In this digital era, there are a lot of changes that are seen in the way a business functions. Accounting has also been witness to such changes. There is a new concept called cloud that is used for storing data. This is very useful for companies since they have the need to handle a huge amount of data. Services for maintaining books of accounts to payroll management system can be handled by experts hired for this purpose.
- Both cost and time-saving:
The working is done online and so there is a lot of cost and time saving done in this system. It saves time by keeping in touch with the business without any interruption. In a normal company, huge overhead cost is involved in investment in hardware and also maintenance of the same. You should also be recruiting a lot of expert IT personnel to maintain the server. This cost is considerably reduced when using cloud accounting like xero bookkeeping services. There is no hardware that the company should maintain and no need for experts regularly employed for this cause. All the work is carried out in the cloud.
- Mobile access:
The advantage of cloud accounting is that you can access these on the go from anywhere on your mobile device. In the traditional system, you must be present in the physical office set-up since everything is stored in the desktop computers. These are available only when you are available at the office and you cannot access them from anywhere else since they are on a local drive. This was a huge handicap all these years. With data encryption, all the data are stored on the cloud server. If you have an internet connection, you can access the server from anywhere you want. There is no interruption in your work.
- No back-ups:
Creating and maintaining backups has been a tedious task. Every time your desktop gives you an alarm of receding storage space, you need options to store the data. These accounting data are very crucial and need to be stored for a long time. Creating back-ups was the only solution available. There is a lot of time and money saved by eliminating the need for backup. The work is done online and so everything is saved as you work, online.
- Extreme security for data:
Cloud-based accounts are maintained with great levels of security. They are encrypted and stored in the cloud so that no external access is possible. Access to accounting information can be restricted to a select few.