Signs You Might Be Outgrowing Your Accounting System

business-growthIf you’re struggling with your accounting system, it might be a sign that you’re ready for something new. Perhaps your company has grown so much that it’s outgrown its older accounting solution. Here are several indications to look for that justify moving to an accounting system with more features and scalability.

User Permissions

Some companies have a need to limit certain functions to certain users. Most systems come with basic functional limitations, such as restricting Accounts Payable and Accounts Receivable functions. But what if you need more granular user permissions such as access to only purchase orders or a certain bank account? Mid-market systems like QuickBooks Enterprise provide those features.

Multiple Companies and Consolidated Financial Statements

Do you have multiple companies that are the “children” of a parent company? You might need consolidated financial statements and the ability to open multiple companies at the same time.

Number of Customers and Vendors    

If your business is growing and the number of customers and vendors you do business with exceeds 14,500, you will have reached a list limit in QuickBooks Premier. Each system has their own list limits, and these limits can get complex quickly, so check with us if you feel you are getting close.

File Size and Performance

There may also be file size limits that you need to watch, especially if you have a high volume of transactions or multiple years of history in one file.

You could also have performance issues. If you have a new PC and your accounting system is still running slowly, we can help you improve your performance by condensing your file or setting preferences differently before you have to switch.

Inventory Features

A mid-market system like QuickBooks Enterprise provides advanced features, such as tracking inventory in multiple locations, using the FIFO method, and managing lots or serial numbers. If you need these features, it may be worth it to switch.

Enhanced Customization

Most mid-market accounting systems provide better customization such as additional custom fields, better reporting, and improved form design.

Number of Simultaneous Users

The final reason to switch to a larger accounting system is if you need more simultaneous users. QuickBooks Pro allows for up to three simultaneous users, QuickBooks Premier handles up to five, and QuickBooks Enterprise makes room for up to 30 simultaneous users. QuickBooks Online allows up to 25 simultaneous users.  Check with us if you are curious about your system’s license limits.

Did any of these reasons resonate with you? If so, let us know so we can discuss your needs. 

Beyond Saving Trees: New Trends in Receipt Management

online-business

Accounting automation has come a long way in the last few years, and the process of handling invoices and receipts is included in those changes. No longer is there a mountain of paperwork to deal with. In this article, we’ll explain some of the changes in this area.

Vendor Invoices

Most invoices are now sent electronically, often through email or from accounting system to accounting system. Some accounting systems allow the invoice document, usually in PDF format, to be attached to the transaction in the accounting system. This feature makes it easy for vendor support questions as well as any audit that may come up.

Some systems are smart enough to “read” the invoice and prepare a check with little or no data entry. Others are able to automate three-way matching – this is when you match a purchase order, packing slip, and invoice together – so that time is saved in the accounts payable function.

Receipts

Today’s systems allow you or your bookkeeper to scan in or take cell phone photos of receipts – whether cash or credit card – and then “read” them and record the transaction. This type of system cuts way down on data entry and allows the accountants to focus on more consultative work rather than administrative work.

Some vendors will email you receipts so all you have to do is use a special email address where your accountant is copied or forward the receipt as you receive it.

The biggest challenge for business owners is getting into the habit of photographing the receipt and sending it to the accountant. The days of shoebox receipts are not completely over, but cloud-savvy business owners are definitely enjoying the alternative options of today’s paperless world.

Approvals

Some systems automate bill approval. This is especially handy for nonprofits or companies with a multi-person approval process. It cuts down on approval time and the time it takes to pay the bill.

New Systems

Here is a short list of new systems that automate a part of the vendor payment or receipt management system. There are a lot more, in addition to your core accounting system, and all of them have different features, platforms, software requirements, integration options, and pricing.

  1. Bill.com
  2. Hubdoc
  3. Receipt Bank
  4. Expensify
  5. SmartVault
  6. Doc.it
  7. Tallie
  8. Concur
  9. LedgerSync
  10. ShoeBoxed
  11. ShareFile
  12. DropBox

If you are interested in finding out more about automating your accounts payable invoices or receipts, please reach out anytime.

What’s Your DSO?

calculator

If you grant credit to customers, then you have a balance in accounts receivable. DSO stands for Days Sales Outstanding, and this helps you measure how fast your receivables are being converted to cash.

Here’s how to calculate it:

DSO = Accounts receivable balance / Annual net credit sales * 365.

