As experts would suggest, the concept of cloud computing is not just a marketing tool – It is an improved way of acquiring business services in a faster, cheaper and better way. It is used to run many business functions. For us accountants, we use this tool to provide better and affordable service to our clientele.
Let us define how cloud computing is being used in Accounting.
What is cloud computing?
Simply, it is “online accounting”. It refers to transactions being performed over the internet. It is as if you are doing business on the web. This does not require you to install software in your own computer. Your internet connection is all you need!
Are you aware that you are already using cloud computing?
Basically your Gmail account is already using “the cloud concept.” Data is stored remotely and is accessible from any computer. Similarly in accounting, there are Cloud Accounting softwares (like MYOB in Australia) that can store your data. By purchasing the service, you can access your financial data via your web browsers – anytime, anywhere in the world.
Cloud Accounting eliminates the need for you to hire a personal accountant or bookkeeper. We act like your virtual accountants. We give you subscription over the internet where you can be able generate your own financial reports at your own convenience.
What does “the cloud” mean to your business?
- Availability of data anytime – All you need is an internet connection! You are no longer tied down in one computer.
- Mobile workforce – You can access data from your home, office or mobile phone. Just log in to your server’s webpage then you are good to go.
- Reduced expenses – No need to maintain expensive computer hardware. No need to buy multiple and expensive servers and no need to hire an IT. Less stressful – No need to worry about complex IT systems. Need not fret if your computer gets crashed or stolen or burnt or what not… your data is all kept in a secure place.
- Information can be updated and accessed from any computer anywhere in the world.
- Only ledger is kept and is filed in the cloud, which means – improved accuracy of the information, hence, minimizes errors at BAS and tax time.
What should you do now?
You will surely ask yourself – is it worth to get into the Cloud? Ultimately, it will be up to you. But take note that large businesses are really taking this tool very seriously though.
The concept of the Cloud may just be a ‘hype’ for now but take note that it is actually the future of how the developed world will all soon interact. Remember that Cloud Computing can change the way we do business.
Find out what cloud computing can do to your business.