Why Cloud Accounting is the Future of Accounting

Cloud Accounting is the Future and we should embrace it.  New innovations like cloud accounting, Ai, Blockchain and Mobile App will transform the end to end accounting process in a way that was not possible previously. You should consider modernizing your accounting infrastructure.

 

Industry Overview

The world of accounting is changing at an exponential rate. We’ve seen a complete change in the accounting process for businesses of all sizes.. Typical accounting procedures carry high barriers to entry, meaning only companies who are large enough to support an employee base  full time can afford to get them. This usually means that either big companies hire Full time accountants or use the services of accounting firms. The small companies and startups are forced to use conventional paper & pen methods or get a local digital setups, all of these are obsolete practices especially after the pandemic because every option requires physical personnel to be deployed on the ground. All of this also requires a lot of effort and time. The Accounting industry is expected to grow from $544.06 billion in 2020 to $573.29 billion in 2021. This means that an industry this big cannot rely on obsolete practices especially in this age of Cloud and Artificial intelligence.

Modern day Field of Accounting and what’s next? : Cloud Accounting

Cloud Accounting is the newest advancement in the field of Accounting. Cloud accounting is a process that aims to change the conventional accounting method which puts forward a solution where various operations are managed remotely. In recent times, cloud accounting has become the most useful tool for many businesses and companies who want a robust and reliable way of managing all accounting activities automatically and efficiently.

Businesses always require fast, accurate and transparent accounting information. While the chart of accounts is the foundation of financial reporting, accounting departments are now embracing Cloud Computing and Artificial Intelligence (AI) in order to enhance their key performance indicators (KPIs) and generally ensure faster processing of business transactions (such as Receipts). Cloud provides security and on the go connectivity whereas AI provides useful and error free insights and analytics.

The up and coming solutions

With the emergence of new technologies and customization capabilities not just businesses but Accounting firms themselves can benefit greatly from the deployment of Cloud/Ai based accounting platforms. One of the leading Cloud based and one of the only Ai based accounting platforms by Alams Global has been deployed by businesses of all magnitudes ranging from small shops, large supermarket chains, large scale commerce industries as well as Top accounting firms. A study found out that the analytics provided by Alams’ had an error margin of less than 0.01% in terms of accuracy. 

Another reason for saying that Cloud is the future of Accounting is the security that comes with Cloud. Cloud uses a highly encrypted storage platform which saves it from any risk of data leaks or losses. The information is always protected by 2 factor authentication and advanced encryption methods. You can also use the peer to peer protocol for a highly secured exchange. All of these are the reasons why cloud accounting software has unlimited potential in the future.

Cloud accounting will make accounting easier for accountants, reduce time and cost, and improve accessibility to clients. Accountants can enjoy these benefits using cloud based accounting platforms. It’s no longer a question of if you should use cloud accounting, but rather, how you can go about moving to the cloud efficiently?

 

How Can Cloud Solutions Improve Your Recruitment and Hiring Process?

Today, recruiting the right candidate is one of the successful leading keys that many organizations and institutions are implementing. They go through a long and challenging hiring process to select the most efficient eligible candidates for a particular specific position. Many companies invest a lot in making this experience better and more organized. Recruiters worldwide are now streamlining the hiring process by involving new technologies and strategies. Many have already adopted cloud computing and cloud tech in their company’s policies to make the hiring process optimistic, efficient, and better. 

By embracing IT in their companies, they are trying to make an effort to put themselves into the globalized online world. Cloud computing has brought a reformation in the process of hiring candidates. Let’s find out how it helps improve the hiring experience.

  • Resource Management:

Physical resources such as that paper are saved. Companies that used to do a lot of documentation and paperwork now document everything online. This saves their material resources. A lot of paper was used on printing applications, cover letters, advertisements, assessments, and many other things with cloud computing. It is becoming an eco-friendly way to hire candidates. They can easily make profiles, provide data online, upload documents, and keep track of their application process when applying for a specific job. This also decreases the trouble of going from company to company, holding files and resumes. By sitting in their home, using their smartphones, they can easily apply for a post.

  • Faster Outcomes

Cloud Computing is Saving a lot of time and is providing faster outcomes. One key factor behind successful organizations is agility. Cloud computing provides a faster speed to store, upgrade, and update data online. Important notifications, advertisements, and whatever recruiters need are posted through an HR information channel. Moreover, you can find all the data under one umbrella. Data stored in hard copies, locked in cabinets, filed down in files, or stored in different USBs or hard disks can now be found easily in one place. Using cloud computing makes large-scale analytics easy and convenient as data is sorted and organized.

  • Efficient Implementation

The hiring process is not an easy task. It is an uphill task that requires hard work and effort. Special committees are made, and multiple faculty members are involved. With the help of cloud computing, all members can view the data in collaboration by using their devices through apps and software. Updating data of previously hired candidates is not a problem at all.

Furthermore, implementing cloud technology into the company is no hassle. It only requires a week or two to install it before it is done. The company doesn’t need to worry about it since it doesn’t require additional expenses.

  • Ample Talent Pools

Cloud Computing is making a great effort to sort candidate information, place them into the correct category, and find out what key talents the candidate can offer to the company. An HR Software Solution measures, tracks, and reports everything for you. Job postings, available seats, and needed help are advertised by creating online portals and reaching multiple platforms. Potential candidates can easily view and apply through it.

  • Analyzing applications:

Cloud computing helps the hiring teams to see the bigger picture. It gives them an insight into specific candidates and their abilities. Streamlining their talent pool compiles all the resources related to it and makes it easy for hiring managers to compare and contrast among multiple candidates. Profiles are scrutinized through built-in searches. Moreover, it also adds to the experience of potential applicants. Cloud computing makes the companies and their job postings searchable. Potential candidates can easily view the job descriptions and read whatever is required. Using internal or external data basis, employers can pipeline candidates into categories. This makes the hiring process quite effective and generates maximum outputs.