DSO is measured in days and it represents how many days it takes to collect the customer invoice balance and convert it to cash.

Whether the DSO measure is “good” or not varies by industry as well as the terms you’ve set for your clients. If you’ve set your invoices to be due in 30 days and your DSO is 45 days or less, that’s pretty good. If you’ve set your invoices to be due in 10 days and your DSO is 60 days, then you might want to consider a more aggressive collection policy to speed up your cash flow.

Here are some tips to reduce DSO:

1. Invoice clarity.

Make sure your invoices are accurate and clear. Make it clear whom to make the check out to, where to mail it, the due date, and the amount due. All of these features should be easy to find on the invoice.

2. Consider discounts.      

A common discount term is 2/10, net 30. This means the customer can take two percent off their invoice if they pay in 10 days; otherwise they owe the whole amount in 30 days. If you have customers from large companies, discounts are often required by policy to be taken and this can speed up your payments from them.

3. Consider electronic payments.

Going paperless with your invoicing as well as your payment process can speed up the entire billing cycle. Customers getting their bills earlier will also pay earlier.

What’s your DSO? If you need help calculating it, give us a call.

Boost Your Accounting Know-How with These Terms

dictionaryOutsmart your accountant and other financial friends with these accounting-related definitions:

Fiscal Year

Most companies report their results on a calendar year, from January 1 through December 31. Some companies use a different year for reporting, and that’s called a fiscal year. For example, Intuit’s fiscal year runs from August 1 to July 31. A nonprofit commonly runs from July 1 to June 30.

The word fiscal alone refers to government or public revenues and expenditures. A fiscal year can also be considered the period where companies report their financial results to the public.

Budget

Most companies sit down once a year and plan what they intend to spend. This set of numbers is a budget. It is prepared in income statement format which includes planned revenue and expenses. It can be done for a year, monthly or both.

A common report that compares budget to actual figures is the Income Statement Comparison to Budget which includes columns for month and year-to-date actual, budget, and variance (the difference).

Forecast

While a budget is a longer term plan, a forecast is an attempt to predict the short-term future. Forecasts can be made for cash flow, predicting your bank account balance, or can be focused on potential profit for a period. A forecast is created by enumerating current and expected short-term cash commitments.  

General Ledger

A general ledger is a fancy word for your accounting books.   It’s also a very specific report that lists each account within the chart of accounts, beginning balances, the activity of each account for a particular period of time, and ending balances. It includes both balance sheet accounts, such as cash, accounts receivable, and accounts payable, and income statement accounts, such as revenue and expenses.

Fixed Asset

A fixed asset is a special type of asset that includes items such as land, vehicles, furniture, buildings, office equipment, plants, and machinery. Fixed assets cannot easily be converted into cash (cash equivalents are termed current assets) and they must last longer than one year. They are physical or tangible (as opposed to intangibles such as patents and trademarks).

Depreciation

Most fixed assets except land depreciate in value over time. For example, when you drive a new car out of the lot, no one will give you what you just paid for it. This reduction in value over time is recognized on accounting books by recording depreciation. Since assets need to be recognized at market value, depreciation is an estimate of this adjustment. Depreciation becomes an expense and reduces the value of the fixed asset. Unlike most other transactions, cash is not affected when recording depreciation.

Accrual

There are two ways to keep books when it comes to the timing of how items are recorded: the cash method and the accrual method. Let’s invoke Popeye the Sailor Man’s friend Wimpy who always says, “I’ll gladly pay you Tuesday for a hamburger today.” Let’s say today is the Friday before this famous Tuesday.

If you are using the cash basis method, you would record the entire transaction on Tuesday, when you get the cold hard cash. If you are using the accrual basis, you would have two entries: one on Friday to record the sale to accounts receivable and one on Tuesday to zero out the receivable and increase cash. It’s the same net, effect; the only difference is in the timing.

Most small businesses that extend credit keep their books on an accrual basis so they can keep track of everything. Most taxes are paid on cash-basis books, requiring adjusting entries at year end that reverse at the beginning of the year.

Balance Sheet

A balance sheet is a very common report of all of the business’s account balances as of a specific date, such as December 31. These accounts include cash, receivables, fixed assets, liabilities, equity and others.

