How to choose a good cloud accounting provider
The digital transformation of the accounting industry has led to a proliferation of cloud accounting providers in the market. Companies all over the world are now looking to leverage on cloud accounting technology to enhance their competitiveness and grow their businesses.
In our previous post, we talked about the key differences between traditional accounting software and cloud accounting software, and the benefits of moving to cloud accounting. In this post, we came up with a list of factors you should consider before making the leap.
Security
Security is by far the topmost concern of business owners. Study and understand the cloud provider’s security policies on their website. Assess if they have robust and comprehensive policies relating to data encryption, data backup and disaster recovery planning.
Quality of information
Most cloud accounting providers integrate bank accounts with the accounting system, thereby giving business owners access to real time information on sales, expenses and cash flow position. Such information, whilst key to making better and faster decisions, is meaningless if it is not available in a manner easily understandable to the user. User-friendliness of the system is key too. Look for cloud accounting providers that let you customize the reports effortlessly so that you can tailor them to your business and financial reporting needs.
Integration with third-party applications
One of the key benefits of cloud accounting is the ability to integrate the accounting system with the rest of the business operations to streamline workflows, cut costs and improve employee productivity. Look for cloud accounting providers that can be easily integrated with a wide range of third-party applications across different business functions (purchase, sales, payroll, etc).
Customer service and support
Check how responsive and knowledgeable their customer support team is. Browse online forums and learn what others have to say about their experiences. Look for complaints and see how these are handled by the team. Ask for reviews from other business owners.
Speak to your accountant
The process of making the switch could get overwhelming at times. Speak to your accountant who can advise you and highlight potential implications and offer new insights. If you have any queries on cloud accounting, feel free to drop us a message or email us and let us know how we can assist you. Our general response time is one business day.
