Why Cloud Accounting Software is Better Than Traditional Accounting for Your Business?

Do you want to manage your business finances and keep your data safe?

Are you still using traditional accounting software?

Are you looking for some affordable and a better option for your business?

If you want to know answers to these questions, keep reading this article.

When it comes to managing your business finances, you can’t afford to miss this new technology trend  – Cloud.

We live in the Internet era. Every day, more and more businesses are moving to cloud.

The term moving to cloud refers to a business moving away from a traditional model to the cloud model.

The Cloud solution is also known as on-demand service. It is an internet based solution, where shared resources and information are provided to computers and other devices on-demand.

Cloud Accounting VS Traditional Accounting - Easy Accountax

Why Should You Choose Cloud Accounting Software Over Traditional Accounting

With traditional accounting software, a business has one dedicated hard drive on which you need to install, configure, and run the accounting software and financial data is recorded. With the traditional accounting, upgrading software is a tough job.

With cloud accounting software, you don’t need to install any additional software and hardware.

Cloud based services have now become highly demanded services because of high performance, cost effectiveness, scalability, accessibility, as well as availability.

Let us show you some impressive cloud based statistics to make you understand the importance of this emerging trend:

  • It is predicted that the global market for cloud equipment will reach $79.1 billion by 2018. (Source)
  • 82% of companies reportedly saved money by moving to the cloud. (Source)
  • 80% of cloud adopters saw improvements within 6 months of moving to the cloud. (Source)
  • More than half of survey respondents say their organization currently transfers sensitive or confidential data to the cloud.
  • By 2018, more than 60% of enterprises will have at least half of their infrastructure on cloud-based platforms. (Source)
  • 41% of businesses are planning to increase their investment in Cloud technologies, with 51% of big and midsize companies planning to increase spend compared to only 35% of smaller firms. (Source)

Some businesses still prefer to practice traditional accounting methods, because they are not aware of the cloud solution. Here are some benefits associated with cloud accounting software. Take a look:

  • It is very easy to set up. You can set up your cloud accounting software within few minutes of order placement.
  • A Safe and secure system to keep your documents and financial data private. It also provides backup and data recovery in case of any disaster.
  • You don’t need to buy any hardware or install any additional software.
  • Cloud solution provides you flexibility. You can track your business finances from anywhere with just an Internet connection. You can work remotely.
  • Small businesses don’t have a big budget. Cloud is an on demand service which means you only have to pay for what you use. It will save your business money.
  • You have complete control over your accounting software. You can share the data or information with your team members.

See what Suresh Sambandam, Founder & CEO of OrangeScape has to say:

“In the pre-cloud ERA, the cost of building software was so high that we often have to define a scope and leave out functionality which we feel doesn’t fetch the ROI for automation. Cloud makes whatever that was previously left out of scope as candidate for automation now! Thanks to simplification, access and affordability brought by IaaS and PaaS.”

We strongly recommend that you should go for the cloud accounting software as you will have your financial data on your fingertips even when you are out of the office.