Journal Entry

A journal entry is usually an adjustment that is made to the accounting books. The result is that some accounts increase and others decrease. In theory, every transaction made to a company’s books is a journal entry. When you write a check and it’s cashed, cash goes down and an expense is increased. When you receive a payment, cash goes up and revenue goes up. Each of these transactions is a journal entry.

Do you feel a bit smarter? I’m not sure how exciting this is for cocktail table talk, but hopefully you feel smarter when it comes you’re your business’s accounting function.

Get Finance-Savvy with 10 Accounting Terms

info-bookIt’s good to know some basic accounting terms, and here are ten terms with friendly definitions for your review.

Asset: Essentially, assets are what you own. These include your bank accounts, business equipment, and even the amounts that customers owe you.

Revenue: Revenue is what you make. Another word for it is Sales. You generate revenue in your business when you make a sale to a customer. The amount of the sale is included in revenue.

Expense: An expense is what you spend in your business on items that are not expected to benefit you in the long term. Expenses include credit card fees, office supplies, insurance, rent, payroll expense, and similar items that you need to incur to keep your business running.

COGS: COGS stands for Cost of Goods Sold. It’s a form of expense that directly relates to the product or service being sold. For example, if shoes are being sold, the cost of purchasing those shoes are consider COGS, while something like rent or insurance is simply an expense. COGS is more important in manufacturing, retail, and distribution companies.

Net Income: Another word for net income is profit. It’s calculated by subtracting expenses from revenue. If what’s left over is a positive number, it’s net income and if it’s negative, it’s a net loss. Besides your salary, it’s the amount of money you can either keep or re-invest into your business.

Debit: A debit is a term that tells you whether money is being increased or decreased. The hard part is that it’s opposite depending on the account and the company. Here are some examples:

  • A debit to cash increases it, so that’s good.
  • A debit to a loan you owe decreases it, so that’s good too because you are paying it off.
  • When you talk to a bank teller and they want to debit your account, it means they are taking money away, because your account is a liability to them. So it’s opposite.

Credit: A credit is a term that tells you whether money is being increased or decreased. The hard part is that it’s opposite depending on the account and the company. Here are some examples:

  • A credit to cash decreases it, as in writing a check to someone.
  • A credit to a loan you owe increases it, so you owe more money.
  • When you talk to a bank teller and they want to credit your account, it means they are putting money in, because your account is a liability to them. So it’s opposite.

GAAP: GAAP stands for Generally Accepted Accounting Principles. It refers to the set of standards that must be followed by accountants when creating accounting reports for people like bankers and investors who rely on them.

Liabilities: Liabilities are what you owe. If you have loans taken out for your business or owe vendors money for invoices of purchases they sent you, those are liabilities. Common liabilities include sales tax that you’ve collected but not paid, unpaid vendors’ invoices, credit cards that are not paid off each month, mortgages on buildings, and any bank loans you’ve taken out.

Equity: In mathematical terms, equity is the net of your assets less your liabilities. In more philosophical terms, it’s the net amount you and your fellow business owners have invested in your business adjusted by the years of net income you’ve made less what you’ve taken out of the business.

How many terms did you already know? Do you feel smarter already? Knowing accounting terms will help you understand this aspect of your business a bit better.

Three Costly Accounting Mistakes to Avoid

bookkeepingSmall business owners have a lot on their plates, and time simply does not allow you to become an expert in all the areas required for running a business. Here are a couple of common mistakes that we see all the time. Correcting them will help you be more productive and profitable in your business.

1. Mismanaging receipts

Maintaining receipts are challenging for everyone, but the IRS requires that you have proof of business expenditures. Periodically, we come across people who feel that keeping the credit card statements are enough; unfortunately, they’re not. You’ll want to create a process to keep your receipts all in one place so they don’t get lost.

Receipts printed on thermal paper (think gas station receipts and many more) will fade within a year or two, and the bad news is the IRS could audit several years back if they come calling. Correct this by scanning them in or taking a clear picture of them using your smartphone.

Some accounting systems and/or document management applications allow you to upload the receipt and attach it to the transaction in your accounting system. This is a great solution, and if you’re interested in this, please ask us about it.

2. Ignoring the accounting reports

There are gold nuggets in your accounting reports, but some business owners don’t take the time to review them or are uncertain about how to interpret them. Your accountant can help you understand the reports and find the gold nuggets that can help you take action toward profitability.

