The accounting industry has evolved a lot and if you will look at modern-day accounting then you will realize that it is a far cry from what it used to be a couple of decades ago. Everything has changed in the accounting industry and this is one of the main reasons why accounting professionals have to make changes to their accounting practices and acquire new skills. It has been seen that all the accountants that have stayed resistant to change and haven’t adapted to the new solutions or processes have started looking market value and one of the main reasons behind this is even clients are looking for only those accountants that can adjust to the modern day demand instead of dealing with bookkeeping on pen and paper.
You don’t need to be an accounting expert in order to check the changes through which the accounting industry has gone through. Well, it is not only about the accounting industry as all the modern day industries that you see around yourself or that you know have gone through vast changes and this is the main reason behind the improvement of these industries. In almost all the cases, the changes have brought positive shifts and this is how all the industries have been able to improve. And the same goes for the accounting industry as well.
Well, if we will start covering all the changes of the accounting industry then it will take a whole article series for discussing everything in a detailed manner and this is why, in this blog post, we will be discussing about the modern day use of cloud in the accounting industry and how you will have to deal with challenges if you will use desktop installed accounting software instead of cloud hosted QuickBooks in the modern era.
You should know that it’s been long since accountants have abandoned the pen and paper system as most of the accountants have moved to the software solution. But now, accountants have moved from desktop installed software solutions to cloud hosting platform as well. If you will keep using desktop installed accounting software then you will have to deal with different types of challenges and in this blog post, we are going to discuss all the challenges posed by desktop installed accounting software in a very detailed manner.
One of the biggest challenges that you will have to deal with is related to accessibility. If you will keep using the desktop installed accounting software then you will always be confined to your office desktop for accessing your books. This is because you will only be able to use the accounting software on that desktop or laptop on which it will be installed and without traditional installation, you will never be able to use your accounting software.
This will surely limit your accessibility and while your competitors will be having access to their accounting software on a round the clock basis through cloud hosted accounting software, you will be limited to your desktop installed accounting software and since you will never stay present in your office on a round the clock basis, you will never be able to access your accounting software 24//7.
You should know that your financial data is one of the most important asset that your company owns. You might be thinking that your physical assets is the most important assets but nothing is more valuable than your financial data since it contains each and every detail about your company. If your financial data will fall into the wrong hands then it can turn out to be a disaster for your company. And if you will keep using the desktop installed accounting software then you will always be putting the financial data on risk. While using desktop installed accounting software, you will be storing the financial data on the hard disk only, and stealing data from the hard disk is very easy.
While your competitors will be using an advanced cloud hosting solution like QB hosting and getting complete security from each and every type of issue, you will be dependent upon your desktop installed software solution and your local hard disk.
In addition to all the above mentioned challenges, you will also need to deal with collaboration challenges as if you will be using desktop installed accounting software then your employees will have to deal with sending data back and forth and they will never be able to collaborate in real-time. So, even after making your employees sit under one roof, you will never be able to make them collaborate properly. You should know that collaboration is the key to success in the accounting industry and without proper collaboration, you will never be able to get expected results from your efforts.
On one side, your competitors will be using outsourced accountants and providing everyone real-time collaboration and on the other side, your accountants will be dealing with sending data back and forth, even after sitting under one roof. This is the main reason why you need to make a paradigm shift and move to cloud like QuickBooks hosting without any second thought.