Jan 20, 2020

The shift in the trend of cloud-based accounting software from traditional desktop-based on-premise software

Accounting is a necessary evil for any kind of business. Business owners face multiple challenges periodically, and accounting is a major one among them. Accounting might not be everyone’s passion, but it is the language that speaks for all the financial aspects of business. According to the Small Business Report, just 39% of small business owners feel that they’re knowledgeable about accounting and finance.[Source: http://www.waspbarcode.com/small-business-report-accounting]  

Computing technology has allowed engineers to develop software solutions for accounting needs. It let enterprises move away from traditional methods, which involved maintaining records in books and a lot of calculations. Even though the software eliminated most of the manual tasks, there emerged some drawbacks. Because initially, only desktop applications were available.

Traditional on-premise accounting software to Cloud-based accounting: The Shift

The desktop-based on-premise accounting software posed problems like unavailability of up-to-date data, the restriction to work only on one system with single-user access, manual and complicated backup process, lack of customer support, etc. To overcome all these IT companies came up with cloud-based solutions.

Cloud solutions’ biggest advantage is that it requires no extra hardware, and it is accessible to multiple users from anywhere at any time. Easy Invoice Manager by Gimbooks is one such cloud-based accounting software that is developed to streamline all the accounting processes. Creating professional and aesthetic invoices, quotations, purchase orders, etc. has never been easier and quick till then.

The inclusion of tax compliances makes accounting even more complex and hectic because these laws keep on changing with time. As every business has to abide by it, the process of accounting becomes overwhelming. But thanks to applications like Easy Invoice Manager by Gimbooks, that is GST compliant, and makes GST filing quick and straightforward through its cloud-based SaaS and mobile app.

Cloud technology has proved to be a game-changer in accounting scenarios in terms of flexibility, reliability, security, and accessibility. However, when it comes to usability, not all accounting software boasts simplicity. Either, users need some kind of training to use them, or they come with a hefty price. But that’s not the case with Easy Invoice Manager. This Gimbook product is designed with a DIY approach for users. It can be used by anyone who possesses basic computer knowledge. It does not demand to have any accounting knowledge. Its industry-specific invoice feature means users can customize it according to their domain.

Why should cloud-based accounting be considered seriously?

Cloud accounting has enormous benefits; it is beyond any doubt. There are numbers to back up this statement. Xero, a tech company, based in New Zealand, reveals that companies that use cloud-based accounting tools experienced a 15% year-over-year revenue growth.[Source: https://www.xero.com/blog/2017/05/cloud-based-accounting-firms-add-five-times-the-amount-of-clients-of-traditional-firms/]

And it has been estimated that by the end of this year, a whopping 78% of small businesses will rely on cloud technology. [Source: https://www.accountancyage.com/2018/10/05/an-outline-of-cloud-accounting-software/]
The nature of technology is that it keeps evolving. It is influencing and changing the way we do things. Like every other discipline, accounting has also evolved to meet the ever-changing requirements of businesses. The technological advancements and innovations have made it better over time.

Cloud technology is the latest accounting trend. And it has made the process of accounting effective, time-saving, and economical. People missing out on this will definitely find themselves playing catch-up with its users. The decision to install or move to a cloud-based accounting software has reached a no-brainer category now.