QuickBooks is one such software that has simplified most of the financial tasks for accounting professionals like invoicing customers, managing bills, tracking daily expenses, and more. Depending upon the requirements, QuickBooks offers different versions (Pro, Premier, Enterprise, or Accountants) to fit the business needs.
Moreover, to take it up a notch, most of the accounting professionals host this accounting software on the cloud. Cloud technology has helped professionals to counter various challenges faced during accounting operations, such as:
- Limited access to financial data
- Organization of a large amount of data
- Unavailability of real-time metrics
- Security threats to the crucial files
- High operation cost
Therefore, QuickBooks desktop cloud hosting has provided efficient solutions to accounting professionals, hence, increasing their productivity.
Here are some points on how hosting QuickBooks on the cloud enhances the efficiency of accountants and CPAs.
1. High-Availability Of Services
Accounting is one of the most vital parts of any business. To ensure better performance and workload reliability, the accounting system needs to be up and running all the time. The unavailability of servers cause disruptions that can negatively impact business operations.
QuickBooks hosting providers try to offer maximum availability of the servers to the businesses. The SLA (Service Level Agreement) mentions the uptime guarantee promised by the cloud vendor. Generally, hosting providers offer more than 99.99% uptime guarantee.
Moreover, some of the QuickBooks hosting providers ensure data redundancy by storing the information at multiple data centers present at diverse locations. It helps to recover data even in case of any natural disaster.
Most of the QuickBooks hosting providers offer their users round-the-clock support for solving any maintenance related issues.
2. Remotely Accessible Information
Given the current scenario of the business world, professionals are always on the move. Hence, it is crucial to have access to the necessary files and documents from anywhere and at any time. Moreover, the collection of relevant data from clients for the financial and tax filing process is also an important part to consider.
To cover up this gap, QuickBooks desktop hosting offers real-time access to the accounting software and necessary financial information on the go from any internet-connected device. This has eliminated geographical barriers for a smoother workflow. It enables businesses to opt for work-from-home practice, which results in an increased employee satisfaction rate.
The information-gathering process is also simplified as clients and accountants can exchange data on a common cloud platform.
3. Transparency Within The System
Every business task is interdependent on another. For example, the tax filing process needs input from accountants, CPAs, tax professionals, and other stakeholders. Therefore, there is a need for a multi-user collaboration system for a streamlined workflow.
Hosting QuickBooks software on the cloud enables accountants to have a better performance monitoring system and manage the work of their subordinates easily. The teams can collaborate on a common platform and share the required resources as per their work demands. The transparency within the system further builds trust between accounting professionals and their clients.
Cloud has also improved the process of outsourcing services for small business owners. Each task can be tracked in real-time to ensure quality control and data privacy.
4. Reduced Errors
Accounting involves compiling reports and returns based on the calculation of a large amount of data. Humans are prone to committing errors by altering the required facts and figures. These simple errors can cause a considerable loss to a business.
QuickBooks helps to import financial data directly into most of the tax software, which reduces the chances of any errors caused due to manual entry. Furthermore, QuickBooks hosting provides a common platform to store all the documents that minimize data redundancy. It ensures one version of a particular file and avoids any further confusion.
5. Security Of Data
Financial data is at the core of every business. The security threats like hardware malfunction, ransomware attacks, accidental loss, etc. can disrupt the functioning of a company. Therefore, saving confidential data on local systems can be harmful.
By hosting QuickBooks Desktop software, all of the necessary information is stored in geographically isolated datacenters. The cloud vendors provide regular data backups so that continuity of business tasks is ensured even in an emergency scenario. QuickBooks hosting providers take different security measures to protect the financial data, which includes:
- Anti-malware and antivirus
- Multi-level authentication system
- Multiple firewalls
- Intrusion detection/ prevention system
- End-to-end encryption
6. Seamless Integration
Along with the QuickBooks application, accountants need various other software to increase their functionality and serve clients better. Therefore, QuickBooks integrates with different third-party add-ons to fulfill the requirements.
For example, QB integrates with T-sheets for time-tracking services and Drake software to directly import the financial reports; hence, reducing the manual data entry tasks. However, the number of integrations affects the performance of accounting software hosted on the local desktop.
QuickBooks hosting enables integration with an unlimited number of add-ons without facing any hardware limitations.
7. Scalability Of Resources
Accounting professionals require scalable resources to fit the fluctuating demands of the business. Investing in physical infrastructure can cause inefficiency and maintenance issues.
Opting for cloud technology makes it independent of the local system and enables users to upscale or downscale resources such as storage, memory, number of users, and more as per the requirements. It further eliminates unnecessary efforts and investments required to sustain these resources.
QuickBooks hosting amplifies the performance of the accounting professionals by manifolds. Different factors like easy accessibility, automated data management, and multi-user collaboration, among others, come together to make the accounting process more efficient. Hence, every accountant needs to embrace the power of the cloud in order to outperform their competition in the market.
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