What is cloud accounting anyway?

With a marked transition of companies moving away from locally installed accounting software to the software-as-a-service (SaaS) and cloud-based software options available, how do you know if the switch to the cloud is right for your accounting department?

It’s one thing to understand how the cloud works, but there’s more to know about cloud-based software, what it is and how you can benefit from cloud accounting compared to traditional accounting software.

Here we’ll get you started with some of the basics, but don’t forget to check out the other resources we have available for accounting pros in various industries:

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  • Grow Your Medical Cannabis Business With A Cloud-based Solution
  • 5 Ways Cloud Accounting Serves Nonprofit Organizations
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So, what is Cloud-based accounting software, anyway?

Most people have at least a basic idea of what the cloud means. Distilled down to the simplest terms, cloud-based software is software that is installed on a server in another location that you or your company can access over the internet.

Alternatively, traditional out-of-the-box accounting software like Quickbooks can be installed on your local system or network. All data created and related to the use of the installed software is also stored locally. Cloud-based accounting software, on the other hand, stores all user and application data offsite so that it can be made accessible from anywhere you have an internet-ready device and a connection.

As such, referring to “the cloud” really just refers to the internet and access to it.

Should you use Cloud-based accounting software like Sage Intacct?

Sage Intacct is the cloud-based accounting solution seamlessly integrates into your organization’s business and financial processes needed to run your accounting department. Accounting staff can access the financial processes of the business from anywhere leaving no restrictions as to when and how work can get done.

It’s the collaborative, real-time access that Sage Intacct cloud accounting grants to management and accounting staff that is appealing compared to the struggle with locally hosted software that requires manual syncing and IT infrastructure.

The ease of authorized access greatly improves workflows for accounting processes and makes those processes more flexible and agile. All accounting data gets updated and refreshed in real-time for all users, which means no one with authorized access ever runs the risk of working from old or disparate data.

As a result, cloud accounting saves time and money and features a number of process automation options that can handle tedious recurring processes and free up your accounting staff to focus on other more pressing, growth-oriented tasks.

As a cloud accounting solution, Intacct gives you the flexibility to select and deploy only what you need and delivers a comprehensive, fully integrated solution, which meets the needs of a growing company.

How secure is the Sage Intacct Cloud?

Security is a top priority with all cloud-based accounting software. For some accounting professionals, the idea of storing sensitive financial and client data in the cloud can feel less secure than accounting data stored locally. However, Sage Intacct’s cloud-based accounting software boasts a significant number of advantages over the security of traditional software options.

Intacct’s cloud-based accounting software is secured with enterprise-grade encryption. Compared to traditional, on-premise accounting software where data could be compromised if a device is stolen, lost, or damaged, Sage Intacct cloud accounting software has best-in-class, built-in security measures including multi-factor authentication and encryption to ensure sensitive company data remains secure.

Your accounting software needs to be able to scale with growing businesses, and cloud-based options like Sage Intacct are particularly agile with regard to scalability. Sage Intacct lets organizations make better decisions to make real-time improvements often before they’re needed.

Sage Intacct is specifically designed to be flexible and integrate with your other business solutions and because Intacct is installed and maintained offsite, it is extremely easy to add new features as needed for growing businesses.

Contact us to learn more about how a cloud-based accounting solution like Sage Intacct can improve your accounting processes.

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