What is Cloud Accounting Software?
Cloud Accounting Software, such as QuickBooks Cloud, is accounting software that helps you maintain your books of accounts online. Unlike the traditional accounting software installed on your desktop, computing accounting software is hosted on a remote server rather than a server on your business premises. It is based in the cloud instead of being installed on your computer.
Thus, in a cloud accounting software, the accounting data is sent to the cloud, processed on a remote server, and then returned back to you as a user. In simple terms, cloud accounting software allows users to access software applications through the internet or other networks through a cloud application service provider.
Thus, you as a small business owner need not install accounting software separately on every desktop being used in your firm. Further, since everything is based online, your employees sitting in any part of the world can collaborate and access the data uploaded on the cloud accounting software from any part of the world at any time.
Problems With Traditional Accounting Software
When you are starting your own business, traditional accounting software may seem to be a good option for managing your books of accounts. But there are certain challenges with the traditional accounting software that you need to keep in mind before investing in such software.
Costly License
The traditional accounting software licenses are typically expensive. Furthermore, shelling out money each time a software update is released or investing money for storing data can turn out to be costly as well as time-consuming for your small business.
Data Not Up To Date
The data stored in the traditional accounting software is not up to date unless one manually updates the latest invoices, expenses, incomes, etc. In addition to the data, the software updates do not take place regularly. This is because it is expensive, challenging, and time-consuming to upgrade the software with the latest updates.
Limited User Access
Since the traditional accounting software is individually installed on certain desktops, the financial information can be accessed only by limited users, that is, the persons on whose desktop the accounting software is installed.
Since the important people of the company are unable to access the financial information and client details, the teams are unable to collaborate.
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