Finding out the best accounting solution for your business

The technological solution you choose for your accounting department is a critical decision and essential considerations are required when you're looking for new accounting methods or want to upgrade your existing one to meet changing needs but that decision isn't as simple as it may seem at first. That's because each option comes with its own set of functionalities and limitations that you'll need to take into consideration before choosing a viable accounting method for your business. 

There are three major technologies used by most modern day businesses out there, these technologies or accounting methods have their own merits and limitations, it could be different for different business. 

Let’s take a look at the technological options that are available for accountants. 

Desktop based accounting software 

Extended Features 

The desktop based accounting software has a rich set of capabilities that have evolved over the years, however, the user interface and features may vary to some extent depending on the software you choose. QuickBooks enterprise hosting is most widely used desktop based accounting software; however, there are few differences between the windows and them mac version of this software as the Mac version has fewer features in comparison to the PC version. When selecting a desktop based accounting solution for your business, be sure to keep this in mind.

More control over users

In-house software control provides a better user experience and more control for the company. A desktop based system can assist in setting up stronger policies and tracking if there is an existing infrastructure for it.  The desktop accounting solution also provides the ability to control when the software updates. This allows for updates to be made when few or no users are working. It's important to note that for effective use of internal controls, a strong in-house IT support is needed at each step. Desktop accounting software’s does have the tools required to limit tampering and fraud, but an IT team is necessary to execute those controls. 

Limited Accessibility

However, there are few concerns as well that comes with desktop solutions, one of the main disadvantages of using a desktop solution for your business is that employees who are working remotely or traveling cannot access company information or their accounting data. This can lower productivity because they cannot stay up-to-date with what is going on in the office. The accounting industry has been notoriously slow to change in the past, but that is starting to shift now. If you want your firm to stay ahead of the curve, you'll need a flexible solution that can be accessed from anywhere and at any time. This is where online accounting software comes in and that is what we are going to discuss next. 

Online accounting method 

Remote accessibility 

In recent years, there has been a growing demand for people to work from home - and with better technology, it's becoming easier to do so. Surveys found out that there are over 46 percent of employed Americans that works remotely to some extent. To cater to this demand, many online accounting solutions have popped up in the last few years and the growth is continuous with the rising demand for it in the accounting industry.  

Partial features 

Still, there are accountants out there who are still hesitant to move to an online based system. The reason is majority of online accounting solutions don't offer as many feature as desktop or hosted versions. You can't track sales made in different currencies with online accounting methods, but the desktop version allows you to do this. There are also certain features that aren't available such as inventory management, and you would need to purchase them as add-ons. 

Limited Support

Technical support for most online finance tracking solutions is only available during set hours.  So if your employees are working flexible hours, they likely won't be able to get help during that time. Despite these drawbacks, online solutions are still a popular choice in the corporate world, but not as popular as cloud based accounting solutions.

Cloud based accounting system

Remote access

An accounting solution that is hosted online can give users access to their work from anywhere there is an internet connection, making it easier to be productive when working remotely. This type of accounting also reduces the need for a physical office, which can save on costs like rent and office equipment. QuickBooks enterprise cloud hosting is one of the most used cloud based accounting methods nowadays. 

Lower software cost

There are cost savings associated with the hosted desktop solutions as they help you in cutting down on the cost of buying new upgrades for your applications. Rather than buying upgrades, add-ons and features separately, you can simply pay your hosted desktop provider a monthly fee and get these services in return - making your life much easier and it will also going to save you money in the future. 

Enhanced Data Security

As accounting involves financial transactions and information, it is essential for accounting companies to protect sensitive client information from any malicious attempts. Reputable hosted desktop providers have vast experience in providing secure IT solutions and a deep understanding of cyber security. This enables them to provide their clients with security updates and enhanced data protection services.

IT support 

Cloud based hosting services for your accounting not only gives you enterprise IT support, but they do so at an affordable price. As part of the package, you'll have access to 24/7 support from some of the most experienced IT professionals in the industry. This outsourcing of IT needs can help reduce the expense of hiring in-house IT staff, as well as the maintenance costs associated with on-premise hardware.

Conclusion