Cloud accounting software is similar to traditional, on-premises, or self-install accounting software, only the accounting software is hosted on remote servers, similar to the SaaS (Software as a Service) business model. Data is sent into “the cloud,” where it is processed and returned to the user.
All application functions are performed off-site, not on the user’s desktop. In cloud computing, users access software applications remotely through the Internet or other network via a cloud application service provider.
Using cloud accounting software frees the business from having to install and maintain software on individual desktop computers.
Cloud accounting solutions also allow employees in other departments, remote or branch offices to access the same data and the same version of the software.
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There are a several key distinctions between cloud accounting and traditional, on-site accounting. For one, cloud accounting is more flexible. Accounting data can be accessed from anywhere on any device with an Internet connection, rather than on a few select on-premises computers. Secondly, unlike traditional accounting software, cloud accounting software updates financial information automatically and provides financial reporting in real-time. This means account balances are always accurate and fewer errors take place due to manual data entry. They are also better able to handle multi-currency and multi-company transactions more efficiently.
In the on-premises world, every time a firm grows, they encounter greater software license and maintenance costs as well as new licenses and fees for database, systems management and other software. The firm might also have to make expensive capital purchases of new hardware, such as servers. With cloud solutions, businesses don’t get stuck with permanent, expensive equipment and licenses when your business contracts are up and, likewise, there are no big spikes in costs when it expands a little.
Also, cloud accounting requires far less maintenance than its traditional counterpart. The cloud provider completes the backups, updates occur automatically and nothing needs to be downloaded or installed on a company computer.
Companies that use cloud accounting require less initial server infrastructure to store data, and IT staff is not required to maintain it or update the cloud accounting system. Fewer overhead expenses and no new software purchases mean greater savings for businesses. For the on-premises world it’s the exact opposite. Every time a firm grows, they encounter greater software license and maintenance costs as well as new licenses and fees for database, systems management and other software.
Thousands of businesses are familiar with the Salesforce platform already. They’re comfortable with it and know how it works. We chose the platform to provide companies with a quick and simple way of transitioning their accounting to an easily accessible cloud platform that they already know and trust. The real power of the end-to-end solution is how FinancialForce Accounting enhances your business processes and reporting. For instance, FinancialForce Accounting can create sales orders or invoices directly and automatically from Salesforce opportunities, quotes or custom objects. This kicks off the accounting portion of the CRM to the accounting process, creating a full transactional record that begins at the opportunity level and flows automatically through accounts receivable to the general ledger. This seamless process eliminates manual activities and automates the opportunity to cash process.