Get Your Facts Right: Busting Top Cloud Accounting Myths

Each latest and greatest business trend comes with its very own set of doubts and misconceptions. A few decades ago, nobody would’ve imagined the possibility of large scale remote, cloud-based business operations and the office was considered to be the base for all business operations. But in the past decade, more and more businesses and organizations have gradually migrated their operations over to the cloud due to its numerous benefits.

Cloud Accounting solutions have also gained immense popularity in the last decade, but many businesses and organizations are still concerned if this form of accounting solution will ever become a global trend. Many are also skeptical about adopting cloud accounting due to the rumors of data-hacking, data-corruption, and its actual efficacy.

cloud accounting myths

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While it is very obvious that there are a few risks associated with storing vital and confidential financial data, but every responsible cloud accounting service provider has several mitigating strategies in place to safeguard against these risks. Here are a few rumors surrounding the safety and efficacy of cloud accounting services which can be easily debunked to explain how cloud accounting solutions can benefit your business.

MYTH 1: Cloud is only good for storing data

Many business owners have developed the misconception that cloud accounting services are only good for storing information. But that is only a part of the whole story! Cloud accounting services helps make financial and other accounting information accessible to stakeholders from anywhere in the world at any time of the day. It also negates the need to install expensive and complicated software on their devices.

Furthermore, all of your accounting data can be instantly updated, which helps with a more accurate overview of your business’s cash-flow. And lastly, not only does this save time, it also helps promote productivity and better collaboration among stakeholders.

MYTH 2: Cloud is just a marketing trend

The cloud is not a magical solution for each and every business problem, but it can be tailor-made to suit different business needs and requirements to solve many important issues related to bookkeeping and financial records. And along with widespread internet access, cloud accounting is an all-inclusive technology which can radically streamline business operations.

It is so much more than just a simple marketing trend and many big and small businesses who are aware of this are investing billions of dollars to optimize their cloud infrastructure to adapt to consumer demands and their own operational requirements.

MYTH 3: Accounting data on cloud can be easily hacked

The most major rumor surrounding cloud computing and cloud accounting is that it is susceptible to data-hacking and data-theft and is not safe when it comes to storing confidential accounting and other financial data. But the fact of the matter is that cloud service providers like Real Time Cloud Services, put up several redundant security measures like two-step authentication, granular access permissions, intrusion detection, etc. to avoid such issues and are perfectly safe.

With the constant evolution of data management services and processes, the cloud is undoubtedly the most versatile and all-rounder option for businesses both big and small. And with the ever expanding benefits associated with cloud computing and accounting, it is also the most efficient and all-inclusive data management infrastructures yet.

It is not a radical new technology and is rather an effective and modern process of delivering various business services with the help of the internet. If you too are planning to migrate to the cloud, then start by consulting with Real Time Cloud Services, an Intuit accredited cloud service provider with more than 10 years of industry experience.

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