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Cloud Accounting: Weighing The Benefits

10 Sep , 2013,
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“The cloud” is a buzzword that has penetrated our accounting vocabulary for the past few years.  Both consumers and businesses can take advantage of cloud technology, and studies show that this is an increasing trend.  However, there are recent security concerns that made industry leaders ask the question: “Is the cloud really beneficial?”  In short, their answer is yes.

According to Andre Tse of The Street,Cloud computing has become extremely convenient for businesses and individuals, providing instant access to data from any computer, any time.  People are using smartphones to access information on the go. Companies vouch for the cost savings achieved by utilizing the cloud.”  Even with the NSA’s surveillance program, industry leaders continue to believe that the benefits far outweigh any risks.  Rick Summer, a Morningstar technology equity analyst believes that “the convenience and functionality that companies and customers are getting will really, for the most part, trump privacy concerns provided that the regulatory environment protects them in an adequate way.”

Of course, smaller companies who provide cloud technology to consumers and businesses may have a harder time providing adequate security measures for their users, while larger, more economically stable companies will prove to be more successful in this domain.  That is why Wentworth and Associates partners with industry leaders, such as ADP, Thomson Reuters and QuickBooks, to provide cloud accounting to our clients.

Security and accuracy are our top priorities, and we only promote and provide solutions that we are willing to use ourselves.  Thomson Reuters has been an industry leader in professional software programs for over a decade, and ADP is the most trusted and sought after company by government agencies and large corporations alike.  QuickBooks, as most people know, is the leader in consumer product identification and satisfaction among both the consumer and business sectors. 

Conversely, studies showed that, on average, small to mid-sized businesses typically fail to have adequate backup/recovery plans for their technological infrastructure, as well as anti-virus and encryption for their sensitive information.  The risk of data loss or theft from the aforementioned threats proves to be much more significant than security breaches from trusted cloud technology providers.

It’s important that business owners consider not only the cost benefit of cloud technology, but also the security benefit of trusting their information with the industry leading providers.  Thinking that cloud technology could save your business money and prevent sensitive data loss or theft?  Call us today at (570) 430-8082 to find out how.

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