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Debunking The Myths Of Cloud Accounting

Cloud accounting solution is one of the most advanced accounting solutions of the modern-day era. We no more use desktop installed accounting software in order to deal with accounting software as it limits businesses and accountants. It offers a bunch of benefits in a pocket-friendly way and that’s why it is a favorite choice among small and medium-sized businesses as well. There are various cloud accounting solutions available in the market and choosing the best one depends on your need and requirement.

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You should know that almost 58% of the large companies are using this and 52.9% of SMEs believe that is very much important to use. Modern-day accounting solutions like QuickBooks hosting are leading the accounting market and instead of using such accounting software on the desktop, most of the people prefer to host in on the cloud server of the 3rd party hosting provider. Shifting to the amazing cloud accounting solution is also a cakewalk as you just have to choose the best hosting provider, buy their cloud package, give licensing information of your accounting software and that’s it.

But even with so many benefits, there are many people who still prefer to use the traditional accounting solution and that is because they are surrounded by various myths of cloud accounting solution. If a business is using traditional accounting solution in the modern-day world then its growth and survival in the industry will become questionable. So, in this blog post, we will be debunking some of the very famous myths of cloud accounting so that you can wipe out the clouds of myth surrounding your business and capitalize on the latest technology.

It’s expensive

There are many people who think that it is very expensive and it will turn into a money-guzzler for their business but the truth is just opposite of what people think about this modern-day accounting marvel.

You should know that the exceptional cloud accounting solution is very economical and it can easily fit into your limited budget without any hassle. You don’t need to build an IT infrastructure or hire any IT team for managing the infrastructure as when you choose a third party hosting provider for your accounting software, you get the public cloud server which is managed by the hosting provider. Your accounting software will be hosted on the same cloud server and that’s why you don’t need to build any IT infrastructure. Along with this, the hosting provider also offers round the clock customer support without any extra cost.

Upon proper analysis and research, you will be able to host your accounting software in even $27/month/user. So if you are not shifting to it because of price then you need to have a look at the cloud accounting market and know the reality of price.

It's complicated

There is no doubt in the fact that most of the small and medium-sized business owners are not IT expert and that’s why they don’t want to work on a complicated IT solution. But that shouldn’t be your reason for not choosing cloud solution for accounting as even with so many features, it is very easy to use. Many people think that after shifting to it, they will have to spend a large portion of their business working hour in learning the new accounting solution and that will hamper their continuity but that’s not true.

Even after shifting to it, you will get the same interface of your desktop accounting software. So everything will be the same on the cloud platform instead of your enhanced productivity, accuracy, efficiency, and effectiveness. It is very easy to learn and just within a few days, you will be able to master the art of using hosted accounting software.

Along with the ease of use, the shift to cloud accounting is also very easy and your business won’t be hampered because of this. Just after buying the cloud package, the hosting provider takes care of all the things and if you have chosen a good hosting provider then they will make sure to make the shift seamless and effortless for you.

It results in loss of control

Along with the misconception regarding the use and cost of cloud accounting, loss of control and security issues is also one of the most popular myths. Even in the age of technology, there are many people who think that their local hard disk is the safest place to store their sensitive financial data and if they will shift to cloud then there data will become vulnerable to various safety risks.

But you should know that it is one of the safest ways to store your sensitive business data and even the giant firms prefer cloud storage as it offers bank-level security. There are various layers of security deployed on the cloud platform like multi-factor authentication and encrypted data. Even for the smartest hacker, it will be near to impossible to breach into a data stored on the cloud platform. Along with this, the hosting provider also adopts the bets safety protocol on both virtual and physical level to ensure maximum security.

You will also not lose control over your data after shifting to the cloud accounting solution because as an admin, you can restrict the different users to certain areas of your accounting software. In addition to this, you can monitor all the users and get real-time updates of changes made in the book without much effort.

So, if you are restricting yourself from the advantages of cloud accounting because of the above-mentioned myths then it’s high time for you to understand cloud accounting in a better way and shift to this amazing accounting solution as soon as possible. There are many people who are not able to capitalize on the advantages of cloud accounting because of the above-mentioned and you shouldn’t be one of them.

Image credit: Pixabay.com & Pexels.com

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