Cloud computing is defined by the National Institute of Standards and Technology (NIST) as a means of on-demand access to shared pools of computing resources including networks, servers, storage applications, and services that can be rapidly configured and made use of.
The cloud is simple terms can be visualized as massive clusters of super-sized and scattered servers across the world and are run by Cloud Service Providers (CSPs) such as Amazon AWS that also provides hosting services. Accounting firms using cloud computing are adopting a cloud-first strategy for new systems or when replacing systems.
Cloud accounting firms are now migrating from onsite servers to those in the cloud and accessing programs and data files on the cloud from any device at any time by choosing public, private, community or hybrid cloud infrastructure.
The eCommerce space is bigger than ever and only growing bigger with every passing day. As online shopping is growing exponentially, it makes sense to become an online seller on a reputed eCommerce platform and income from it.
Sellers on eBay retain more profit than in Amazon, and there are reasons that one would opt for eBay for selling his products
Not every CPA firm is bullish on cloud computing. However, a shifting trend is now gradually unfolding as many CPA Firms are realizing the cloud as a viable and cost-effective alternative to local networks.
The mood appears to be cautious as many CPA firms are still in a dilemma and not looking very enthusiastic about the idea of depending on outside resources. The firms are preferring to be selective in the adoption of cloud and looking in some specific areas and categories initially rather than taking a quantum leap. The main areas of interest have been seen in audit solutions, workflow and practice management and billing.
Best cloud solutions for CPA firms are built on the following three primary cloud solution models
Ease of Access
The only thing you need as a finance and accounting professional of cloud accounting firms is just an internet connection which can give you access to your organization’s financial data to work upon from home or even during travelling.
Productivity Improvement
Accounting firms using cloud computing always experience higher productivity through automated processes and reduced manual work. Automated software also ensures error-free operations and leaves you more time for focusing on strategies and plans to increase profit margins for your organisation.
Environmental Protection
When we avoid any large scale paperwork we automatically protect our environment. By storing all our records and documents in the cloud, we can attain a paperless working environment. Large scale. And saving papers get you a little closer to saving your environment.
Auto Updates
Your CSPs can provide automatic software updates at a nominal cost to keep your accounting systems healthy and free of bugs.
Scalability
Accounting firms using cloud computing can easily and quickly scale up or scale down operation and storage space requirement based on the market situation and business loads.
Increased Collaboration
Collaboration has become vital in the face of the pandemic when more and more companies are resorting to remote working from home. Cloud accounting offers the advantage of coordinating and collaborating effectively without any loss in work efficiency.
Reduced IT Cost
As cloud computing doesn’t need any upfront investment for IT infrastructure build-up and is free of regular periodic maintenance, the best cloud solutions for CPA firms can be availed at a fraction of on-site IT cost.
Security of Financial Data
With a high level of encryption and multi-level authentication, accounting data remain safe and secure in the cloud taking away worries and anxieties from daily work life.
Backup of Data
Cloud accounting software comes with automatic data back features freeing eliminating any possibility of lost data due to unforeseen calamities.
Though cloud computing offers many benefits, it also comes with a fair share of challenges. The new normal due to pandemic had given rise to widespread remote usage of cloud computing and increased security risks and data confidentiality breaches including some other challenges.
Realising the risks and challenges, many accounting firms using cloud computing firms are planning for their private cloud or purchasing public cloud services from other cloud service providers (CSP), including Microsoft Azure and Amazon AWS.
Some of the immediate risks challenges are
We appreciate your interest in IMC and are eager to address your needs.
To ensure we address your needs accurately and promptly, please fill out this form. This will help us in identifying and connecting you with the appropriate team of experts in our organization.
We take pride in our responsiveness and aim to get back to you within a span of 1-2 business days. Your journey towards solutions starts here.
Companies we have worked with
© 2024 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.
© 2024 IMC Group. All Rights Reserved.
