Cloud technology is making it possible for nonprofit organizations to improve how they communicate with donors, within the organization, manage marketing and fundraising campaigns, and so much more, without having to set foot in the office or purchase multiple licenses. You’re probably using cloud computing for much of your organization’s tasks, so why not add cloud accounting to the list? If you’re on the fence about switching from a traditional, single license accounting software program to cloud accounting, we are sharing some benefits that will make you ready to switch.
Cloud Accounting Offers Remote Access
If your accounting software is installed on your office desktop computer, you have to be in your office in order to access it. In 2020, we saw more people working remotely than ever before due to COVID-19, and even before the pandemic kept people home, more organizations were cutting costs and improving operations through remote work. If your important programs, such as your accounting, aren’t available when you aren’t in the office, you simply can’t get the work done. Even if your program is installed on a laptop that you can take home with you, in the event it breaks, you don’t want to be without.
Simply put, cloud accounting means you can access your information anywhere as long as you have a device and internet access. This opens up the ability to remote work, whether you simply need to access information quickly during a meeting or you want to sit down and tackle a big task from home.
Convenient Collaboration on Fund Accounting
Installed fund accounting software for nonprofits means that anyone who needs to access the program needs to have it installed on their device. Even if one person only needs access to process payroll or you want to share financial reports with your team easily, everyone needs to install it. Cloud hosted software means that all your financial information can be accessed by multiple people, provided you give them access. Plus, you have control over who sees what so just because someone can see a financial report or can process payroll doesn’t mean they have access to bank accounts.
No Installation Is Needed in Cloud Accounting
When you have an online software program, you simply go to the website address, log in to access your information, and anyone you provide with the login information can access the information you provide access to. It’s near instant and couldn’t be simpler.
Traditional accounting software needs to be installed onto the computer of anyone who works in accounting or needs access to fund accounting information. This means your software could become out of date with no available updates, and any upgrades are time consuming and must be done manually on every computer. Cloud accounting means updates are quick and easy to send out by the developer, saving time and keeping your information more secure.
Keep Your Nonprofit Fund Accounting Information Secure
If you have a traditional accounting program, you’re not only responsible for keeping it updated, but if you miss an update, you may be open to data breaches and security threats that can lead to a catastrophic loss of data for your nonprofit.
Cloud accounting providers work hard to keep their platforms safe and secure for their users. They’re frequently patching and updating the software to stop the latest security threats, plus they offer automatic data backups in the event there is an issue. We still highly recommend having proper network security on your end, but with both sides working together, your most precious resource can be safe.
Cloud Based Accounting Software Is Cost Effective
One of the biggest benefits of cloud based software is that it’s cost-effective. We understand that nonprofit organizations have to watch expenses closely and strive to trim where they can. Cloud based accounting is generally paid for by a monthly subscription fee, minimizing the lump sum you would need to pay once a year to renew or purchase a new license.
Also, there’s no need for version upgrades, maintenance administration costs or downtime due to server failures. Those are all absorbed by the provider or developer of the software.
Contact Us to Learn Which Cloud-Based Fund Accounting Software Is Right for You
At Capital Business Solutions, we work with nonprofits nationwide to connect them with the accounting software solutions that will save time, improve productivity and effectiveness, and help them be more successful in their goals. To set up a consultation to determine what type of fund accounting software is right for you, call us at 888-249-6008 or fill out our contact form.