The foundation of a successful business relies on a number of forces, both internal as well as external. These forces, commonly known as linkages, are normally of two types- forward and backward. In the era where businesses are expanding at an uncontrollable speed, these linkages are compelled to follow suit. One such relationship between a business and an external linkage is that of accounting and technology.
Not long ago, accounting was an industry that was prominently dominated by human resources. From every record on paper and calculations done in the mind, accounting continued to be done the traditional way. But the current scenario knits a different story. Technology has carved for itself a niche in accounting and dominates a major part of the process.
The Struggle For Flexibility: The Inspiration for Innovation
Ever since the Industrial Revolution, the business world has refused to look back. Countless new businesses are born and gone with every passing year. And with every new business, the demand for aid grows. Aid, here, is inclusive of everything a business needs to run smoothly- labor, capital, raw material, energy, and everything in between. But what happens when this ‘aid’ runs out? Innovation takes place.
The technology was born out of the dire need to continue working even during a shortage of human resources, and most importantly, to get things done efficiently and in less time. And, since we are talking particularly about accounting, technology finds for itself a special spot. Let’s see how:
The Need For A Healthy Work-Life Balance
Accounting can be demanding, especially during the tax season. The pressure of deadlines can take a toll on the work-life balance for the accountants. But, with the advent of cloud technology, accountants have been able to restore harmony. The provision of working any time, from anywhere has been nothing short of a boon for CPAs and small business owners. Maintaining a healthy work-life balance is a lot easier with smart tax and accounting application hosting solutions such as QuickBooks hosting and Sage software hosting.
Technology To Go Green The Easy Way
Until a few years ago, bookkeeping was all done on paper but ever since the accounting software entered the industry, CPAs and business owners are able to record transactions, store documents, and carry out calculations on the software itself. Hence, the need for paperwork has significantly fallen. It is not only saving users a lot of time and the troubles of managing paperwork but has also proven to be extremely pocket-friendly. Accounting software can be easily hosted on the cloud at affordable prices without needing an in-house IT infrastructure or a team of professionals. It all comes in-built with the hosting provider.
Tracking Business Performance For Better Insights
Business owners may often need to travel for work and it is not possible to keep track of every employee on-the-go. With cloud-hosted accounting software, entrepreneurs can monitor the business and bookkeeping process in real-time. Bills can be generated from any location, payments can be made and received online, and owners can look at the entries in the software in real time.
Collaboration Is Easier Than Ever Before
Work-in-collaboration is one of the most desirable attributes of cloud-hosted accounting software. Owners can allow access to multiple people- both clients as well as their employees to work on a particular set of data. Several businesses run from multiple locations and it is practically not feasible for the owner to be present at all locations, at all times. Thus, with the help of cloud-hosted accounting software, multiple people can work on the same set of data, simultaneously.
Device Independence To Manage Work Whenever, Wherever
Apart from multi-user collaboration, users can also enjoy device independence when using accounting software hosted on the cloud. Any data that is saved on the cloud can be accessed from any device, whether it is a smartphone, tablet, iPhone, iPad, or laptop, only with a working internet connection. The accounting software installed in the cloud environment, thus, allows its users to experience a greater sense of flexibility, scalability, and independence which is otherwise not possible on a local hardware setup.
A Final Word
Even when hosted accounting software has gained immense popularity over the years, the need for an accountant cannot be replaced. Entrepreneurs often need constructive advice and in-depth insights in order to make decisions that help in business expansion, which accounting software may not be able to do (at least for now). Yet, when it is about flexibility at work, cloud-hosted accounting software is what that makes the lives of accountants easier.