27 Aug Myths about cloud accounting
In today’s business environment, financial management via the cloud is one of the best ways of keeping up with changing market demands.
However, a number of companies across the country are resistant to change due to fear of the unknown, so we’ve debunked three of the most common myths about cloud accounting to set the record straight.
Cloud accounting requires infrastructure changes
One of the most common misconceptions about cloud accounting is that moving from a traditional bookkeeping system to a cloud accounting system requires businesses to completely transform their existing infrastructure, but this could not be further from the truth. Transferring accounting duties from an on-site bookkeeper to a remote accounting firm is an extremely straightforward process that doesn’t require any significant changes. In fact, some cloud accounting firms may operate with several software programs that you might already use, making the switchover even more simple.
Cloud accounting services are expensive
The majority of the time, businesses with an internal accounting team have the chance to save a significant amount of money by adopting a cloud accounting system. This is because it decreases the overall expenditure on software upgrades, maintenance, equipment and overhead costs and reduces the number of employees on the payroll, giving your business access to more capital. By investing in cloud accounting services, you can save your business money in the long run and free up more capital that can be reinvested back into your business.
Cloud accounting is less secure
With an on-premises accounting system, the security of your business’s valuable data rests on your shoulders. At some point down the line, your network security could fail, you could store your data in an unsecured location or you could miss a software update, which could leave your precious data open to attack. With a cloud accounting system, cybersecurity experts have the responsibility of protecting your data 24 hours a day, 7 days a week, from a secure data centre location.
If you are a limited company, sole trader or small business based in Manchester, get in touch with our team at SQK Accountancy today for startup, payroll and accountancy support that you can rely on.