- User authentication – two-step authentication for logins and transactions ensure that with the use of 2 personal devices only can you access the account.
- Data encryption – industry-level encryption services ensure that information is delivered and translated to correct areas only.
- Network security and data center – economies of scale allow a much higher level of infrastructure and the security that runs within it. This can offer governmental levels of security at a fraction of the price.
THE BENEFITS OF MOVING TO A CLOUD ACCOUNTING PLATFORM IN THE UAE
The benefits of moving to a cloud accounting platform in the UAE
The world we live in is rapidly moving towards digital for all aspects of business, one of the most aggressive moves is that of the accounting world. With your company’s financials at stake, what are the real benefits of moving to a cloud accounting platform? Here are the top reasons you should be considering a move to cloud based accounting.
Reduced Capital Expenditure
The move to cloud not only offers an operational cost option for the software. It also reduces the need for infrastructure to support it. Costly hardware and backup solutions are not required as they are now provided as a part of the software as a service offering. The scale of the infrastructures offered by the service providers will generally far exceed an in-house operation, so it will also increase your business’ accounting security and availability.
Reduced Total Cost
Not only does your online accounting system reduce your capital expenditure, it actually reduces the overall cost. Cloud accounting solutions can enter the market on a freemium model (base levels of the software are offered free with the choice to upgrade for more advanced features) and can be up-scaled on users and requirements as necessary.
There is now no need to invest in an all-encompassing system of which you will use a minor selection of the functions.
Scalability
A cloud-based system scales to fit your company. Entrepreneurs have a very cheap but limited system, this can grow to add users and functionalities as per the requirements of your business and team. The system will grow alongside your company and it will allow for the addition of functions and resources as required.
Staffing efficiency
With the use of technology, manual tasks can almost be eliminated. This opens a business’ options to allow outsourcing of technical and operational functions. Functions such as the capture of expenses receipts can now be eliminated by using application based functions on one’s phone. A simple photo is taken and it is assigned to the correct account. This means that no longer are you counting through endless receipts at the end of the month and you can easily ascertain the cost and value of each client’s activities.
Real-time information updating
From your accountants to your C suite, the information is available as live. The system will allow you to build dashboards and reports which are tailored to the person using it. A C-level may want to see more of an overview whilst an accountant may need more transactional level information. With the connection of bank accounts to the systems you achieve real-time, live accurate data.
Access from anywhere
Part of the success of cloud computing is the ability to access information from practically anywhere. The rise of smartphone adoption has allowed business officials access to key company information as long as they have a form of Wi-Fi connection.
Security
Cloud solutions often face the issue of security and people often think that because a system is out of the office it is less secure. However, exactly the opposite is the truth. The following shows just a few of the key security enhancements that migration to cloud-based accounting will offer:
