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What Is Cloud Accounting – All You Need to Know

Cloud accounting is a solution that enables employees in different departments, remote locations, or branch offices to have access to the same data and the same version of software, as well as perform all application functions off-site rather than on-site. the business desk. Cloud accounting software is hosted on remote servers, as is software as a service (SaaS) in the middle of the week. Accounting data is sent to "the cloud", where it is processed and transferred to the user.

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What Is Cloud Accounting – All You Need to Know

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  1. What Is Cloud Accounting – All You Need to Know

  2. Cloud accounting is a solution that enables employees in different departments, remote locations, or branch offices to have access to the same data and the same version of software, as well as perform all application functions off-site rather than on-site. the business desk. Cloud accounting software is hosted on remote servers, as is software as a service (SaaS) in the middle of the week. Accounting data is sent to "the cloud", where it is processed and transferred to the user.

  3. Why cloud accounting? • There are several reasons why companies should consider cloud accounting. Here are 4 main reasons why cloud accounting is beneficial.

  4. Automation of various manual accounting and bookkeeping processes. • For starters, cloud accounting comes with automation capabilities that allow accountants or bookkeepers, as well as their clients, to maximize efficiency and save more time, allowing them to dedicate more time and resources to growing the business.

  5. Easy scalability to meet growing business demands • Let's say your business is currently running between 50 and 500 transactions per month, but then experiences a skyrocketing increase causing this number to skyrocket to around 50,000 transactions per month. How will you handle this growth? It would be much easier to manage and maintain growth when you have effective cloud accounting systems.

  6. Eliminate a "paper" environment • Cloud accounting facilitates a paperless environment that does not require any physical storage or paper document management. The benefit of this is not only a cost and office space advantage, but it is also ideal for a fluid work environment.

  7. Integration and updates • Unlike traditional accounting, cloud accounting can be upgraded. This is because it has the ability to integrate with other cloud solutions, which will improve the power and efficiency of your cloud accounting technology stack.

  8. Benefits of cloud accounting • Access your accounts from anywhere • With cloud accounting, you have 24/7 access to your vital business numbers, from anywhere you can get an Internet connection. Consequently, this eliminates the need to get your work done from a single central computer located in the office. • All you have to do is log in via a web browser from your computer or use your provider's mobile app to enable accessibility from your tablet or phone.

  9. Access to information in real time • Real-time reporting is easier for you when bank reconciliation and accounting are up to date. Cloud accounting provides you with an instant overview of your company's current financial status, rather than reviewing past reports that are out of date by days, weeks, or even months. • The essence of this real-time overview will be seen when making important financial and strategic decisions as a management team, budgeting for future expenses, and evaluating your cash position.

  10. Access to the application ecosystem • The essence of open APIs is that you can incorporate a variety of third-party tools and applications to expand your essential business process. There are market-specific project management tools, online billing applications, cash flow forecasting applications, and many other practical solutions to consider. • Overall, these tools allow you to alleviate the pain and burden of unnecessary administration, as well as proactively identify problems, reduce resource costs, and save more time.

  11. Live banking feeds • Many cloud accounting platforms provide live information to your bank accounts, giving you the opportunity to link your banking operations directly with your accounting. So a live stream streams your banking information directly to your accounts, rather than having to manually enter each bank statement line or upload a .CSV file that you downloaded from your online banking portal. As a result, this gives you a more accurate view of your bank statement and speeds up bank reconciliation.

  12. Always working with the latest version of the software • Another thing is that you will always use the latest software version every time you log into your cloud accounting platform. You won't have to go through costly and time-consuming updates; all you have to do is log in and start working. Plus, your software vendor will automatically take care of all security fixes too, so you don't have to worry about that.

  13. Secure data exchange • With cloud accounting software, it is very easy to allow access to your accounts when working with your bank, advisors or accountants. You won't have to turn to USB sticks or send emails from time to time. Essentially, your accounting team has secure, real-time access to all of your financial data.  • This is not only safer and faster, but it also provides your advisors with the data they need to advise and support you, progressively.

  14. Online payment connected • Did you know that multiple payment apps can be linked to your online invoices and accounting? Yes, and this allows customers to pay you automatically, thus speeding up payment times and relieving the stress of administrative duty on you or your workforce.

  15. Reduce costs • Unlike traditional software, cloud-based software doesn't require you to spend on certain things, such as system administration, updates, maintenance, and other related costs.

  16. Provide automatic updates • Cloud-based software is characterized by automatic updates that allow you to increase security and further enhance the functionality of the application.

  17. Challenges • Security threats • One of the main concerns of cloud computing as a whole is growing security threats. Cloud computing faces security issues like account hijacking, hacked APIs and interfaces, broken authentication, compromised credentials, and data breaches. By implication, it makes it difficult to trust a third party with sensitive and vital data. • To handle the issue of security risks, we recommend that you adopt a secure cloud BI tool that can leverage appropriate security measures, such as access control mechanisms, authentication, and secure management verification. SaaS provider user identity. • Insufficient availability of resources / expertise • Lack of resources and / or expertise is another cloud challenge that businesses face today. As a result of the increasing workload being stored in the cloud, there is a need for companies to provide additional training for IT and development staff.

  18. Cost management • Costs are another challenging factor with cloud accounting. Yes, cloud accounting can save you some money up to a point. In the cloud, you can easily increase the processing capabilities of your business without having to spend a lot on new hardware, thanks to the pay-as-you-go models of public cloud providers. However, it can sometimes be difficult to define and predict costs and quantities due to the scalable and on-demand nature of cloud computing services. To address this problem, you would have to optimize costs through proper financial reporting and analysis, as well as automating policies for governance.

  19. Is Cloud Accounting Secure? • Cloud-based accounting security is quite subjective. First of all, considering how sensitive the data associated with cloud accounting applications is (for example, financial and banking data), security is a very vital issue in the cloud accounting realm. • However, when we also consider traditional computer accounting software, which poses the threat of a serious problem if a company's desktop is damaged, lost, or stolen, cloud accounting is relatively very secure. • Generally, most cloud accounting solutions use innovative approaches such as encryption and multi-factor authentication, which ensure the security of sensitive data. Additionally, cloud providers often place backup servers at two or more sites. This means that you will still have access to your data even if a server's network fails. • Therefore, data in cloud accounting is relatively very secure, unlike information that is kept only on premises, which could be damaged or destroyed in a fire, flood, accident or any natural disaster, and it is possible may he never recover.

  20. Conclusion • In essence, cloud accounting is the new hot bread for companies whose goal is to manage their business finances in a convenient, efficient, and secure environment. An excellent example to use here is Internet banking: people were reluctant at first, but now everyone accepts it. In fact, it is the safest way to bank. In the same way, cloud accounting will contribute greatly to small and large businesses, as the world continues to digitize. Don't be left behind!

  21. About Us • The FastLane Group is an accountancy and advisory firm with a presence in Hong Kong and Shenzhen. We combine innovation and technology to provide professional services with a particular focus on entrepreneurs, start-ups, fast growing technology companies, angel investors and venture capitalists. The FastLane Group provides best in class services for businesses looking to operate in Hong Kong, China and ASEAN region. Offering a diverse range of professional services, including accountancy, auditing, company formation and payroll management and HR advisory assistance, The FastLane Group is able to provide a holistic and comprehensive suite of services to our clients. • Website - https://fastlanepro.hk/

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