How Cloud Based Accounting Saves Time and Money

Small businesses are typically the first to respond to the newest industry trends. They have the flexibility to shape their infrastructure around the newest solutions. Currently, 11 percent of businesses with annual revenues under $25 million have switched to cloud based accounting software, and that number is expected to rise at a rapid pace.

What these businesses have realized is that by outsourcing their accounting needs to IT security and accounting professionals, they are able to save an incredible amount of time and money which can be better reinvested right back into growing their ­company.

Decreased Spending on Hardware Maintenance and Replacement

Hardware maintenance costs alone can be a substantial part of your yearly budget. Most IT professionals recommend you replace your computer system, your network , and other necessary infrastructure accessories once every three years. With cloud based accounting software, the bulk of the computing is outsourced to remote servers, which can extend the life of your in house hardware by an additional three to five years.

Increasing Your IT Support

Keeping your information secure is vital to business success. This is why, if you are planning on keeping your accounting practices in house, it is crucial to have regular access to IT professionals, who can ensure that you have the latest antivirus and firewall protection. For many businesses, this may mean needing to maintain an IT support professional as part of your staff, which can be incredibly costly. Cloud based accounting software comes with access to the absolute latest security technology, as well as a remote team of highly qualified IT professionals.

Others with in home accounting software may opt to have an IT professional check in with your system on a weekly or monthly basis. While this can substantially reduce costs, it also makes your information less secure. Emergency breaches may not be attended to for hours or even days after a potential information leak, which makes you and your clients vulnerable to those who would misuse your information for their own gain. When you or your staff must wait for IT assistance, key business operations may grind to a stop, causing frustration and wasting valuable time.  Cloud based accounting software includes a round the clock team of IT professionals, who are able to address your needs as needed, and who often do so before you even know there is a problem.