Should You Put Your Accounts in The Cloud?
Should You Put Your Accounts in The Cloud?
As more and more businesses opt to transfer previously in-house-only systems to the cloud, the question on everybody’s lips is: how safe is it really?
This is especially the case for systems such as accounting and payroll, where maximum security is a must and breaches can risk the leaking of sensitive information.
Of course, this concern is not a new one: many people raised the same worries when online banking was just taking off, but what many small business owners don’t realise is that, in actual fact, the security risks threatening cloud-based solutions are identical to those threatening in-house solutions.
So, the issue seems to be centred more on the fear of trusting a vendor to take care of your information for you.
This means it’s vital to thoroughly research any potential providers if you’re thinking about making the leap to the cloud.
Security
Making sure you’re satisfied with the security guarantees on offer comes down to your own research.
Be sure to ask any potential providers about terms and conditions, service-level agreements, and how they separate sets of data from one another.
Make sure you factor in the location of your provider to your ultimate decision too, as different regions have different data protection laws/requirements.
What are the benefits?
Cloud-based accounting solutions offer you the greatest level of flexibility, whilst keeping you at the center of your business and putting you in the driving seat.
They can save you money, and provide you with access to data anywhere, at any time.
What about the traditional accountant?
Cloud solutions do not necessarily remove the need for an accountant entirely.
It depends entirely on your specific business, but many cloud accounting systems work harmoniously with an old-fashioned accountant who, in turn, may be able to help you make the most of your cloud solution.
Furthermore, there are some things a computer cannot replicate – sometimes a human touch is required to adequately assess financial patterns and project business changes.
That said, many businesses do opt to eliminate their traditional accounting needs with cloud-based solutions anyway, and cloud accounting systems are designed with this in mind.
They are meant to be intuitive and user-friendly, with a low barrier to entry, and eventually, mastery. In short, they do the work for you.
If you live in Ireland, and thinking about making the switch to online accounting software, don’t hesitate to get in touch with eFolio Accounts Ireland.
We also provide a free 30-day trial of our product! Absolutely no credit card required!
eFolio Accounts is designed specifically to make managing your finances and bookkeeping easy and to help you have better cash flow and a more profitable business.
Get paid on time with easy invoicing and manage client accounts with efficient built in email for invoicing. eFolio Accounts is all your business need.