If you’ve been watching the news over the last few years, you’ve probably seen examples of high-profile ‘data breaches’, or the loss of sensitive customer data on a computer system to an online attacker. You’ve also seen how devastating these breaches can be to a company’s profits, not to mention its reputation. As cyber-attacks continue to increase in frequency and scale, many businesses rely on cloud-based accounting tools to strengthen their data protection.
However, security is not the only benefit offered by cloud accounting tools. Below are some of the ways cloud accounting can transform the way you do business.
1. Data Encryption
Data stored on cloud-based accounting software is extremely safe because it’s strongly encrypted. Encryption is when a secret passphrase is used to transform data into complete gibberish mathematically—it can only be unencrypted or restored by someone with authorised access.
The data is so strongly encrypted, in fact, that no degree of brute-force hacking will ever be able to figure out the encryption key. This feature, coupled with anti-virus software, will ensure that your business information is kept away from prying eyes.
2. It Prevents Losses
Cloud accounting software helps businesses guard themselves against financial losses. Hacking or loss of their business data is tantamount to financial losses. With a cloud-based accounting tool, there’s hardly a chance that businesses will lose critical information instrumental to the growth and survival of their enterprise.
3. Strong Retention of Data
If your workplace is prone to natural disasters or fire, you’ve likely lived under the threat of data loss if anything were to happen to your computers or servers.
Cloud-based accounting software eliminates worry by ensuring your business data is stored securely and backed up. Data “in the cloud” is stored on physical servers that are lined up in large rooms. However, instead of residing in a single place, several identical copies of your data are kept in different locations at once. This concept is called redundancy, and it completely eliminates the risk of destruction due to the malfunction of storage equipment or natural disaster.
4. Automated Backups
One of the best features of cloud accounting software is the automatic backup of information every few minutes. This means not only that you’ll never have to remember to press Save again but also that you can view previous versions of information from a specific point in time. Your accounting team can sit back and enjoy a smooth workflow that saves time and hassle.
5. 24/7 Tech Support
When software that’s critical to the management of your business suffers technical issues, you need to know it can be rectified immediately. It’s a situation where time can quite literally be money. To manage your cloud-based accounting software, you’ll want to stay in contact with its tech support team.
The best cloud-based accounting tools have a friendly and efficient tech support team that’s always on standby for any issue that may arise. Today’s accounting software companies offer several ways to get in touch, including email, phone, live chat, or forum support.
6. Real-Time Information
With cloud-based accounting software, business leaders get real-time information on their business’s financial situation. A quick overview of the current financial position and cash flow is always just a click away. What’s more, this software provides a wealth of insight to help businesses make informed decisions.
Once you switch to cloud accounting software, you’ll never again have to purchase hardware to store business information. All data is processed and stored on remote servers, and you’ll never run out of storage capacity.
8. Makes Collaboration Easier
There’s no longer any need to spend days compiling reports for your accountant with cloud-based accounting software. Your financials are processed and stored over remote servers, and information for reports is constantly being updated, so all you have to do is press Generate. And with their login details, anyone you authorise can access the information from anywhere in the world.
Cloud accounting software is one of the best decisions you can make for your business. More and more businesses in Malaysia are switching to cloud accounting as they become aware of the benefits of adopting cloud accounting software and the safety features it offers.
When choosing the right cloud accounting software, ensure that it enables data encryption, allows automation of data saving, provides real-time business information, makes collaboration easier, and has an available tech support team. If it comes with these features, then you stand a greater chance of warding off cyber threats. For more information, feel free to get in touch with us.