexity can be resolved to a huge extent through cloud computing. It’s also easier to integrate new app functionalities and create developer-friendly API. This makes integration with new tools and systems simpler.
Most user-friendly cloud accounting software, available at Techjockey, offer nifty functionalities such as invoice lock for restricted access to accountants. You can also eliminate the need for logging into your bank account every time by automatically syncing with your bank. Cloud-based accounting software offer advanced search capability where you can switch between multiple financial years to easily analyse your year-end growth and numbers.
#4 Losing Data Is a Thing of The Past
Cloud accounting also offers the benefit of disaster recovery and back-up along with huge data capacity. In case your company suffers a power outage or is hit by a natural disaster, your data is safe on the cloud. You can recover your data quickly with cloud-based data recovery solutions, thereby, minimising adverse impact on your business’ productivity and revenues.
#5 Darn... Update Time Again? You Don’t Have to Worry About It Anymore!
Using cloud accounting solutions, you get automatic updates which help keep your data secure, up-to date and virus free. Third-party vendors are responsible for ensuring that their accounting software runs slickly and meets your expectations. Since, the vendor’s IT team is handling your requirements, your IT team is free to focus on core projects.
Time to Wrap Up
Cloud accounting software goes heck of a long way in cutting down your IT overhead costs and simplifies your complex IT processes. Focus on developing new strategies, thinking out of the box ideas and being marvellous! Basically, invest in being innovative rather than run of the mill ordinary.
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