Many small company owners & managers know the benefits of maintaining the business books; they also know just how time intensive it can be!
Proper bookkeeping is solely for the benefit of operating a company; it is a must for business owners to keep up to date with their P&L and revenue targets.*
From CPA Practice Advisor by Kacee Johnson
Get the White Paper – A Specialized Cloud for Accountants
Presently there are MANY accounting software packages available off the shelf, with some being industry standards, and some being more niche specialized. Amidst the decision-matrix there is a growing move towards selecting cloud-based accounting and virtual server software hosting, which functions and is accessed via the web. This basically means that the bookkeeping and accounting processes happen online, rather than localized to an individual PC.
Cloud Accounting Concerns
One essential concern company owners have with cloud accounting is data security. This in itself should not be an overriding concern; cloud access is only granted by permission from authorized account holders. The best cloud hosting companies invest significant capital in security and backup. Essentially, data may actually be safer than if it was stored locally. For example, data could be lost through theft of hardware or failure when stored on an office computer or server. Such risk is minimised when data is stored in the cloud and protected by high levels of security and backup procedure.