Online accounting software has been around for some time. Nevertheless, the idea of putting your data in the "cloud" leaves some people skeptical. With significant improvements in the efficiency and security of these software products in recent years, they have become a very interesting alternative to the desktop software that was once the norm.
In order to help you choose the best software option to simplify your business accounting, here are some facts that will help you make the right decision.
What is the “cloud”?
Many people have heard of the "cloud", but not many really understand it. While many believe that cloud computing is a relatively new technology, it has been used for applications such as webmail and online banking for over 15 years.
In essence, the "cloud" is a part of the Internet that makes data and software available online anytime, anywhere, on any device.
Problems with offline accounting software
Once traditional offline accounting software has been installed, the program or the data it contains rarely stays updated for very long. Moreover, software licenses may be limited to specific users and may be expensive to extend.
With software that can only be used on certain devices, data is often shared via other means such as USB keys and email, compromising the security of potentially sensitive data.
Why is cloud accounting software often a better option?
Many online accounting software features make it attractive to countless businesses.
A multiplatform solution
Cloud accounting software can be used from any device with an Internet connection. This means that business owners who opt for this accounting solution can manage their business finances anytime, anywhere, from any mobile device.
For optimal use of time
The ability to easily access financial data, even when traveling, allows you to work smarter and faster. Cloud software offers a clear view of a company's financial situation in real-time, enabling timely business decisions.
Better collaboration with different partners
Multi-user access offered by many cloud accounting software programs means that data can, with your authority, be reviewed by an internal team and external advisors, such as an accountant or tax specialist, improving collaboration.
Automatic updates
There is no need to install the software on a device since everything runs online. It will be updated regularly and automatically by the provider without extra effort or cost for your business.
Get your hands on cloud accounting software
In conclusion, while offline versions of accounting software may still be relevant, technological advances in recent years have made online versions more efficient. They now offer security, reliability and flexibility.
If you want to learn more about the many advantages of software solutions, don’t hesitate to contact the T2 Inc team. We can help you find the system that best suits your needs.
Frédéric Roy-Gobeil
CPA, M. TAX
As President of T2inc.ca and an entrepreneur at heart, I have founded many start-ups such as delve Labs and T2inc.ca. A former tax specialist at Ernst & Young, I am also a member of the Ordre des comptables professionnels agréés CPA and have a master's degree in taxation from the Université de Sherbrooke. With a passion for the world of entrepreneurship and the growth mindset, I have authored numerous articles and videos on the industry and the business world, as well as on accounting, taxation, financial statements and financial independence.
