Last updated on March 31st, 2020 at 01:48 pm
The number of small businesses is increasing day by day and you will be surprised by the fact that there are now more than 30 million small businesses in the United States alone, but another surprising stats about the small business is that only 30% of the small business are able to survive till their 10th year in the business.
Although there are various factors which contribute to the failure of a small business, one of the most prominent factor is the carelessness of entrepreneurs towards their accounting. Most of the small businesses aren’t very much focused towards their accounting operations and that’s what leads to their downfall. However, there are some businesses that find that using accounting resources or supporting an employee who is interested in using this excellent resource for learning more about accounting may be one way of settling any issues they may have when it comes to finances for their businesses.
It is very much true that small business can’t afford highly advance technological solution for their accounting process but the evolution of technology hasn’t only evolved its innovations but has made it available for limited budgets as well and the same goes for accounting solutions like cloud- accounting,
however, there are some would prefer looking into accounting firms in nyc to help small businesses with their finances. It’s not just their finances that businesses need to consider now, there are so many other things that businesses need to sort out in order to make them successful. With the help of technology, it is now so easy for businesses to get things like a risk management cycle system.
Cloud accounting is the simple process of using your accounting software on the cloud, for example, QuickBooks cloud hosting. Although there are two options of putting your accounting software on the cloud; in-house server and hosting providers, the SMEs mostly prefer the hosting provider solution because it fits perfectly into their watertight budget, click here for more information on hosting providers.
So, in this blog post, we will be looking at how SMEs can streamline their accounting with the help of cloud computing solution and stay away from the category of 70% of small business who are not able to make it till their 10th year in the business.
The Power of Global Accessibility
One of the best things about the cloud accounting solution is that it gives small businesses the ability to access their books from anywhere and at any time. When a business opts for the cloud accounting solution, then the accounting software and the data of the business is stored on the cloud and that what makes it available from everywhere.
With the power of global accessibility, the small businesses are not restricted to their office desktop in order to access their books. Even while being at home, on the go, or enjoying a vacation on the beach, they are able to access their books and work on it through any device. They just need to open the server through their internet-enabled device and enter their login credential and that’s it. Accessing and working on the books has never been so easy and flexible.
Any IT solution of your business will not be able to survive without a good support and the same goes for your cloud accounting solution. While there is no feature of added technical support in the in-house server, but with the hosting provide solution, the users get dedicated technical support with round the clock availability.
When you will opt for a hosting provider for your cloud accounting solution, then along with an advanced hosting solution, they will also offer 24/7 customer support without charging any additional price. This technical support is provided by a dedicated team of IT experts who are well versed in answering queries and giving the best solution for your IT issues.
So, by partnering with the cloud accounting solution, you will be able to offload your IT hassles and give more time to your core job.
A Secure Environment
The financial data of a company is the most important data and therefore every small business should take proper measures for making their financial data 360 degree secure. But still, there are many people who think that storing their financial data on the local hard disk is the most secure option while in actuality, such practices make your financial data more vulnerable to security threats.
But that is not the case with the cloud accounting solution because there are multiple layers of security on the cloud and that is what makes the cloud a completely safe platform. Two-factor authentication, encrypted data, anti-virus, firewall protection, anti-malware, all these security measures keep the data on the cloud completely secure from each and every type of cyber threats.
Even the hosting provider adopt strict security measures on both physical and virtual level so that their client can work freely on the cloud without worrying about the security issues.
Apart from competition from local players, limited resources and always evolving technology, the downtime is another big obstacle for small businesses. Whether it is due to system failure or problem with the hard disk, the downtime degrades the reputation of the business among its client and affects the continuity of the business. While on the other side, the cloud computing solution offers 99.99% of high up time.
With such a high up time, the SMEs will face only a few hours of downtime throughout the year. So with the help of cloud computing solution, small businesses will be able to maintain their continuity while being productive at the same time.
So, instead of being restricted with your accounting operations by choosing the traditional method of accounting, you should opt for the economical and highly advanced cloud computing solution which doesn’t only makes you productive but also acts as a cost-cutting tool.