Accounting Software Hosting: The Next Big Trend in the Accounting Industry

accounting software

The accounting industry is up for a massive transformation. With 1.28 million accountants and auditors in the U.S. (as in 2019), the industry has witnessed tremendous growth in the last few years. In addition, the industry has realized the importance of cloud technology, especially during the Covid-19 outbreak. With most CPA firms and accountants moving to the cloud, you might be thinking of the same for your organization.

More precisely, you can benefit the most by switching to accounting software hosting with the help of a reliable cloud solution provider. If you feel reluctant to make the required transition to the cloud, continue reading for your benefit.

6 Reasons You Should Switch to Accounting Software Hosting for Tax Season 2022

  • Best suited for remote work environment

As per the reports, the pandemic hasn’t ended yet. With new variants coming up one after the other every few months, you never know when you would need to continue working from home under strict regulations. However, if you have faced the impact of stalled business operations earlier, you can be ready to face challenging times by migrating your accounting software to the cloud.

Whether you use QuickBooks or Sage accounting software, you can access it from anywhere after moving it to the cloud server. You can also get the benefits of 99.995% SLA-backed uptime by selecting a reliable cloud hosting provider.

  • You need not worry about data security.

As an accounting firm owner, you might have felt the load of keeping financial data safe and secure. However, if exposed illicitly, it can cause considerable damage to both your business and clients. With cybersecurity concerns growing, the traditional way to keep the data secure may not work as expected.

However, with the help of accounting software hosting services, you can ensure that the best-in-class safety measures will be deployed to safeguard your data and software. For instance, a reliable accounting software hosting provider like Verito Technologies has invested in an advanced security framework that includes firewalls, multi-factor authentication, intrusion detection, to name a few. Also, their IT experts regularly check the cloud environment to provide timely updates.

  • More money in your pocket

If you choose to maintain an in-house desktop environment, you cannot avoid making the required investment for software, hardware, and IT maintenance. On the other hand, availing of cloud solutions from a renowned cloud provider for your accounting business asks for much less capital investment. The cloud service providers bear all the expenses related to software or hardware upgrades, security, or maintenance in the cloud-hosted environment.

In other words, you only need to pay a fixed monthly amount based on the hosting plan you select for your team. You and your employees can work remotely without losing productivity along with the resulting cost-savings.

  • All-time data availability

When you are in the accounting business, you cannot assume you will only need access to the accounting data during work hours. Many CPA firms follow the traditional method of storing sensitive client data on the local computers installed in their offices, limiting access to the data. Besides this, man-made or environmental hazards can cause a loss of data.

Think of accounting software hosting as a fail-proof solution for unhindered data availability. The chosen cloud solution provider will also back up the data regularly on strategically-connected data centers located in different regions.

  • Team collaboration without restrictions

One of the most important aspects of running an accounting business is maintaining seamless collaboration between your team members. Unlike the old way of sharing multiple copies of the same file across team members, you would want to work quickly and efficiently and allow easy collaboration between your team members. Next to eliminating the redundant copies of the same file, you expect the solution to support remote work requirements.

Look no further than cloud hosting for your accounting software to cover all these needs in one go. It will increase your team’s efficiency with easy collaboration for work without the need to send files back and forth. Multiple users can work on the same cloud-hosted file simultaneously.

  •  No more hassles related to scalability

The workload does not always remain the same for people working in accounting firms. While it goes up during the tax season and asks for enhanced IT infrastructure, it comes back to normal after the season is over. Therefore, investing money in additional IT resources for in-house setup does not make sense for rare use cases.

Migrating accounting software to the cloud can provide flexible hosting plans that you can scale up or down depending on the workload.

Conclusion With the pandemic’s global spread, remote support facilitated by cloud solutions has become a necessity for CPA firms and accountants. As detailed above, now is the right time to switch to cloud hosting.

TechNews
Author: TechNews

TheLatestTechNews is a personal blog and through our passioned guest authors we are covering various topics and news about Tech & Technical News about the latest technologies, the latest computer technology & IT tech news, Smartphones, Robotics, the Internet of Things, Artificial Intelligence, Digital Marketing, and SEO

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.