Cloud Accounting AND Cloud Accounting Firms A Competitive Advantage For Business
Competitive advantage is the favorable position an organization seeks in order to be more profitable than its competitors. This article claims that cloud accounting and cloud accountants can provide businesses with such a competitive advantage.
The eternal struggle of business is the struggle for advantage. The one with more advantage wins, the one with less advantage loses. (Bernard (Bernie) Boar)
What is the Cloud?
Most of us have heard the term “in the cloud” and many of us know what it is. But for those who don’t, a few words to introduce the term.
The cloud is what you use when you use internet banking. The cloud is what you access when you check your Gmail account.
You are no longer using the hard drive on your computer to access data.
The cloud is what makes data accessible online anytime, anywhere, from any device.
The cloud and accounting software: A match made for this century
Since the accounting data can be accessed from any device with an internet connection, online accounting allows business owners to stay connected to their data and to their accountants.
The software can integrate with 3rd party add-ons. It’s scalable, cost effective and easy to use.
Traditional accounting systems have the following weaknesses
- The data in the system frequently isn’t up to date
- The software needs upgrading periodically. It’s expensive and disruptive.
- It only works on one computer. Data needs to be copied frequently using a USB drive. This is not secure or reliable.
- Only one person has user access. Key people can’t access financial and customer details. Reports need to be emailed to them.
- It’s costly and complicated to keep backups. Frequently they are not done.
- Customer support is expensive and slow.
If the above is a concern for you then consider cloud accounting.
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