All About QuickBooks Cloud Accounting [Round Up Blog]

Did You Know?

• In 2023, Intuit reported $8 billion in revenue for its Small Business & Self-Employed segment, representing approximately 56% of its total revenue. This $8 billion is up 24% from 2022; this segment includes QuickBooks Online and QuickBooks Desktop products.
• QuickBooks has the largest share in the accounting software market, 81%. On the other hand, Sage 50 and Xero’s market shares are 10% and 9%, respectively.

This data from Fit Small Business shows how QuickBooks is widely used worldwide and is highly reliable and popular for managing financial functions like income, expenses, employee costs, and inventory in real-time. However, its desktop version lacks remote access.

This is why most accounts started switching to QuickBooks Cloud Accounting, a method of accessing it remotely from anywhere, anytime, hosted on a third-party cloud server.

Understanding QuickBooks Cloud can assist businesses of all sizes in streamlining accounting processes and thriving in today’s competitive market.

In our exclusive blog series, “QuickBooks Cloud Accounting,” we have covered all the aspects related to cloud accounting, starting with an overview and why it is needed, options to access it virtually, best practices for choosing a reliable hosting provider, prioritizing security in cloud accounting, and considering budgeting for hosting accounting software on cloud.

So, let’s begin…

Blog Series 1: What QuickBooks Cloud Accounting Is and Why It is Needed

The global Cloud Accounting Software market size was valued at USD 3777.92 million in 2021 and is expected to expand at a CAGR of 10.46% during the forecast period, reaching USD 6863.98 million by 2027, according to Precision Reports.

QuickBooks Cloud Accounting offers numerous benefits, making it an essential platform for modern businesses. It enables remote access, allowing you to manage your finances from anywhere, which is crucial in today’s work-from-home environment. Additionally, it minimizes IT workload and costs, as the hosting provider manages updates, maintenance, and infrastructure, freeing up resources for core accounting activities.

To learn more about QuickBooks Cloud Accounting and how it can be used in your accounting business, check out this blog – QuickBooks Cloud Accounting: What and Why It is Needed.

Blog Series 2: Options To Access QuickBooks Virtually

67% of accountants believe that cloud technology makes their businesses more successful. Client collaboration and improved service offerings were all cited as benefits of embracing off-premises technology, according to a Sage report.

There are several options to access QuickBooks virtually, each offers unique advantages.

• Cloud Hosting Services provide anytime, anywhere access and enhanced security by hosting QuickBooks on a remote server of an Intuit Authorized QuickBooks hosting provider such as Ace Cloud.
• Hosted Virtual Desktop (HVD) offers a fully functional desktop environment running as a virtual machine on a cloud-based server, utilizing its computing and storage capabilities for your QuickBooks and accounting applications.

This technical advancement has opened several options for accessing QuickBooks virtually, enabling small to big firms to manage their finances anywhere, anytime.

Explore all methods of accessing QuickBooks virtually and their benefits in this blog post- QuickBooks Cloud Accounting: What Are the Options for Accessing QuickBooks Virtually?

Blog Series 3: Best Practices to Choose a Reliable Hosting Provider

Choosing the right hosting provider for QuickBooks is a big decision that affects how smoothly your business runs. Focus on finding a provider that keeps your data safe, follows compliance, boosts business growth, promises 99.99% uptime, and ensures everything runs fast and smoothly. These factors will ensure a smooth transition to cloud accounting and provide strong support for your business growth.

Read the full article about choosing the best QuickBooks cloud hosting provider to make an informed choice.

Blog Series 4: Prioritizing Security in QuickBooks Cloud Accounting

82% of breaches involved data stored in the cloud – IBM Report

When prioritizing security in cloud-based accounting, businesses must address significant concerns such as cyberattacks and threats, which remain primary barriers to cloud adoption. Implementing robust measures like multi-factor authentication (MFA), strong data encryption, and ensuring regular data backup and recovery can help safeguard sensitive accounting data.

By focusing on these security essentials, businesses can protect valuable information and foster trust with clients and stakeholders, boosting overall business resilience in today’s digital landscape.

Read the full article to learn the best practices for prioritizing security in a cloud-hosted QuickBooks environment.

Blog Series 5: Budgeting Considerations for Cloud Success

When transitioning to QuickBooks Cloud Accounting, budgeting considerations play a critical role in ensuring a smooth and successful adoption. Proper budgeting helps businesses allocate resources effectively, avoid unexpected costs, and maximize the return on investment.

By planning for expenses related to subscription fees, data migration, training, and ongoing support, organizations can fully harness the benefits of cloud-based accounting solutions, driving efficiency and growth in the long term.

To know why you should consider budgeting for hosted QuickBooks, check out this blog- Budgeting Considerations for Cloud Success.

Conclusion

Using QuickBooks Cloud Accounting gives accounting firms the flexibility to offer a remote culture, innovate new solutions, and thrive in a competitive market. Taking your business applications and workflow to the cloud can bring positive changes and help you secure a successful accounting future.

What are your thoughts on cloud-based QuickBooks? Please share in the comments.