Cloud Accounting is the Future and we should embrace it. New innovations like cloud accounting, Ai, Blockchain and Mobile App will transform the end to end accounting process in a way that was not possible previously. You should consider modernizing your accounting infrastructure.
The world of accounting is changing at an exponential rate. We’ve seen a complete change in the accounting process for businesses of all sizes.. Typical accounting procedures carry high barriers to entry, meaning only companies who are large enough to support an employee base full time can afford to get them. This usually means that either big companies hire Full time accountants or use the services of accounting firms. The small companies and startups are forced to use conventional paper & pen methods or get a local digital setups, all of these are obsolete practices especially after the pandemic because every option requires physical personnel to be deployed on the ground. All of this also requires a lot of effort and time. The Accounting industry is expected to grow from $544.06 billion in 2020 to $573.29 billion in 2021. This means that an industry this big cannot rely on obsolete practices especially in this age of Cloud and Artificial intelligence.
Modern day Field of Accounting and what’s next? : Cloud Accounting
Cloud Accounting is the newest advancement in the field of Accounting. Cloud accounting is a process that aims to change the conventional accounting method which puts forward a solution where various operations are managed remotely. In recent times, cloud accounting has become the most useful tool for many businesses and companies who want a robust and reliable way of managing all accounting activities automatically and efficiently.
Businesses always require fast, accurate and transparent accounting information. While the chart of accounts is the foundation of financial reporting, accounting departments are now embracing Cloud Computing and Artificial Intelligence (AI) in order to enhance their key performance indicators (KPIs) and generally ensure faster processing of business transactions (such as Receipts). Cloud provides security and on the go connectivity whereas AI provides useful and error free insights and analytics.
The up and coming solutions
With the emergence of new technologies and customization capabilities not just businesses but Accounting firms themselves can benefit greatly from the deployment of Cloud/Ai based accounting platforms. One of the leading Cloud based and one of the only Ai based accounting platforms by Alams Global has been deployed by businesses of all magnitudes ranging from small shops, large supermarket chains, large scale commerce industries as well as Top accounting firms. A study found out that the analytics provided by Alams’ had an error margin of less than 0.01% in terms of accuracy.
Another reason for saying that Cloud is the future of Accounting is the security that comes with Cloud. Cloud uses a highly encrypted storage platform which saves it from any risk of data leaks or losses. The information is always protected by 2 factor authentication and advanced encryption methods. You can also use the peer to peer protocol for a highly secured exchange. All of these are the reasons why cloud accounting software has unlimited potential in the future.
Cloud accounting will make accounting easier for accountants, reduce time and cost, and improve accessibility to clients. Accountants can enjoy these benefits using cloud based accounting platforms. It’s no longer a question of if you should use cloud accounting, but rather, how you can go about moving to the cloud efficiently?