Cloud Accounting 101: Your most burning questions, answered

Cloud Accounting 101: Your most burning questions, answered

Polina Polishchuk
Tags: cloud accounting, cloud ERP, Financial Management

You’ve been hearing about it everywhere, but what is cloud accounting, really? Well we’re here to answer all your burning questions.

cloud accounting questions

What’s the difference between cloud accounting and traditional accounting software?

If you’re already familiar with traditional accounting software, you’re already on the right track – cloud accounting is similar to on-premise accounting software, handling your accounts receivable, accounts payable, general ledger and any other traditional accounting functions. However, cloud accounting is hosted in the cloud, as a Software as a Service. It provides real-time reporting and financial analysis, handles multi-currency and multi-company transactions more efficiently and is generally much more flexible and customizable.

Is cloud accounting secure?

If you’ve got traditional accounting software, consider this: a company computer with financial data can be lost, stolen or damaged, which can lead to catastrophic loss of critical information. Cloud accounting solutions are safeguarded with unique passwords and heavy encryption, far away from catastrophe’s reach.

Will it save my company money?

Yup. Companies that implement a cloud accounting system require less server infrastructure and IT investment. Cloud accounting grows WITH your company, no need for constant maintenance and hardware costs.

What are the benefits of using accounting software on the Salesforce1 platform?

If your company already uses Salesforce for its sales, operations and marketing, you already know how user-friendly it is. Transitioning your company’s finances to the Salesforce platform simply enhances your business processes and reporting. It connects your system of engagement with your system of record – your front office with your back office. For example, FinancialForce Accounting can create sales orders or invoices directly and automatically from Salesforce opportunities, quotes or custom objects. How cool is that?!

Read the full cloud accounting FAQs and be sure to check out the quick guide to selecting the right cloud accounting solution for your business.

 what is cloud accounting

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