How to Identify Data Loss Cases and how Cloud Accounting Software is useful for Your Business?

The post talks about the scenarios where businesses can lose their significant financial data, and how cloud accounting software can prevent that.

Data loss is unpredictable but can be prevented by taking right measures. When we talk about data loss, small businesses often bear the brunt because of the lack of robust infrastructure. This is where cloud accounting software comes into the picture. Without further ado, let’s discuss cloud accounting and how it can save data loss in small-scale organizations.

What is Cloud Accounting?

Cloud accounting is online accounting. It is different from traditional accounting because the user accesses the software from the Internet instead of the computer’s hard disk. Data security is one of the most significant advantages of cloud accounting and a primary reason why organizations should migrate to the cloud.

What Could Result in Data Loss?

Virus attack

Though businesses nowadays do not hesitate in installing anti-virus, these can’t guarantee cent percent security. The virus might enter the computer from an infected USB or a malicious website. If the computer is attacked by a virus, there are times when you might have to format the entire hard disk, which means wiping the financial data stored in it. When you use a cloud accounting software for small business, the data is stored on the cloud and safe from virus attack.

No access control

If there’s no dedicated IT administrator in office, there’s a possibility that you might not have set up any access control in the computer. Access control is more than a password to unlock the system or share a file. If you haven’t restricted the right to plug in USB devices, there’s a possibility that someone can accidentally delete or copy the data. As nothing is stored in a device in cloud accounting software, there are no chances of data theft or data loss.

Delay in backups

Regular data backup is important, but this is something that business often don’t pay heed. It is vital that data backup should be taken at short intervals to prevent data loss. But, in most cases, business forms the habit of keeping backups only after data loss. A cloud accounting software can prevent such incident and also save the time your team invests in taking data backup.


Conclusion

Businesses suffer from the loss of billions of dollars every year because of a virus attack, which in itself is a big reason why you should turn to cloud accounting software. It is a wise investment for businesses who want to work in a smarter, smoother and faster manner. A cloud accounting software also gives your team the flexibility to work anytime and from anywhere. The cost of ownership is also low as you don’t have to install software in individual systems and upgrade them whenever required. The multi-user access feature of cloud software makes it easy to collaborate with the team and work together on a single platform.

With many advantages, cloud accounting software is not an expense. It saves your accounts team a great deal of time, enables them to work more efficiently, and also reduces the chances of data loss. All that you need to do is look for the best accounting software for small business, and get started.

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