You might have heard of Cloud Accounting software already. Maybe you already know how it works and are looking for software that works in China. If that’s you, you can click here to learn why we love Megi Cloud Accounting Software for China.
If you haven’t heard of cloud-based accounting software before, we’re here to help you figure out if its right for you.
Cloud accounting software is precisely what the name implies, accounting software in the cloud. It keeps all your important financial information on a secure data server where you and those you authorize can access business data from anywhere using any internet connected device. It also comes with useful business features like invoicing, purchasing and expense claims.
Cloud systems provide numerous benefits over locally installed accounting systems.
The added level of accessibility cloud-based accounting software provides has a lot of benefits. With all users accessing a single system – whether on the road, at home, or overseas – means that business information gets updated far more frequently. Not to mention that information becomes visible in the accounting system at a moment’s notice. The level of accessibility transparency cloud-based system provides is hard to match.
Although not unique to cloud accounting systems alone, software automates away much of the data handling that accountants do on a daily basis like coding transactions to the right accounts. Accountants like cloud-based systems because they provide the information they need without much of the back-and-forth communication needed to correctly record transactions.
Switching to cloud-based accounting software doesn’t require any hardware investments or updates. Typically, all that is required is included in a flat monthly subscription or scalable options which increase with the number of users or transaction quantity.
Not needing to invest in your own hardware also means that you don’t need to secure the infrastructure yourself or maintain it. Cloud accounting systems are updated automatically and often provide higher level security that a locally managed system at no additional cost. Your business data is also protected against things such as water damage and hard drive failures.
The beauty of cloud accounting software is it provides a high level of flexibility to businesses in China. Accounting shouldn’t be a drain on a business’s time and resources, nor should it be neglected.
Some businesses will find, however, that a cloud accounting system might not be right for them. Below are some of the challenges that a cloud accounting system alone cannot solve;
- Complex manufacturing operations. Add-on support or additional functionality is needed.
- When data security is a priority and the business would like to maintain this themselves
- High degree of customizability is required to meet operational requirements
- Conglomerates with multiple business lines managed seperately
- A weak accounting function either internally or externally
For those that don’t fit the above criteria, a cloud bases accounting system is a viable alternative versus locally installed systems and promises all the same benefits to small and medium sized businesses.
If you’re thinking of moving your accounting function to the cloud, consider how it will impact your operations and whether your business has any unique requirements. We are cloud experts and can advise whether cloud systems may be right for you. Should you decide to make the transition, we will also help businesses make a smooth transition to their new accounting system.
Click here to arrange a free consultation with an expert on whether a cloud-based accounting system is right for you.