Tracking your profit report, monitoring your loss report, maintaining cash flow and finances, creating invoices, and logging files; these are a few benefits that QuickBooks has provided users for years. In fact, Accountancy Age shared their report that by the end of 2020, 78% of small businesses will be dependent on cloud technology. And what can be a better example than QuickBooks?
So, here is a brief on why Intuit moved ahead with QuickBooks hosting to present an online accounting version that more than 4.3 million global small business owners trust.
Overview of QuickBooks
Where this accounting software created a hubbub with its outstanding performance, Intuit took an initiative to create a QuickBooks version that would offer the accountants robustness and help them keep track of the audit trails. Added to it, the concern of security was also on their minds.
So, to help businesses in areas like financial management and planning, Intuit upgraded the QuickBooks desktop accounting software to run on the cloud, QuickBooks hosting platform. Not only does the hosted QuickBooks keep your data secure, but it also protects your confidential information safe from insider threats.
Now, most CPAs prefer the hosted QuickBooks over QuickBooks Online. This is because the genesis of QuickBooks online branched out of QuickBooks hosting platform. The advantages provided by the hosted version was substantial and was accepted and preferred by a majority of accounting professionals.
This was the sole reason; Intuit had the idea and went with the creation of the online version.
Advantages of QuickBooks Hosting leading to QBO’s Conception
1. User Friendly
Ease of use is an important parameter that makes a hosting service stand out of the crowd. If you own a large business or come under the SMB groups, you don’t need to have the same knowledge as that of an accountant. However, you need to run a business and accounts is a core element.
In cases like this, QuickBooks hosting service providers ensure that the user interface is much simpler and easy to use. The UI of the designed software follows a specific algorithm so that you can easily understand and access it without any disturbance.
2. Automatic Updates
Software updates are no doubt a vital aspect of smooth-running business operations. Daily business-related tasks require to be in sync with the best of industry standards. But it is not always possible to manually update the software.
To tackle such scenarios, cloud-hosted QuickBooks offers you an automatic update feature. QB cloud service providers ensure that your hosted desktop accounting software is upgraded regularly with the latest updates.
3. Easy Collaboration
Be it, outsourced bookkeepers or accountants, you can easily collaborate with outside parties (3rd parties) with QuickBooks hosting. Your accountant or you can effortlessly work on client accounts even when that particular client is working in real-time in the system.
With the provision of remote desktop hosting, you can share data or files without the necessity of copying them. This is an exceptional concept turned reality that allows you to work with outsourced professionals or employees in real-time, thereby enhancing productivity and minimizing chances of errors.
4. Data Safety and Security
To maintain data governance and classification, software or hosting provisions need to be in compliance with data privacy legislation such as ISO 27001, SOX, HIPAA. This is because data stealing and cyber crimes have risen the chart in recent times. But when you use cloud-based accounting systems, you do not require worrying about data safety.
Even if your device gets stolen, your backed-up data remains safe, which you can access with a user ID and password. Added to this, if you are smart with choosing a competent QuickBooks Hosting provider, your data remains safeguarded by security measures like:
- Multi-factor authentication
- End-to-end encryption
5. Compatible with Add-on Applications
The current QuickBooks versions (both hosting and online) are compatible with various add-ons like:
- Bill & Pay
- Method CRM
- Fishbowl Inventory
When you add more add-ons, the application performance due to hardware restriction can be affected in the desktop version. Comparatively, QuickBooks hosting offers seamless integration and assists in overcoming these limitations.
6. Disaster Recovery and Backup
It is imperative and beneficial for businesses to invest in convalescent disaster recovery solutions. However, most SMBs cannot afford this type of solution. Here, cloud technology is a business saviour.
When you opt for hosted QuickBooks, you allow your service provider to securely store your data in protected data centres. As the data transfer protocol is bound by encryption, chances of hackers or cybercriminals breaking through the encryption filter and accessing the information become negligible.
Ending at Peace
All of the above advantages were the reason why more and more organizations started adopting QuickBooks Hosting. When Intuit saw the growth, they created the online version to proffer similar benefits of hosted QuickBooks but there are still a lot of limitations in it. That is the reason why CPAs prefer QuickBooks Hosting over QuickBooks Online.
Still, isn’t such thinking amazing and wonderful? Intuit smartly used one form of business to generate another form of business side by side to add more people to its business.