When you’re weighing cloud accounting vs traditional accounting for your business, the first step is comparing the facts about each approach. In this article, we’ll cover the basics of both cloud and traditional accounting, and explain why JADDE Financial Solutions chooses secure, modern cloud accounting for our clients.
What is Traditional Accounting?
Traditional accounting software is installed on one dedicated hard drive. Your financial data will be stored locally on that device, and you’ll only be able to access it via that specific accounting software.
Although you can access your accounting software from another device by hosting on a cloud server, this presents another paid subscription and involves logging into the server first, and subsequently signing into your accounting program.
What is Cloud Accounting?
Cloud accounting software offers identical functionality to traditional accounting software. Where it differs is in setup, accessibility, and total cost to your business.
To establish a link to your JADDE Financial Solutions cloud accounting profile, you’ll use your internet browser to connect to secure remote servers. You won’t have to set aside time to schedule constant updates and ensure your computer’s security, either; everything will be maintained and secured automatically from behind the scenes.
Because you can connect to your cloud accounting software from any browser, you’ll be able to access your full financial profile, data, and process from anywhere, anytime. JADDE Financial Solutions will deliver up-to-date information about your business straight to your fingertips.
Having your financial data readily available also gives you the capability to collaborate with your investors, your accountant, and your team. Share your information securely with collaborators; as long as they have an internet connection and a compatible device, they’ll be able to take a look at your financials if you invite them to.
Due to the fact that there is no need to license multiple computers or pay for secure, sufficiently large local file storage, your overhead costs can be lower if you choose cloud accounting. Your subscription will cover unlimited data storage on secure remote servers, and software updates will occur automatically.
Cloud accounting offers secure, convenient, affordable accounting for businesses of all sizes.
Consider the age and scale of your business as you make your choice. Even if your business is currently small enough that it makes sense to stick to traditional accounting software, that could change in a matter of months.
Having the flexibility and infinite scalability of cloud accounting in place in preparation for a tidal wave of success could make the difference between your first post-success tax season being merely a hassle and it being a roadblock that sidetracks your ability to focus on nurturing your business.
Are you looking for more details about cloud accounting? Contact JADDE Financial Solutions directly and we’ll answer any questions you may have. We look forward to partnering with you!