Why Online Accounting is
Relevant in 2020 and Beyond
Today, there are more and more revolutionary and easy-to-use management solutions. These solutions offered in SaaS mode and hosted in the Cloud bring their share of opportunities for companies of all sizes. The trend around SaaS is expanding to include all (or almost) business processes, even accounting software is no exception and is now becoming accessible in SaaS mode. The days of searching for a certified CPE for accounting and tax will be gone sooner or later.
In general, Cloud Computing consists of delivering a set of services and benefits via the Internet. It allows access to data or programs from the Internet, and to benefit from a remote IT infrastructure to use applications. Among the applications hosted in the Cloud, we find software in SaaS (Software as a Service) mode, which offers solutions that are accessible and exploitable online. This technology allows companies to purchase IT resources as services, without having to build and maintain IT infrastructure in-house. Today, SaaS-based accounting software is very popular with users and is comparable to the technological shift experienced with the advent of the Web in 1995.
These are the main advantages of an accounting software in SaaS mode.
Reduced Cost
Managing your accounting via an accounting software in SaaS mode allows you to reduce your costs. You pay a usage and maintenance fee in the form of a monthly or annual subscription. Indeed, the programs are installed on the service providers’ servers unlike conventional software that is installed on the company’s servers or terminals. As a result, the cost of accounting software in SaaS mode is reduced compared to traditional software. In reality, these require the acquisition of a subscription whose price is proportional to the resources consumed and the functionalities used. Moreover, accounting software in SaaS mode will no longer be seen as an investment in a company’s balance sheet but rather as a fixed cost of operation. It is therefore possible to deduct this expense from the company’s income.
Saving Time
Accounting software in SaaS mode saves you all the time you can spend on the production of accounting documents. The automated aspect offered by the software guarantees that you save time to invest in more value-added tasks. This solution allows you to avoid manual and paper processes, everything is automated, dematerialized and stored in the Cloud. Even more, it offers many features that allow a greater saving of time on a daily basis, namely: automatic lettering, recovery of bank statements, automatic recognition of invoices, creation of input guide, etc.
Reduced Errors
The accounting entries are recorded directly in the configured journals and the calculations are automatically carried out. Thus, the risk of probable errors is much lower, due to the reduction in data entry or time-consuming micro tasks which increase the risk of account irregularities. With online accounting software, manual entry will be a thing of the past. Accounting software in SaaS mode automates the accounting process. In addition, all data is secure and preciously stored in highly secure data centers, using powerful encryption processes. These are especially effective for banking transactions.
Automatic Updates
Save your time and money by not having to upgrade your accounting software thanks to SaaS mode. It is essential that your tool performs updates automatically. SaaS accounting software is already pre-installed on the provider’s servers and is ready to use, reducing deployment time. Now, providers are offering more and more updates for companies and provide a single version for all employees in order to promote internal data accounting.
Customizable
The customization of applications is proving to be another advantage in SaaS accounting software. Some companies have specific needs due to the nature of the business and therefore the adaptation of accounting software becomes essential. When the company wishes to store confidential data, it has the option of negotiating with the provider specific arrangements for security, maintenance and the rate of data availability.
