Why Startups Should Host QuickBooks Accounting Software On The Cloud

Some people think that running a startup is like switching ON a money-minting machine. However, things are not as easy as they seem — for only a handful of startups can achieve their goals.

Startups and small businesses have to face various problems in their journey, the most prominent being managing their accounting process. Although QuickBooks gives them an edge over traditional accounting methods, hosting it on the cloud further boosts their productivity.

Here are seven reasons why startups should host their QuickBooks on the cloud:

1. Bringing QuickBooks At Your Fingertips

Imagine having the office system strapped to your back for round the clock access to your QuickBooks. Uncomfortable, isn’t it?

Although recent technological developments have significantly scaled down the size of electronic devices, it is still not feasible to carry your expensive laptop around for using your QB software whenever you need to.

Hosting QB on the cloud frees you from the worries which come with locally installed QB. As the cloud is constitutionally developed to be accessible anywhere, anytime — all you need is a web browser supported by a stable internet connection to access your QB data.

Thus, it eliminates the need to be near the device in which your QB is installed by converting your smartphone to a new access point for your QB operations.

2. Assured Data Safety

You are working hard at your newly established office, you are going through all those piled up files when a legal notice is suddenly served to you for an alleged data leak.

In 2019, about 1473 data breaches occurred in the US alone, exposing over 164.68 million sensitive records.

Moving your QB to the cloud provides you with assured data security. All the data is stored in heavily guarded data centers, making physical theft impossible. Your hosting provider also ensures other premium security features, such as the latest antivirus software, regular security audits, and firewalls.

3. Reliable Backup Facility

Since data is a valuable asset for any industry, it’s necessary to take trustworthy safety measures to safeguard it. However, there are many factors such as a devastating calamity, unprecedented accident at the workplace, or a sudden system crash that can harm your financial data integrity.

In the worst-case scenario, the data could also be permanently lost.

This not only affects your finances but also damages your image among other firms, something which significantly depreciates your value. Hosting your QuickBooks allows you to use the beneficial backup facility, which helps you create readily available data backups.

So, even if you lose all of your data, it can be conveniently restored.

4. Reduced IT Investment

Finances are the cornerstone of any business, especially for startups, where a shortage of funds is usually a hurdle in their endeavors. In this modern age, it is essential to have the latest IT hardware to enable you to be equally footed with your competitors.

But, since an IT set up calls for a hefty investment (which may leave a big hole into your pocket), setting it up may seem next to impossible.

And this is where QuickBooks cloud server empowers you. From the set up to a team of IT professionals required for its maintenance, everything you need is taken care of by your hosting provider. All you need do is to pay monthly and leave the rest to them.

5. Seamless Multi-User Support

During accounting operations, one has to deal with a considerable amount of complex data. Sometimes, you may also have to interact with your accountants to collaborate over it.

However, relying on traditional data sharing and file transfer methods creates multiple copies of the same file, filling up your system and resulting in unnecessary confusion.

Hosting your data on the cloud allows it to be modified in real-time; every change is reflected instantly. Through this, various people can work together without creating redundant copies of the same file.

Since everything is stored in one place, the constant back and forth transfer of files is not required; the work output is also significantly increased.

6. Cutting Down The Administrative Tasks

Time is of the essence when you are trying to grow your startup. However, there is a range of other administrative tasks that can take up a lot of time and impede your efficiency.

Managing your IT infrastructure, processing payrolls, monitoring employee activity, recruiting, and handling customers: are some of the work-life hassles which can take up a lot of time.

Hosting QB on the cloud allows you to cut down on the administrative tasks as you bring the cloud functionality into your infrastructure. Using the cloud, you can automate multiple manuals tasks, enforce better workflow management, improve customer service, and supervise activities.

And since it is the hosting provider that takes care of all your IT needs, you don’t have to worry about software upgrades or any system crash hindering your operations.

7. A Much Needed Cost-Saving Investment

According to a report published in 2019, one of the prominent reasons for startups to fail was a deficiency of funds. And this is no wonder since the majority of startups lack an independent source of funding for their operations.

Adding to their problem is the absence of a proper accounting solution within their organization, which leads to costly accounting errors and inaccurate financial reporting.

Integrating QuickBooks with the cloud allows your organization to experience an accurate accounting solution that doesn’t burden your resources. Since the hosting provider takes care of all your IT needs, you don’t have to invest in an IT setup.

And with QuickBooks providing accurate and precise financial reporting, you can make better business decisions and improve your cash flow.

Conclusion

For a startup to be successful, a great deal of hard work and dedication is required. And when you leverage technology, you automatically lay the groundwork for your commitment to bloom.

Easy accessibility, better data security, reduced IT spending, and literally a cost-saving investment — that’s what a hosted QuickBooks solution brings to you.

So, when you want to keep your accounting hassles to a minimum and focus more on your endeavors, QuickBooks hosting is the perfect solution for all your needs.