Some of the things you can do with your reports include:

  • Identifying your highest selling services or products
  • Projecting cash flow so you’re not caught short at payroll time
  • Getting clear on your top customers or your demographic of top customers
  • Evaluating your marketing or business development spend
  • Pointing out trends compared to prior years, budget, or seasonality effects
  • Checking up on profit margins per product or service to make sure you are priced correctly
  • Managing aging receivables or speeding up collections
  • Measuring employee profitability, if relevant
  • And so much more

Being proactive with your accounting will help you spot opportunities in your business that you can act on, as well as spot and correct problems long before they manifest into trouble.

3. Mixing business and pleasure

In your bank accounts and on your credit cards, mixing business and pleasure is to be avoided when possible. All businesses should have a separate bank account, and all business transactions should go through there. It takes an accountant much longer to correctly book a business deposit that was deposited into a personal account.

Taking out a separate credit card and putting all your business transactions on it will save your bookkeeper a ton of time. The credit card doesn’t even have to be a business credit card. It can just be a personal credit card that’s solely used for business. If you have employees making credit card charges, sometimes a separate card for them helps you control fraud.

The hardest area in which to separate business from pleasure is cash transactions. Be sure your accountant knows about these. The accountant can either set up a petty cash account or a reimbursement process so that you can get credit for cash expenditures that are for the business.

How did you rate on these three mistakes? Avoid these three and your accounting department as well as your business will run a lot smoother.

Your Daily Numbers

ledgerSome numbers need reviewing on a daily basis, and one example of this is cash. When cash is coming in from a number of places, it’s great to have a daily summary of what was collected.

It’s also great to make sure all the collections hit your bank account so you can feel confident that no errors were made along the way. A daily cash reconciliation report will serve both needs very well.

A daily cash report will vary depending on the type of business you have, but it will look like a combination of a bank reconciliation and a sales report wrapped into one.

If you are managing your cash closely from day to day, then this report will help you stay sane. You’ll need two very brief spreadsheets to get started. The first one below is your daily sales from all sources. Your accounting system may be able to generate this.

Today’s Sales  
   
Cash $300.00
Checks $600.00

Total Bank Deposit

$900.00

   

Mastercard Visa

$400.00

American Express

$200.00

Total Credit Card Due

$600.00

   

PayPal

$100.00

If your accounting system is up to date, all you’ll need to do is pull the cash balance and adjust for today’s activity. The following day, you can double check your accuracy and adjust accordingly using the last two rows.

Daily Cash Report

 

Book Cash Balance

$5,000.00

Deposit from Today’s Sales

$900.00

Merchant Deposit

$600.00

Less Checks Written Today

($1,200.00)

 

$5,300.00

Expected Bank Balance Tomorrow

$8,300.00

Actual Bank Balance

$8,300.00

Explain any differences

 

If your accounting system is not updated in real time, you’ll need to start with the bank balance and correct it for uncleared transactions as well as list today’s activity.

Daily Cash Report

 

Bank Balance

$5,000.00

Deposit from Today’s Sales

$900.00

Merchant Deposit

$600.00

Less Checks Written Today

($1,200.00)

 

$5,300.00

   

Checks Still Outstanding

($3,000.00)

Deposit from A/R Paid

$5,000.00

   

Expected Bank Balance Tomorrow

$8,300.00

Using these formats, you can easily extend them to cover the entire week. This way, you’ll know what your cash balance will be from day to day.

If you see the value of this report for your business and would like help creating it, please reach out.

Need an Accounts Receivable Makeover? A Quick, 5-Item Best Practice Checklist

paidTechnology has allowed businesses to make substantial improvements in their customer invoicing processes. The good news is that when you implement these technologies, you will almost always get paid much faster.

If it’s been a few years since the last time you’ve changed your accounts receivable processes, it’s time for a new look. Here are five tips you can use to rate your own invoicing process.

1.     Invoice Creation

The best way to create all of your invoices in by the push of a button from one of about five types of systems that already have all of your data:

  • Time and billing, if you bill hourly
  • Estimating and project management, if you use proposals
  • Customer relations management (CRM) systems that have invoicing as a feature
  • Point of sales systems that track open accounts
  • Accounting system that includes an A/R component

There are a couple of key best-practice concepts to follow at this step:

  • Eliminate any duplicate data entry you can. You should only have to enter your invoicing data in one place, and it should flow to every other system that needs it.
  • Automate as much of the process as possible. Never start in Word or Excel, because this always means duplicate data entry somewhere.
  • Have an easy approval process so someone else can do the data entry if needed.
  • Keep your invoice data real-time so you can benefit from the next step, which is….

