Myths are public dreams and dreams are private myths. The same saying goes for cloud accounting, which has become a new normal for most of the businesses. But even in this era of technological advancement and evolution, still many people are surrounded by the dark cloud of myths which hovers over the fruitful cloud accounting.

The concept of cloud computing has changed the way of working for many industries and accounting is no exception to it. From huge piles of papers prepared by geeky nerds to tech-savvy accountants who take part in important business decisions, accounting has traveled a long road of transformation and cloud computing has played an important role in transforming the structure of accounting.

But even with numerous benefits like anywhere, anytime access, high uptime, enhanced security, reduced IT hassle, still many people see the adoption of cloud computing through their dark glasses of myth and that’s why they lag behind in the race of technological adoption, which is very much necessary for being in the tough race of competition.

So, in this blog post, we will debunk the top 10 cloud accounting myths which are stopping people from utilizing the numerous benefits of the cloud platform.

1. Unsafe
Yes, it is true that the most important data of any business is the financial data and every business should take uttermost care to ensure its security and safety. But if you are thinking that the financial data stored on a local computer is a much safer place than the cloud environment then you are living in your dreams.

The cloud platform is a highly secured platform which follows the most updated security protocols to ensure 360-degree protection of your data. All the data centers and third-party hosting providers follow strict safety guidelines on both physical and virtual level, so that you can work without worrying about any type of cybercrime or data breach.

2. Expensive
The most common hurdles for most of the SMEs are limited budget and limited resources. Competing with giant players in the industry with such constraints becomes really tough and that’s why most of the SMEs consider economical solutions for their business. But in the process of managing everything in the limited budget, they miss out cloud accounting as well because they think it will also be an expensive solution for managing their accounts while the truth is that cloud accounting is the most economical and effective solution for managing various accounting operations.

You can find numerous cloud hosting providers who offer hosting services for various accounting and tax software at a very nominal rate which can fit in like a glove in even your tight budget constraints.

3. Difficult to adopt
No one can ignore the fact that adoption of technology is not a cakewalk. You need to train your employees, make little changes in the firm’s way of working and ensure a smooth adoption without any resistance. But ruling out the adoption of cloud accounting because it will be a cumbersome and difficult process is completely wrong.
The adoption of cloud accounting will not require a complete restructuring of the accounts department and months of training because it’s very simple and easy to adopt. If you are using an accounting software which can be hosted on the cloud, then the adoption will become a cakewalk for you.

4. Difficult to understand
Cloud accounting is considered as a difficult concept to understand but only by those people who haven’t even tried to understand it. Many SMEs resist from using cloud accounting in their organization because they think that the concept of cloud accounting is very complex
Cloud accounting is not a rocket science which will require months of training to understand and use the technology. All the accounting software have very user-friendly tools and functions which can be easily managed by an even a non-accounting person. And after hosting such software on the cloud; you get the same tools and functions which you get on the desktop but it is accompanied by numerous benefits of cloud as well.

5. Suitable for giant businesses only
Most of the SMEs relate cloud accounting with giant businesses, and they think that it’s not their cup of tea. But in this era of rapid technological evolution, enhancing your performance and productivity by utilizing the latest technology and trends has become important for even startups. And this has been made possible because of the cost-effective technologies like cloud accounting.
Accounting solutions like QuickBooks has been specially designed to match the accounting need of SMEs, CPA, accountants, and bookkeepers and by hosting solutions like QuickBooks cloud hosting, you can increase the potential, productivity and collaboration in your accounting department by a mile.

6. Minimizes control over your data
Having complete control over your data is very much important and when it comes to financial data, then it becomes the prime concern for most of the businesses. But many businesses think that having the data stored on their local computer will give them better control over it rather than what the cloud-stored data will offer. They also think that after moving their data on the cloud platform, their control will become limited but that’s not what the facts say.

Even after shifting your accounting software on the cloud, you will have complete control over your data, just like the way you controlled your data on your local desktop. Even if you go for a third-party hosting provider, you will not lose even an inch of control over your data. You will be provided with login details without which, no one will be able to reach even near to your financial data stored on the cloud platform.

7. Data is accessible to everyone
It might sound a little odd for people who are aware of the concept of cloud accounting but yes, it has been found that many people think that if they shift to cloud, then their data will be accessible to everyone and especially in the case of shared Public cloud. But this is not the ultimate truth.

Public cloud doesn’t mean that your data will be shared with everyone present on the cloud server but it means that the same cloud server is used to store data of different companies and individuals and each data remain isolated from other. And most of the SMEs go for public cloud because it’s easy to implement and a cost-effective way of using cloud computing as well.

8. It’s still in stage of infancy
Considering cloud accounting in its stage of infancy is the worst and probably the most unrealistic approach towards technological adoption but still, such type of myths exists as a public dream for many people and firms.
But you should know that cloud accounting has become a new normal for most of the businesses and it is no more an alien technology. Most of the businesses are taking advantage of cloud accounting and making the most out of it.

9. Less reliable
You will find several people who will say that cloud accounting doesn’t guarantee high uptime and you will always have to face slowdown while working in the cloud environment. But the truth is that cloud accounting is the most reliable working platform which guarantees 99.9% of high uptime, so that you can work in a seamless environment.

10. Single cloud accounting solution
Many people think that if they are going for cloud accounting then they will have a single option of hosting their accounting and tax software on the cloud. But in actuality, there are various options like Private, Hybrid and Public cloud, from which you can choose the perfect one according to your need and requirement.

Myths can stop you from utilizing the most fruitful options available for you and resisting cloud accounting because of the above-mentioned myths fall into the same category of missing out on opportunities. So debunk the above-mentioned myths and allow your business to flourish by utilizing the advantageous cloud accounting.

Author's Bio: 

Veer is a content editor at Cloudwalk hosting, He love to explore about accounting and Tax updates. He also used to do research about the Accounting and tax software like Quickbooks, Sage , Lacerte, Quicken Cloud, Pro series, Drake cloud, ATX Tax etc. He is more passionate to read and write articles about the cloud computing, Cloud hosting, AI and technology updates.