Top 10 advantages of moving your accounting to the cloud

Good accounting is a priority for any company. The preparation, monitoring and control of accounting items is essential to ensure the good financial health of a business. More and more companies are moving their accounting to the cloud. We tell you why and what the advantages are.

Long gone are the days when companies managed their economic activity and their accounting manually through record books. Today, the vast majority of companies carry out their financial exercises through accounting and invoicing software that greatly streamlines a previously tedious, lengthy and unreliable process.

Technology has brought a great advantage to the world of business finance and accounting. In addition to shortening the process time, modern accounting software avoids human error, which, in this case, can have dire consequences for the business.

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Years ago, most companies opted for the on-premise model, considered more secure and easier to control. However, cloud technology has evolved a lot, now more secure, productive and easier to manage than years ago.

Undoubtedly, the savings in procurement and maintenance, as well as in the integration and monitoring process, is one of the great advantages of cloud infrastructure. Basically, the cloud environment allows companies to purchase software and pay only for its use, without having to make large upfront investments. All issues related to the maintenance and security of the tool are outsourced.

It is for this reason that more and more organizations are migrating their accounting to the cloud, in addition to providing greater flexibility and scalability.

Below we list the benefits of moving your accounting to the cloud environment.

Top 10 advantages of moving your accounting to the cloud

1. Easy and fast implementation

It's no news that legacy infrastructure requires a lengthy, tedious and expensive installation, implementation and customization process. In the cloud, on the other hand, installation times are much faster and require much lower initial investments. On the other hand, one of the big problems of on-premise technologies and infrastructure is their lack of flexibility in terms of interoperability. It is possible that on-premise accounting software is not compatible with the rest of the legacy platforms we have. Even more common is that, over time, we may want to upgrade or renew our software. In the case of on-premise infrastructure, these changes may force us to also have to change our other available tools due to compatibility and integration issues.

The cloud solves all these problems, streamlining the software acquisition and implementation process.

2. More secure accounting

As we have already mentioned, nowadays the security systems of cloud services comply with all data security guarantees. In addition, having financial information in the cloud, where backup copies are made on a recurring basis, prevents the loss of critical information in the event of a failure in local servers or corporate facilities.

3. Easily accessible accounting

Cloud accounting and invoicing software allows companies to access their financial data from any device, anywhere. On-premise infrastructure, on the other hand, limits access to information to a single environment, making it difficult to manage accounting remotely or from outside the company.

4. Error-free accounting

Another great advantage of cloud accounting and invoicing software is that it contains control systems that reduce the rate of human errors. We all make mistakes, and in the accounting area, mistakes are easy to make, but the consequences can be very serious. However, cloud software makes it easier for accountants to catch the mistake and correct it before it is too late.

5. Faster

The vast majority of accounting software and tools incorporate automation options. For example, they can automatically transform your accounts into financial reports. On the other hand, many softwares include the option to generate workflows that speed up the work and automate part of the accountants' tasks.

6. Automatic updates

Updating on-premise software is a highly time-consuming and labor-intensive process. In addition, it involves the intervention of several people due to the possibilities of customizing the software to the personal preferences and needs of different employees. However, in the cloud, the software is updated automatically and periodically, so that companies that opt for the cloud environment ensure that they always have the latest version of their accounting and invoicing software.

7. Facilitates collaborative work

The cloud environment favors teamwork, allowing several team members to work on the same processes or projects at the same time. In addition, some cloud software integrates communication and collaboration spaces where accounting managers can share their processes, workflows and communicate seamlessly.

8. Visualization of your accounts

Migrating your accounting to the cloud will allow you to take advantage of the technological and reporting resources of the cloud environment to transform your financial data and your monthly accounts into visually attractive reports with performance indicators and KPIs updated in real time. In addition, the reports will be available on any device and you will be able to consult them both from your computer and from a mobile device.

9. Lower cost and long-term savings

On-premise software not only tends to have a higher acquisition cost than cloud software, but also has many associated costs, both in the short and long term. In the short term, to the acquisition cost we have to add the cost of the licenses, as well as the hiring of experts for the installation and integration of the software in the corporate environment. In the long term, the maintenance of on-premise software is the main reason why it is much more profitable to bet on the cloud. The maintenance of this type of software entails significant cost overruns that simply do not exist in the cloud.

In short, the cloud environment usually ends up being more economical than the on-premise option, especially considering that it is more flexible when it comes to providing resources that promote savings and prevention of cost overruns.

10. A single view of the truth

System integration is another of the great advantages of the cloud. Moving your financial data and accounts to the cloud environment will give you greater integration options with other tools, as well as simultaneous updating of data in all of them. Basically, the cloud environment is much more efficient in terms of providing a single view of the truth across all software, tools and devices.