Cloud accounting has brought unprecedented changes to business bookkeeping. Cloud accounting means working with real-time data with less time, less effort, and lower costs. Therefore, the use of these software solutions is increasing significantly worldwide. For many, accounting software means cloud accounting software or online accounting software!
In today's article, we'll discuss what cloud accounting is, its importance, and the impact of cloud technology on business accounting.
This blog contains-
What Cloud Means?
Cloud is a web server where any information and programs can be stored using the internet. Data and programs stored in the cloud can be accessed, downloaded, and used from anywhere, anytime, and from any device. So, we have a clear understanding of cloud and easily understand that any data can be stored on a cloud server.
Just as we save various data and programs on the hard drive of our computer or laptop and use them when needed, in the case of using a cloud server, your computer or laptop's hard drive is not the only central storage location. As a result, there is no need to worry about data loss or storage space.
Examples of using cloud technology in daily work tasks
Many people may wonder, what is cloud, what is cloud accounting, and what are cloud accounting software? Although most business owners are aware, let's simplify the topic with some examples from everyday life:
- Do you do online banking or mobile banking?
- Do you use mobile financial services like bKash, Rocket, or Nagad?
- Do you use social media platforms like Facebook, WhatsApp?
- Do you use email for personal or professional purposes?
Certainly, you do! Look, by using these, you are indeed using cloud technology! In each case, your data is stored on huge cloud servers. This means you can access your data anytime, anywhere from any device.
What is online accounting or cloud accounting?
Cloud accounting is the online storage and editing of all your business's income and expenditure data, including financial records. Advanced technology is used to ensure the security of this data. Only you or authorized individuals can access your data with login credentials; no one else can view it. Nowadays, cloud accounting software is widely used in business and is often known as online accounting software.
How does online accounting work?
You already keep records of your business accounts. Perhaps you write them down in a ledger or diary, or keep them as documents in a spreadsheet on your laptop/computer. This task of record-keeping is done using accounting software.
- In cloud or online accounting software, all your inputted data can be accessed through any web browser and mobile app.
- Because when you input data in cloud accounting software, it is saved on servers.
- Now, you can access your account from anywhere, anytime using the internet and access the data.
- You can also integrate various payment methods with this cloud accounting software if you want to make financial transactions.
Which you cannot do if you keep records in writing on Tally Khata or in a spreadsheet on your laptop or computer.
General accounting software and cloud accounting software
At this level, let's understand a little difference between cloud-based accounting software and desktop-based accounting software.
Cloud Accounting Software:
Cloud-based means storing data and programs on web servers using the internet. All your input data will be stored on a central server. The accounting software will update and sync data automatically. You'll perform all tasks online. Internet access is the main requirement for using cloud-based software.
Desktop-based Accounting Software:
With desktop-based software, all your business data will be stored on your computer or hard drive. That means you are responsible for the security of your data. You can update the software as you wish.
Advantages of using cloud software
If you want to add efficiency, speed, and accuracy to managing your business, there is no alternative to using accounting software. Cloud accounting software provides you with simple and smart solutions for complex tasks. Among the many benefits of using these software solutions, let’s highlight a few important ones:
Data Security: In cloud accounting, data security is given the highest priority. Every user's data is end-to-end encrypted, and there is almost no fear of data loss on cloud servers. Automatic syncing ensures that every piece of business data is updated on the server automatically, providing you with the highest level of data security and peace of mind in managing your business.
Automatic Update Convenience: Cloud accounting software updates and installations happen automatically. Any changes to the software or data are synced automatically to the server.
Instant Data Access: By using cloud accounting software, you can access your business data from anywhere, anytime, as long as you have an internet connection.
Payment Method Integration: Accounting software has made any financial transaction in business much easier. Cloud/online accounting software offers the opportunity to integrate various payment methods. As a result, it has become easier to manage income and expenses in less time.
Business Reporting Convenience: You can easily view your business's current status, including current capital, specific time earnings and expenses, earnings from specific products, and overall profits at any given time.
Multi-User Convenience: Hiring multiple users or users for business management is only possible with the convenience of cloud accounting software.
Auto Calculation Convenience: You don't need extra calculators to do business accounting. Calculation is done automatically once the data is input.
Simple and Affordable: Using accounting software is not only easy but also very cost-effective. Monthly or annual plans can be purchased for a nominal subscription fee.
Ideal Cloud Accounting Software for Bangladesh - HishabPati
Cloud technology has revolutionized accounting software by adding different levels of sophistication, leaving no doubt about its benefits. So, instead of lagging behind, start using cloud accounting software or online accounting software. Now you might wonder, which accounting software should you use to keep your business accounts?
Considering all the benefits mentioned above, let me recommend an ideal accounting software for Bangladesh. The country's easiest and most affordable online accounting app is HishabPati. You can start using HisabPati confidently to manage your business operations. Don't delay any further, download the HishabPati app today.Feel free to read further before choosing accounting software. How will you Choose Accounting Software for your Business?
