As we enter the digital era, new technologies tend to replace older ones. Cloud-based accounting software is one of them. But before we dive deep into the myths and reality of cloud-based construction accounting software, let’s learn more about cloud-based technology and its benefits.
It has been more than ten years since cloud-based systems first became accessible to businesses and for personal use. Initially, cloud adoption was just limited to Software as a Service (SaaS). Then, cloud computing migration was observed in the Infrastructure as a Software (IaaS) and Platform as a Service (PaaS) industries. Finally, we come to today’s time where Functionality as a Service or serverless cloud-based models is prevalent.
So, slowly and steadily, cloud adoption became popular among the majority of businesses, be they big or small. Most of them use Trello, Microsoft dynamics 365 construction, and Salesforce. And undeniably, these offer feature-rich and reasonably-priced productivity software. Additionally, they give customers the freedom to focus on their primary business goals. Now let’s move on to knowing more about cloud-based technology and the misconceptions about them.
What is Cloud-based Technology?
Cloud-based systems are becoming increasingly popular and essential in the world of computing and technology. In a cloud-based system, computing resources are shared across a network of remote servers hosted on the Internet. This differs from a traditional system where local servers or personal devices are used to manage applications and store data.
What is Cloud-based Accounting Software?
Cloud-based accounting software allows businesses to access data and applications from any location with an Internet connection. This provides a great advantage to businesses as they can access their data, applications, and Software from any device and location without needing to maintain hardware or Infrastructure.
Furthermore, cloud-based systems are also cost-effective as businesses don’t need to invest in hardware or expensive software licenses, as the Software and storage are all managed by the cloud provider. Companies can save money on IT costs and focus their resources on other areas of their business.
However, myths develop in people’s minds when technology gains its name due to a lack of accurate information. Let’s look at the widespread misconceptions and reality of cloud-based systems.
What are the Common Myths and Reality of Cloud Technology
#1. Misconception: Cloud technology is insecure.
Reality: This is one of the most prevalent misconceptions about any cloud-based accounting software. You must think, “this makes sense because new technology allows remote access to all sensitive customer and business data processed and stored off-site. Indeed the hacker benefits from this.” However, the reality is entirely the opposite.
When considering cloud computing migration, you can rest assured that security breaches pose the most significant risk to cloud hosting providers. As a result, they make significant efforts to prevent them. The amount of effort, expertise and money put into protecting their service is far greater than any internal IT equivalent. The reality is that cloud providers use encrypted data centers and multiple layers of security to protect data and applications.
It’s also important to note the surprisingly high number of data breaches companies experience due to employee negligence or internal threats, which occur much less frequently in a cloud environment. Furthermore, cloud providers are also subject to regular security audits to ensure they meet industry standards and best practices contrary to on-premise servers.
#2. Misconception: Cloud technology is expensive.
Reality: Initially, migrating to cloud-based accounting software might not support your cost-cutting plan. However, cloud adoption will save you a lot of bucks in the long run. The expense of moving operations to the cloud is determined by several variables, including the volume of data to be stored, the number of users who will use the service, and the extent of enterprise application support and backup required.
Many cloud providers offer pay-as-you-go plans, allowing organizations to pay only for the resources they need and use. The good news is that cloud service providers include the price of security and upkeep in their service. Additionally, cloud computing can reduce hardware and software maintenance and upgrade costs, as these are all managed by the cloud provider.
#3. Misconception: Cloud technology makes you lose control.
Reality: Adopting a cloud solution like cloud-based construction accounting software only results in a loss of control over the tasks you choose to delegate to your cloud hosting provider. A cloud partner can take care of expanding resources to keep up with business growth, maintaining Infrastructure, monitoring applications, and guaranteeing high levels of security.
This gives your IT team more time to work on business-related tasks and your data, which remains entirely under your control, with the only change being the location of its processing and storage.
#4. Misconception: Cloud Solutions are never designed to meet specific needs.
Reality: Another myth is that cloud services are only sometimes customized to meet specific requirements. The opposite is true. Many businesses discover that they have a unique set of needs that cloud solutions can meet.
With flexibility and scalability in mind, cloud service providers built their Infrastructure, enabling them to offer various features tailored to your specific requirements. Cloud providers are happy to work with you on tailoring their offerings, making them more suitable for what your company does best. For instance, if you have sensitive data that requires additional security measures. Cloud providers use multiple redundant systems to ensure that data and applications are always available and accessible. Cloud providers are also constantly monitoring their systems to detect and address any issues quickly.
To Sum Up
Overall, cloud-based systems are becoming increasingly popular and essential for businesses as they provide great flexibility, scalability, and cost-effectiveness. They allow companies to access their data and applications from any device and location without needing to maintain expensive hardware or Software.
If you are looking for cloud-based construction accounting software, ProjectPro will be the best choice. Partnered with Microsoft Gold and Dynamics 365 Business Central, the cloud-based accounting software will suffice all your accounting needs.