2.     Invoice Delivery

How you create your invoice will vary by the type of business you have, but the main thing to make sure of is that the invoice is approved quickly and sent out to the client as soon as the work has been done.

The only way to do this is electronically. If you’re still printing, stuffing, stamping, and mailing you invoices, you’re losing anywhere from two days to nearly a week before your customer even sees the bill. Change that by using email or delivering the invoice electronically.

3.     Invoice Terms

When do you want to get paid? Most people feel it’s realistic to aim for 30 days. But if you set your payment terms to Net 30, you’re more likely to get paid in 45 days, not 30, according to recent research by Xero, where over 12 million small business invoices were reviewed.

Instead set your terms to 13 days or less, Xero suggests, because most small business debtors pay two weeks late. Here is the infographic in case you want to check it out: http://www.xero.com/guides/invoicing/

4.     Payment Method

How does your business rate when it comes to payment options? If all you take is checks, you can add another week’s delay to your payment. Instead, we recommend creating lots of choices for customers, such as taking:

  • Credit and debit cards through MasterCard, Visa, American Express, and Discover
    • You can set up links online (best) or receive a fax or scanned form where you can enter the card into your back office.
  • PayPal
  • ACH for recurring payments that the client agrees to draft from their bank account
  • Checks

Your industry may even have more options. For example, in accounting, Intuit has their Intuit Payment Network (IPN) where small businesses can send requests for and receive money electronically. IPN is far cheaper than PayPal fees, too.

5.     Receipt

When you get paid electronically, it’s in your bank (or your merchant account) within minutes. If you bank online, you can see things immediately now (it’s really amazing!). When you receive a check, you have the overhead of preparing the deposit and making the trip to the bank. If you have hundreds of paper checks, you also have additional bank fees incurred from processing the checks.

If your accounting system interfaces with your bank, then you save a lot of time and money not having to post those transactions.

Invoice-Free Zone

Why not get out of the invoicing business altogether by offering a pay-in-advance option? Your Accounts Receivable balance goes to nothing, to name one of many benefits. Not every industry can adopt this practice, but if you think creatively, you might find some ways you can implement this in your business.

How did your A/R process rate on the 5-point checklist? Got some ideas for improvement? As always, please reach out if you have A/R questions or if we can help you implement your best practice invoicing system. 

Is Hosted QuickBooks Right for You?

cloudsIf you are currently using the popular QuickBooks desktop software, you now have a fairly new option available to you: hosted QuickBooks. In this article, we’ll talk about what it is, what type of businesses it is right for, and how to get started if you decide it is for you.

A Host of Opportunities

Hosted QuickBooks changes the location of your QuickBooks company file from your local computer to one of the dozen authorized QuickBooks hosting companies. You then access your QuickBooks file through a secure Internet connection. The good news is you continue using the exact same QuickBooks software, screens, forms, and reports that you are comfortably familiar with, so the additional learning curve is extremely low. The two biggest differences are:

  • You access your QuickBooks differently; instead of accessing your local software, you will access the same version of QuickBooks software via the cloud on a secure server provided by a hosting vendor. You will most likely access your QuickBooks by clicking on a desktop icon or accessing a screen and entering your login information.
  • The pricing is different. Instead of paying a large software fee at the beginning and then optionally paying for annual upgrades, you pay monthly, like a lease.

There are a few other very minor differences, such as how you back up your file, how you print checks, invoices, and other forms, and how you interface with other software such as Microsoft Outlook® or Word®. At most, the learning curve for each of these minor changes is five minutes top for any user.

Who Benefits

You will benefit from hosted QuickBooks if any of the following are true:

  • You, your team, your bookkeeper, or your CPA needs to be able to access your QuickBooks files from multiple locations.
  • You are spending at least one hour per month restoring the file from one location to another.
  • You have experienced errors in the past from backing up and restoring the company file or the Accountant’s Copy because of passing it back and forth among people who need to update it or to get information from it.
  • You prefer to save the time it takes installing QuickBooks and applying the upgrades to QuickBooks software. With hosted QuickBooks, the hosting vendor takes care of all of that.
  • You do not have a recent backup of QuickBooks and forget to take backups on a regular basis. With hosted QuickBooks, backups are a routine part of the process.
  • You’re great at working on the core items of your business, but want to reduce time spent on IT-related tasks.
  • You dislike or feel inadequate when it comes to technology, and you agree it makes sense to outsource as much as possible.

