In recent years, cloud technology has revolutionized our day to day lives. As per the verified market reports, cloud accounting software is estimated to grow at a rate of 8.5% during the period of 2019 -2025. Accounting software drives growth and predictions for the future with potential cloud trends in the region.
The forecast for cloud business system was made in the year 2019, but the world has seen a systematic shift in the year 2020 due to COVID-19. The pandemic impact is likely to increase growth even more significantly across the world than expected.
What is a cloud based accounting software?
Online accounting software has been around for the last decade and it’s expected to witness growth strides due to a variety of factors. Most notably, reprioritization of resources from hardware to software and then cloud, cloud accounting platforms are streamlined to enhance and improve efficiency across various business units.
Today, most of the small businesses prefer accounting softwares to focus on their general business operations. Cloud accounting software suits all the needs that include international collaboration, cost reduction, business growth, and improved efficiency. Some of the best accounting software allows businesses to streamline their process, enhance visibility, reduce human error, and increase productivity through various integrations.
With the help of digital accounting software, small businesses have the flexibility to adapt with cloud software and enjoy the benefits from start!
What are the benefits of cloud based accounting software in UAE?
Cloud accounting allows significant improvements in business operations rather than traditional accounting measures. Some of the key factors that drive business growth are digital transformations, distributed workforce, and enhance overall small business productivity.
Cloud-based business solutions have the ability to seamlessly run your business in cloud. Small business accounting software ensures businesses that they comply with the latest additions and enhancements. Get access to the latest software with attractive features and offerings.
Small businesses and their accountants have access to latest data, sales, invoices, and more from all the devices. It also allows a space for collaboration, sharing, and reporting from any device.
Privacy and security is a key advantage while working with financial accounting software. The software keeps track of records and ensures that data is up-to-date. While privacy is a major concern, data is stored on various cloud servers with strict measures and regulations to protect it!
Cloud accounting software can use real-time data at any time to improve their key business decisions. Some data like transaction report, bank balance, and other such statements allow deeper insight and more accurate business view.
What is the impact of Covid-19 on cloud trends?
Covid-19 impact on the global economy and small businesses is huge; on the other hand, it has created a digital era that last for decades. Digital transformations are the current trend and expected to rule over years.Cloud strategy has become a core focus with the ability to innovate and reduce business risk during the pandemic. As per the recent BCG survey, around 70% of respondents in the region consider innovation and risk education as the primary factor for cloud adoption.
Work from home or remote work is the sweeping trend during the covid-19 pandemic. According to BCG survey, 300 million office workers are shifted to work from home by mid-march and it’s expected to increase. Cloud adoption has seen great increase due to covid-19 and allows opportunities for business shifts.
What are the benefits of having cloud accounting software?
1. Money Value
Instead of paying a huge fee for cloud accounting management software, users can spread the cost and pay monthly. This helps you to manage the cash flow, while paying up front, users get a discount.
2. Work from anywhere
Accounting software solutions means you don’t have to worry about maintaining the spreadsheets or installing a program in single machine. Cloud allows users to log into business accounts from anywhere with just an internet connection.
3. Save time
Use online accounting and save time with automation. Cloud accounting automates and generates invoices at regular intervals. This prevents from maintaining manual records and other manual works. Combine accounting software with HR and Payroll applications, this automatically generates pay slips and other relevant documents.
4. Secure information
Online accounting software for small business or large enterprise, cloud server keeps your data secure with constant back up. Users don’t have to worry about data being hacked or compromised. Even if the machine crashes, everything is still saved in the cloud.
5. Up to date data
With the help of automated bank feeds, keep track of your balance sheets in the real time. Get access to a range of reports that give an up-to-date snapshot of business finances. Cloud accounting software makes it easy by providing a complete picture of your finances.
6. Easy to use
Most of the accounting softwares are easy to use for non-accountants too. Accounting is made easy for people without any relevant experience in managing financial accounts. Online accounting is built for non-accountants and helpful with guides at every step of the way!
7. Community of fellow business owners
Joining cloud accounting software is simply joining a network of fellow business owners. Users can meet and chat with the fellow members via business events and community forums.
8. Access to multiple users
It’s easy to add multiple users and set permissions according to your accounting needs. If different people are managing different elements of your business, you can allocate the accounts and set permissions to accomplish the specific job roles.
9. Consistent software updates
Cloud based accounting software is constantly developed by in-house developers. It’s essential to keep up with the trend and so, cloud software is agile enough to work in real time. In most of the case, the updates are free and included as a part of the monthly subscription.
10. Collaborate with accountant
Earlier, it was mandatory to consult your accountant once in a year, probably at the year end to sum up with a huge pile of work. But, cloud accounting software share your accounts with the accountants throughout the year and work regularly.
Overall prediction for cloud based accounting software in Dubai, After the covid-19 pandemic, the world has witnessed a rapid pace of cloud adoption across all the services. For small business or even large enterprise in UAE, having a cloud accounting software will enhance productivity, automate accounting, streamline HR process, customize scalability, and ensure hassle-free security.