What is cloud accounting?

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Let's begin with Cloud Computing

Cloud computing is the on-demand delivery of IT resources via web with subscription pricing model or SaaS model.

Before we understand cloud accounting, let’s know about accounting and cloud nuisances.

Let’s say you want to start a business / manage someone’s finances and you want to do it as early as possible. So that, you can focus on making your business a success.

To get started, you choose a business type and register it. After that, you will setup a bank account for business. It’s important to understand that managing business is managing money and transactions which involves cashflows, accounts, ledger and bookkeeping.

You can do this on a book, piece of paper, excel sheets, on premise software’s and then on cloud or online accounting software.

Traditionally, accounting was done on desktop applications but now it’s over a browser powered by cloud computing, storage and databases. Cloud accounting is a cloud based accounting application or software offered as a SaaS application to reduce upfront costs and IT hardware maintenance cost.

Instead of buying physical servers, you can access the power of technology stack on need basis just like salesforce platform. For example, Abacus Financials is a accounting platform that leverages same technology stack which is power house for sales cloud, service cloud and other salesforce products.

Examples of Cloud based application for businesses

  • Sales Cloud where Sales teams work best on the Salesforce Platform.
  • Service Cloud enables businesses to improve customer service efficiency across channels both by creating a single view of a customer’s activity and by the use of tools for field service, web chat, CTI and social customer service.
  • Abacus Financials where accounting and finance team work on the Salesforce Platform and also enable seamless connection with Sales Cloud and Service Cloud applications

Businesses of all types, sizes and industry are leveraging cloud based application for a variety of business use cases.

Examples of industries using cloud power

  • Healthcare companies are leveraging low code development platforms to develop more personalized care and treatments for patients and all adhering to the compliance and Industry standards.
  • Financial services companies are using the cloud power in the best interest for fraud detection and prevention.
  • Game Publishers are leveraging cloud power to deliver online games to millions of players around the globe from one location.

It all comes to be advantageous for business that is using the cloud power.

Advantages of powering your business with cloud strategy

  • Business becomes more agile
  • Reduces ongoing costs
  • Simplified process
  • Safe & Secure
  • Instantly Scalable
  • Deploy globaly

Salesforce Cloud accounting gives you access to various technologies so it’s speedier to innovate and build your empire with strategy and anything that comes to your imagination.

Your business can now go from idea to implementation not in years or months but just in weeks or days. So it’s faster to grow your business than ever. All of this, initiates freedom to do trial-and-true processes deployment and testing new initiatives becomes actual deployment. In turn, it enriches customer experiences and provides digital convergence to your business.

Making or improving the business requires intelligence and learning, where the same can be done with deployment of machine learning and artificial intelligence to your applications on cloud. This in turn gives flexibility to make change in order to personalize experiences for your clients and improvises customer journey to place orders and access services and goods.

It eliminates the need to make large, upfront investments in hardware and operational cost that you don’t need to have. Instead, businesses can trade expenses to variable costs and only pay-as-you-go or pay-as-you-use models.

With the use of cloud power, you get the business data and intelligence on real-time as needed and scaling those resources up and down is just in few clicks. Cloud power is so essential and makes it easy for the business to expand to new regions and deploy globally in just few minutes.

For example, Abacus Financials is an online accounting software or cloud based accounting platform which is powered by salesforce lightning platform and it leverages salesforce infrastructure and provides application on SaaS Model. So that you can access & deploy it in multiple location in a few clicks.

Putting application at the closer proximity to business or end users reduces latency and improves their efficiency. Using a cloud accounting application like Abacus Financials, no matter your location, size or industry, the cloud power frees you from managing infrastructure, managing risk and compliances and servers so that you can focus on what matter the most “Your Business”.

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[…] workflow tasks and make room for higher-value service. Take, for example, Abacus Financials is a cloud-based accounting software where you will know where all your money goes and gives you required reports and process automation […]

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