Any Concerns

Hosted QuickBooks is great, but it’s not right for everyone. If you feel “safer” with no one having access to your QuickBooks, then hosting it may not be right for you. Although the data centers are far more secure than the PCs in most people’s homes and offices because they have to undergo a rigorous security audit to become a hosting vendor, some people are simply uncomfortable passing their financial data to others. If you want to consider hosted QuickBooks and wonder about security, we’ll be happy to have a conversation with you about that.

Hosted QuickBooks is also not right for people that are using very old software versions because you may be forced to upgrade to a newer version.

Hosted QuickBooks is also not right for people who have much more free time than budget. Although hosted QuickBooks is not particularly expensive, there is a cost outlay that will buy you time savings. If the free time you gain (that you can apply to completing more important priorities in your business) is not valuable to you, then hosted QuickBooks may not be right for you.

Getting Started

Before moving to a hosted QuickBooks solution, your accounting professional will want to ask you questions about how you are using QuickBooks, if they aren’t already familiar with your requirements. Selecting the right hosting solution means evaluating:

  • What version and line of QuickBooks you are currently using because this has to be exactly matched with the hosting vendor.
  • What other applications access QuickBooks, such as online banking and payroll.
  • What add-ons you are using with QuickBooks, if any.
  • What printers, Microsoft software, email software, and other peripheral needs you have when using QuickBooks.

Once those answers are gathered, your accounting professional can provide you with some hosting solutions, costs, and implementation plans. Most accounting professionals partner with one or more hosting companies so that you can get a seamless one-stop shop experience. You may also be able to benefit from volume or package pricing through your accounting professional.

If you are thinking that hosted QuickBooks might be right for your business, please email us or give us a call so we can talk more about it. 

What Is Cloud Accounting?

Clouds and Green FieldOne of the most exciting changes in the accounting industry is cloud accounting. The concept is easy to grasp: cloud accounting simply puts your accounting system in a private space online so that it is fully accessible to you via a browser or a secure remote connection.

Two Ways to Be in the Clouds

There are primarily two ways to have your accounting system in the cloud. First, it can be “hosted.” This means that the current software you are using on your desktop, such as QuickBooks or Sage, does not change. Neither does your company file.

The only thing you do differently once it’s set up is click a different icon to start the software. Once you log in, most everything else is the same. There are a couple of differences in printer access, Microsoft Excel® access, and some of the other interfaces, but it’s essentially the same experience.

So if it’s the same, why would you want to move to the cloud? Because it completely eliminates the passing back and forth of the file among you, your CPA, your bookkeeper, and anyone else that needs to update or access your accounting file. No more restores. No more DropBox or YouSendIt downloads.

Hosting saves a ton of time because the people you grant access to can login to your file from anywhere.

The second way to have your accounting system in the clouds is to switch to an online accounting system. In industry jargon, this is called SaaS, which stands for Software as a Service. Examples of online accounting systems include QuickBooks Online, Xero, Wave, and Kashoo. These systems have fewer features and will only be right for a client with a need for a simpler accounting system.

When you switch from desktop accounting software to SaaS, it will likely require conversion, setup, and training. It’s a major change.

Benefits

There are many benefits to moving to the cloud; here are just a few of the more common ones:

  • Anywhere, anytime access to your accounting system. Companies with multiple locations will benefit significantly from a hosted solution.
  • No more worrying about who has what version and whether the changes the accountant made were updated or applied. There is one central file, and multiple people can be accessing it at the same time as long as you have the right number of user licenses.
  • No more software updates that you have to apply yourself or wait for. This is done by the hosting provider or the SaaS.
  • Tighter security for your data. The data centers typically have multiple state-of-the-art data security controls and must pass a rigid audit, which is far more protection than any small business can afford to provide for their own data.
  • Automatic offsite backup for disaster recovery purposes.

Concerns

Clients’ two major concerns include security, which is covered above, and costs. When it comes to costs, the most important thing to look at is return on investment. Will the time you save be of greater value to you than the costs of hosting or moving to a SaaS? That answer varies for each client.

Curious About the Cloud?

If we’ve piqued your curiosity about cloud accounting, please feel free to reach out so we can continue the conversation.