So you have a number of devices at your disposal – and you can use any of these to access your financial records anytime, anywhere. This setup basically means that you are operating a distributed system to tie in your overall business financial operations. This is how encompassing the cloud computing features are — it helps empower business owners like you through its variety of available cloud-based software.
Cloud computing functions
With the influx of cloud computing platforms and the modernizations in current versions of mainstream online accounting tools, it’s easy to lose sight of the core of these online enterprises. Here’s a quick rundown to refresh your memory:
In cloud computing, sharing resources means having a collective access to the records stored in your software. In many instances, this is also seen in the simultaneous interaction between the client and the accountant. MYOB allows efficient collaboration between you and your adviser by synchronizing your contacts with Outlook or Address Book. Practically every cloud accounting platform boasts of this feature – the ability to share and access stored data seamlessly without interference regardless of the number of users currently accessing the files.
Innovative technologies require convenient integration to ensure that new components can be easily incorporated into existing ones. If you are after a cloud accounting tool that considers third-party integration as a priority, Xero just might pique your interest. Xero has an open API feature which makes it relatively easy to integrate other applications into the system. You can also explore other cloud accounting software for a more diverse integrations that can personalize your experience.
You need a platform that supports and grows together with your business and finances. Cloud accounting tools usually have scalability features to cope with the increasing demands of their users. Take for example how Xero provides access to all the members of your accounting staff – and everyone else who needs to stay on top of your books. Xero offers this for free. You can also avail of this feature on QuickBooks for an additional charge.
Fault tolerance ensures the operative retrieval of files 24/7. Whereas traditional accounting systems are prone to errors and may be corrupted when the system encounters glitches, cloud computing’s mechanism ensures backup for your files and uninterrupted operations. This form of data security is one of the most prominent rationales why many business owners have shifted to the cloud.
When applied to cloud computing, transparency can be closely associated with clarity and availability of information, including the thresholds the service can provide, and where the data resides. Although the platform is a clear game-changer in the otherwise former traditional ways, it still lacks the visibility in the manner they use the data of their clients.
To date, industry giants like Microsoft and Google have made great efforts in disclosing their security measures as part of their shared responsibility in taking their users’ information to the cloud.
Every cloud accounting tool has its own set of features beyond those that are mentioned in this blog. These features clearly define which cloud accounting software best suits your business, whether you’re outsourcing your financial accounting in the Philippines or processing your own internally.
See Here: QuickBooks Online vs. Xero
How can cloud computing help businesses?
Aside from the usual cost-effectiveness and improved collaboration it offers, cloud computing lays down an array of extended capabilities that lets businesses tap into software and services that best fit their requirements. It takes your internal process up a notch by introducing elements of automation, flexibility and accessibility, which then translates to an added value to your services.
When cloud computing features are used to their maximum potential, your organization doesn’t have to worry about falling behind and losing its competitive edge in today’s fierce competition. This way, you maintain your grit and sustain the growth as your business scales.
D&V Philippines offers premium finance and accounting solutions and utilizes top-of-the-line cloud platforms in crunching your numbers. We also have an impeccable cybersecurity measure to protect your financial information. For additional resources, you may grab your copy of our guide Investing for the Future: Adopting Cloud Accounting for Your Small Business or contact us for a free consultation.
This post was first published 25 August 2014 and edited 24 February 2022.
Edited by: Maria Katrina dela Cruz