In today’s fast paced world, you need a cloud based accounting system that will allow you to access and manage information on the go.
While traditional systems may still have their place in the business world, over Three Quarters of small businesses will utilize cloud technology by 2020.
What is cloud accounting?
Unlike traditional accounting software, like the programs you execute from your computer, cloud based accounting is accessible from a web page or a program that stores its data on the cloud. Webopedia defines cloud computing as the following:
In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider. Using cloud computing accounting software frees the business from having to install and maintain software on individual desktop computers. It also allows employees in remote or branch offices to access the same data and the same version of the software.
Some of the advantages to this form of accounting practice offer security, accessibility, and practicality.
What are some Advantages
The advantages of cloud accounting compared to traditional accounting practices offer an increase in security, accessibility, and practicality.
- Up to date transactions
Cloud computing allows your transactions to occur in real time. You are able to get a financial snapshot of your business at any given moment.
Save time and money with automation. Transactions and numbers are crunched automatically, so there is no need to have someone manually adjusting or entering transactions.
- Reduce Costs
Reduce the need for maintenance, upgrades, and system administration that come along with traditional software programs.
Know that your data is safe from cyber attacks that can cripple your business. Look for a company that has the ability of the cloud to backup your information daily and roll it over to a new server.
With traditional software, you risk loosing everything on your computer, including your financials.
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Is it Right for Your Business?
From operating a single restaurant to 50 restaurants, cloud computing can save you time and money when done correctly. Let Navrae help you save even more by managing most back-office tasks for you.
Track your employees cost and time by job code with Navrae’s Payroll Service. See breakdowns on time, cost, and taxes at the end of processing payroll to get a better handle on your COGS.
A bonus to using cloud computing is smooth integration with other third party supplies. However, the costs can begin to add up when your doing this. Navrae offers a wide range of solutions without the need to purchase cloud based software.