It doesn’t matter what you look at, if it is popular then there are maximum chances that it will soon get surrounded by kinds of myths, and well, the same has happened with one of the most fruitful cloud computing solutions that is a part of cloud hosting and it is known by the name of cloud accounting.
The concept of cloud computing has changed the way of working for many industries and accounting is no exception to it. From huge piles of papers prepared by geeky nerds to tech-savvy accountants who take part in important business decisions, accounting has traveled a long road of transformation, and cloud computing has played an important role in transforming the structure of accounting.
But even with many benefits like anywhere, anytime access, high uptime, enhanced security, reduced IT hassle, still many people see adapting cloud computing through their dark glasses of myth and that’s why they lag behind in the race of technological adoption, which is very much necessary for being in the tough race of competition.
So, In this blog post, we will debunk the top 10 cloud accounting myths which are stopping people from utilizing the many benefits of the cloud platform.
1. It is not safe
Yes, it is true that the most important data of any business is the financial data and every business should take utmost care to make sure its security and safety. But if you are thinking that the financial data stored on a local computer is a much safer place than the cloud environment then you are living in your dreams.
The cloud platform is a highly secured platform that follows the most updated security protocols to ensure 360-degree protection of your data. All the data centers and third-party hosting providers follow strict safety guidelines on both physical and virtual level so that you can work without worrying about any type of cybercrime or data breach.
2. Highly costly
One of the biggest hassles that most of the small firms deal with is related to their budget as they are always confined to a limited budget. But in the process of managing everything in the limited budget, they miss out cloud accounting as well because they think it will also be an expensive solution for managing their accounts while the truth is that cloud accounting is the most economical and effective solution for managing various accounting operations.
You can find many cloud hosting providers who offer hosting services for various accounting and tax software at a very nominal rate which can fit in like a glove in even your tight budget constraints.
3. Not easy to adapt
It’s true that if you are going to make some changes in your business, especially when it comes to technology then you will have to go through a long process. But ruling out adapting to cloud accounting because it will be a cumbersome and difficult process is completely wrong.
Adapting to cloud accounting will not require a complete restructuring of the accounts department and months of training because it’s very simple and easy to adopt. If you are using accounting software that can be hosted on the cloud, then the adoption will become a cakewalk for you.
4. Only for the experts
There are many people out there who still think that cloud computing solutions like cloud accounting are really difficult to understand. Many SMEs resist using cloud accounting in their organization because they think that the concept of cloud accounting is very complex
Cloud accounting is not rocket science that will require months of training to understand and use the technology. All the accounting software have very user-friendly tools and functions that can be easily managed by even a non-accounting person. And after hosting such software on the cloud; you get the same tools and functions which you get on the desktop but it is accompanied by many benefits of cloud as well.
5. Ideal for bigger firms
Most of the SMEs relate cloud accounting with giant businesses, and they think that it’s not their cup of tea. But in this era of rapid technological evolution, enhancing your performance and productivity by utilizing the latest technology and trends has become important for even startups.
Accounting solutions like QuickBooks have been specially designed to match the accounting needs of SMEs, CPA, accountants, and bookkeepers and by hosting solutions like Cloud based QuickBooks hosting, you can increase the potential, productivity and collaboration in your accounting department by a mile.
6. Reduces your control over financial data
Having complete control over your data is very much important and when it comes to financial data, then it becomes the prime concern for most of the businesses. But many businesses think that having the data stored on their local computer will give them better control over it than what the cloud-stored data will offer.
Even after shifting your accounting software to the cloud, you will have complete control over your data, just like the way you controlled your data on your local desktop. Even if you go for a third-party hosting provider, you will not lose even an inch of control over your data.
7. Anyone can get access to data
It might sound a little odd for people who are aware of the concept of cloud accounting but yes, it has been found that many people think that if they shift to cloud, then their data will be accessible to everyone and especially in the case of shared Public cloud. But this is not the ultimate truth.
Public cloud doesn’t mean that your data will be shared with everyone present on the cloud server but it means that the same cloud server is used to store data of different companies and individuals and each data remains isolated from others.
8. It is not a mature technology
Considering cloud accounting in its stage of infancy is the worst and probably the most unrealistic approach towards technological adoption but still, such types of myths exist as a public dream for many people and firms.
But you should know that cloud accounting has become a new normal for most of the businesses and it is no more an alien technology. Most of the businesses are taking advantage of cloud accounting and making the most out of it.
9. You can’t rely on it
You will find several people who will say that cloud accounting doesn’t guarantee high uptime and you will always have to face slowdown while working in the cloud environment. But the truth is that cloud accounting is the most reliable working platform which guarantees 99.9% of high uptime so that you can work in a seamless environment.
10. It is the only option
Many people think that if they are going for cloud accounting solutions like QB hosting then they will have a single option of hosting their accounting and tax software on the cloud. But in actuality, there are various options like Private, Hybrid, and Public cloud, from which you can choose the perfect one according to your need and requirement.
Myths can stop you from utilizing the most fruitful options available for you and resisting cloud accounting because the above-mentioned myths fall into the same category of missing out on opportunities. Is Cloud Accounting safe? Yes it is. So, debunk the above-mentioned myths and allow your business to flourish by utilizing advantageous cloud accounting solutions like cloud based QuickBooks hosting.