Disclaimer: Please note this article is not financial advice. The purpose of our blog is purely educational, so please consult a professional accountant or financial advisor before making any financial decision.
There are plenty of valid reasons for getting bookkeeping and accounting software—this is obvious after spending time doing just a little bit of research. Software can help streamline your ecommerce business operations. If you have a bookkeeper and accountant, they’ll surely recommend getting software as well, as it is a worthy investment that can keep your financial data organized and safe.
All these reasons are valid, and we’ll discuss them in this article. On top of that, we’d like to discuss our top choice for bookkeeping and accounting software: QuickBooks.
You may be wondering, “Is QuickBooks cloud-based?” Yes it is! And here are the many advantages of the tool’s latest features and the reasons why this cloud-based solution is important for data security and business operations.
QuickBooks Enterprise’s Fool-Proof Encryption
The competition is tough in the ecommerce world. Unfortunately, it is true that some resort to black hat tactics to get ahead of the game. Saying that your financial data should be kept safe is an understatement. You’ll never know when hackers will attack.
With QuickBooks, you can sleep soundly knowing that all your business financial data is safe because of data encryption. Encryption converts readable texts into incomprehensible codes, so hackers cannot intercept or hack data when the data travels from a computer or a mobile phone to the cloud.
QuickBooks Online’s Role-Based Access
Threats to data security do not only come from the outside but also from within. Some companies suffer fraud because financial data can be accessed easily. When anyone can access information, there’s a chance of system manipulation to cover up for any deceit.
Skip this nightmare and only entrust access to your books and financial accounts to authorized people in the company. That could be you and your trusted bookkeeper and accountant. Keep the circle small, limit the number of users, and ensure the task delegation is clear. Aside from security, role-based access helps in quality control too. When issues arise, you know who’s accountable for them.
From QuickBooks Desktop to Internet Connection-Only Access
QuickBooks offers a variety of plans for various types of small businesses. The QuickBooks Desktop application is best for businesses that do not prioritize access flexibility. As the name suggests, this software can be accessed only on a desktop computer. You can still enjoy all the features of QuickBooks, except for saving data in the cloud.
However, if your business needs a more flexible software that allows access wherever you and your financial team are, go for QuickBooks Online. The plans offer an anytime and anywhere access feature where there is internet connectivity, so all its functions can be done online and even on mobile phones.
Both are excellent plans, however, with QuickBooks in cloud systems, you encourage collaboration and flexibility. Your team can work together whenever and wherever they are, and not only through a single computer.
Real-Time Updates
Gone are the days when you and your finance team needed to log into a single computer to see the most updated version of your books and accounts. Using a USB to transfer data from one device to another may still be a thing, but with Quickbooks cloud-based accounting, you can leave this tedious task in the past.
Because QuickBooks is cloud-based, any changes to the data are automatically updated and displayed. Anyone who views the financial information in the system will always see the most updated version. As a result, everybody’s updated, and nobody’s left out.
Unlimited Data Storage
QuickBooks already takes up a lot of space in your computer or mobile phone, so what more when there are other files you need to save? You don’t have to worry when your data is saved in the cloud.
Unlike hardware systems with limited storage, the cloud has endless space so that you can store as much financial data as possible. Even if you integrate from various channels and tools, the cloud will still have storage for these data. As a result, you can keep years of historical accounting data in the system and use them for forecasting and business planning.
Utilize Cloud Analytics
Aside from business planning and forecasting, you'll need plenty of financial reports to make sense of all the data stored in the cloud. Some of the reports you should be checking and getting regularly are the following:
- Income statements
- Retained earnings statements
- Accounts receivables
- Balance sheets
- Cash flow statements
- Accounts payables
- Shareholder equity statements
- Budget variance reports
- Sales revenue reports
- General ledgers
If there are other key performance indicators you need to include and special reports you need to get, you can generate them through the help of QuickBooks.
With its cloud computing capability, reporting becomes easier as everything is tracked. The tool also makes computations easier, with no need to set formulas, unlike with Excel sheets. With this, you know that the reports you’ll get are always error-free.
QuickBooks already has set templates to streamline the reporting process, and you can also create customized report templates based on the data you want to see.
Freedom From Data Corruption
Financial data being corrupted is every bookkeeper, accountant, and business owner’s nightmare. It is months and years of collected data gone to waste. The chances of this happening heightens when you are using Excel sheets saved on computers. Computers are prone to computer viruses; when files are affected, they can be corrupted and destroyed. Most of the time, there is no chance for the files to be retrieved.
On top of digital data being damaged, hard copies are also threatened with destruction and loss. Accidents and disaster recovery of documents are highly improbable; they can be lost too.
To combat these, you need to invest in technology that allows data storage on outside servers. Through QuickBooks’s cloud-based feature, you can store all digitized documents.
Automatic Updates
Last but not least, among all the benefits you’ll get by going cloud-based with QuickBooks are automatic updates. The latest versions of the software can instantly be downloaded, so you’ll always be up-to-date.
There are other updates you need to keep an eye on as a business owner, like sales taxes, price changes, inventory updates, and data updates. All these changes can occur automatically within the QuickBooks system.
Going Cloud-Based: Quickbooks Assistance From Unloop
The tools you use for your business should fulfill their purpose of making your life easier and smoothening your business operations. With QuickBooks, you can achieve both, and through its cloud-based feature, you know that your data will be safe and protected.
If you need assistance running your QuickBooks software, managing bookkeeping, staying on top of your taxes, and more, Unloop can help! We are well-versed in using QuickBooks and many other bookkeeping and accounting software.
Contact us now so that we can discuss our offers further. We’d love to help you smoothen out your business operations and protect your financial data.