As the years go by, we as humans find innovative ways of living, doing things, working

together, and making each other’s lives easier. And as we head into a future full of
uncertainties, technology refuses to stand still. Innovation has been a constant process
and, for the most part, technology has been on the receiving end. As technologies
continue to evolve, different professions react differently. Whether it is medical science,
the motor world or management services, every profession has readily adopted new ways,
techniques, and technology to make their process faster, easier and more streamlined.
“Change is the only constant” and everyone who wishes to avoid becoming obsolete must
follow suit.

Just like every other field of business, accounting too has undergone a remarkable
makeover in the field of technology. For example, moving beyond the traditional
methods of maintaining records in thick registers, accounting is now done on desktop-
based software which can now be hosted in the cloud as well.

The Challenges In Accounting

There is more to accounting than just number crunching. Entrepreneurs deal with a series
of challenges, such as managing resources, business expansion, creating a foolproof
business plan, hiring employees that are reliable, monitoring the day-to-day activities,
and more. Although leveraging accounting software can help with cash-flow,
management, sending invoices, making and receiving payments, and managing
inventory. But, when it comes to monitoring and keeping-up-with-progress, the
challenges become all the more real. That’s when the cloud comes to the rescue.

So, here are some of the common challenges faced by the accountants and how the cloud
helps solve them:
Accessibility
The world has been taken by digitization. Geographical barriers are slowly vanishing,
converting the world into a single market. Big businesses, by investing in and adopting
the latest technology, are capturing the world market swiftly. But, what about the small
and medium-sized businesses? With their constrained budgets, how do the SMBs connect
with the world? Is there any solution using which the accountants, managers and/or
clients can connect better?

Solution: The cloud will provide you with the desired mobility to access your data from
anywhere in the world at any time of the day/night. Cloud hosting will let you carry your
business in your pocket, which will eventually enhance your overall business capability.

Collaboration
In order to correctly and efficiently complete the work, accountants need to connect with
the managers, partners, and employees on a regular basis. Although your desktop
software will help you to complete your tasks hassle-free, when it comes to complete a
task collaboratively in real-time, accountants seem to struggle. Not everyone can be
present at the same place, at the same time. So, is there an alternative to collaborate with
the team without much struggle?

Solution: The cloud is all about removing the barriers and providing you with an easy
and accessible solution for your accounting business. Hosting your software to the cloud,
such as QuickBooks hosting, will help your accountants and tax professionals to work
together on a project on a real-time basis and will allow them to share files (relevant from
the point of view) with others. Working collaboratively will enhance overall productivity
since you can do more work in less time. And, let’s not forget, it promotes team spirit as
well.

Matchless Security
Security of data is supreme for every business and when it comes to accountancy and
taxation, it is unquestionably better. Most of the accountants of the small and medium-
sized businesses find it hard to share their files without worrying about data loss due to
security issues. Furthermore, they cannot go against their tight budget to invest a
considerable part of their proceeds in security. So, what they can do to protect data
without investing a fortune?

Solution: Hosting accounting and tax software on the cloud will not only ease the sharing
of data but will also make your data secure. The state-of-the-art cloud centers will keep
the data protected under multiple layers of security. On the cloud, your data will be stored
in encrypted form, and hence, provide extra assurance of safety. Therefore, the
accountants, without worrying about security, can easily work with their team-mates.
The Struggle of Staying Up-to-Date
In order to stay ahead in the competition, the need to remain updated regularly is
inherent. Updating your software in your busy schedule can often become hectic. These
tasks, in the busy tax season, become more problematic for the accountants since there is
already a shortage of time. So, what is it that the accountants can do to remain in touch
with the latest updations, without investing a lot of time and effort?

Solution: Hosted software will keep you up-to-date and hence, will help you to manage
your business accounting without any glitches. Your cloud vendor will take care of
updating your accounting and tax software. With a reliable cloud vendor, accountants,
business owners, and individuals have no longer have to invest a lot of time on updating
their accounting software manually, allowing them to focus more on their core task i.e.
accounting.

Conclusion
Gone are the days when accounting was limited only to keeping records of cash-inflow,
outflow, and passing journal entries. Trusted accounting software, backed with the
features of the cloud, such as QuickBooks hosting, has turned the story completely. Now,
with automation in place, accountants are not only managing the books more efficiently,
but they are also taking an active part in constructive decision making. After all,
technology can not replace the knowledge and experience that humans come with.