Despite its many amazing benefits, myths about cloud accounting software still abound.
The cloud offers valuable perks like the ability to instantly access information anytime and from anywhere with an internet connection. Every accounting department should love features like real-time data access, automatic updates, and the flexibility to work remotely. So why are the misconceptions about cloud accounting software like Sage Intacct and its capabilities so pervasive?
Read on as we debunk six common myths about cloud accounting software.
Myth #1: It’s expensive.
While the cost of cloud accounting software varies depending on the provider and features required, it is often more cost-effective than traditional accounting software. With cloud solutions, a subscription fee is paid based on usage so users avoid expensive upfront hardware and software costs. Subscribers benefit from automatic updates and maintenance, as well. It’s also important to consider the overall value cloud software provides. Sage Intacct streamlines financial processes, improves efficiency, and reduces the need for manual data entry, which saves time and money in the long run.
Myth #2: The security is substandard.
In many cases, cloud accounting systems have stronger security measures than traditional on-premises solutions. They typically employ advanced security measures such as data encryption, access controls, and regular backups. Providers often have dedicated teams focused on maintaining security and adhering to industry standards. In most cases, security breaches come from within the subscribing organization and not from the cloud provider.
Myth #3: Integration can be challenging.
Most cloud accounting solutions offer ease of integration with existing systems. Sage Intacct, for example, is known for its effortless and wide-ranging integration capabilities. It can seamlessly integrate with many other business systems such as CRM, payroll, and project management software, allowing for streamlined data transfer and eliminating the need for labor-intensive manual data entry.
Myth #4: Advanced technical skills are required.
Cloud accounting software is user-friendly and intuitive, making it accessible to varying levels of technical expertise. Providers usually offer comprehensive training resources, tutorials, and customer support to help users navigate the software effectively.
Myth #5: Reliability is an issue.
Cloud providers invest heavily in infrastructure. They employ comprehensive monitoring and redundancy practices to minimize downtime and data loss risks, making cloud accounting solutions highly reliable.
Myth #6: Transitioning is complex and time-consuming.
While implementing any new software system requires some effort and planning, most cloud software providers have taken steps to simplify the transition process. For example, Sage Intacct provides migration tools to help import and transfer data from the previous accounting software, making the transition smooth and efficient. In addition, the software offers easy-to-use interfaces, intuitive navigation, and comprehensive training resources to help users quickly get up to speed on the new system.
Don’t let misconceptions and myths about cloud accounting software stand in the way of your success. In today’s challenging economic landscape, your organization needs to be agile, responsive, member-focused, and committed to service excellence. The right cloud accounting software can help you respond to those rigorous demands.
Intuitive Business Concepts and Sage Intacct can dispel the myths, mitigate the risks, and help you realize a healthy return on your technology investment. Contact us to learn more.
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS, LMS, and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215.