As more people throughout the world begin to use the cloud software in their everyday lives, it was only a matter of time before cloud software would become more prevalent in the accounting industry. Many firms are however resistant to make the move from traditional accounting services to implement these Cloud alternatives. General mistrust of these systems is holding many firms back.
The cloud accounting software allows data to be accessible online, anytime from any device. This ‘paperless’ environment created by the use of the cloud can allow for flexibility, reduce maintenance and, in turn, reduce efficiency.
Global technological advances mean it will be impossible soon to run a business without having an effective online cohesion between employers across a company. The Cloud allows for the convenient and quick sharing of data between multiple people.
There are questions over whether cloud software is safe, but all files are individual password protected and backed up on more than one server so the crash of a server doesn’t mean data is removed nonetheless there are still external threats, but the cloud does well to protect against these.
Around 78% of small businesses will solely rely on cloud technology by 2020 it is predicted. Small businesses cannot ignore this technology.