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Every decade has its catchphrase, and the one that is making the rounds currently is “cloud based”. Cloud based document management, cloud based collaboration, cloud based accounting—all of these are now coming to the fore as the place to be, as opposed to the paper-based varieties or those associated with a particular electronic device, such as a computer, tablet or phone. While you may be interested to wait and see if such a phenomenon as cloud based accounting is only a fad or if it is here to stay, it is still advisable to look into the benefits offered by this new approach to bookkeeping and accounting in order to make sure you reap the positives from it. While cloud based accounting is still a relatively new approach, it has certainly already proven its worth in more ways than one. How does this work? Certainly there are now very few or no serious enterprises that would avoid using computer technology in their bookkeeping and accounting practice. The power of information technology in simplifying formulas, calculations and data management is impossible to deny, and such products as Microsoft Excel and Access, Quickbooks, EasyBooks and others are well known for making the life of a business simpler. The main drawback of these systems has always been the cumbersome character of inter-computer sharing of data, collaboration in the same document, access to information from a remote location, cross-version compatibility and so on and so forth. Anything like “live” operation with your data is nearly impossible with non-cloud based accounting, which makes accounting for large companies difficult and greatly increases the levels of stress and frustration with the technology. Cloud based accounting, on the other hand, does not store all of the information on a specific device attached to a specific user. Instead, the data is stored on a secure server that is then accessed by all the users that have the specific and appropriate permissions. Collaboration is made easy. Versioning is no longer an issue. Life presentation of data is reality. How does this benefit my business? Even if you are still on the fence when it comes to embracing cloud based accounting, you should know that your competitors have most likely already switched to it, as the streamlined nature of data analysis and manipulation in the cloud is an attractive and simple to understand feature. Your clients have most likely also switched to it, while the government offices you have to deal with are very much aware of the tools now at your disposal to make sure all the paperwork is in good order. Cloud based accounting does not appear to be going anywhere, so why not check out the benefits that it can present to your business or organization today? When you consult with a professional accountant, this will most probably be one of the first questions that they ask when they discover you are still undecided when it comes to the cloud technology. Cooperation, sharing, commenting, integration of data, live data viewing from anywhere on the planet where there is a network connection - these are just some of the things to keep in mind. RBZ is one of the largest public accounting firms in the nation, based in Los Angeles offering cloud based accounting ( http://www.rbz.com ) solutions with accurate and real-time financial information, tailor made to meet the accounting needs of individuals and business organizations. For more information on cloud based accounting, Theguardian.com.
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