Introduction to Online Accounting Software
Before we delve into our online accounting software comparison, it’s crucial to understand the key differences between cloud accounting and on-premises accounting software. Cloud accounting software is hosted and managed by a third-party provider and is accessible over the internet. On the other hand, on-premises software is installed and managed locally on a company’s servers.
This online accounting software comparison will analyse the pros and cons of both cloud accounting and on-premises solutions to help businesses make informed decisions about their accounting needs.
Scalability: A Critical Factor in Online Accounting Software Comparison
One of the main factors to consider in an online accounting software comparison is the scalability of the solution. Scalability refers to the ability of a software system to handle an increasing amount of work, transactions, or users. In the context of accounting software, scalability is essential because, as a business grows, so too will its accounting needs. When starting your online accounting software comparison, look for platforms that can scale with your business as well as offer customisable solutions. This will ensure that you can continue to use the software as your business grows, without having to switch to a new platform every time you need more advanced functionality.
Cloud Accounting: Enhanced Scalability
When it comes to scalability, cloud accounting software has a clear advantage over on-premises options. The cloud infrastructure allows businesses to scale up or down their resources and features as needed, without any disruption in service. This means that growing businesses can easily adapt their accounting systems to accommodate additional users, transactions, and financial data.
Furthermore, cloud-based software providers frequently update their systems with new features and improvements. This means that businesses using cloud accounting platforms will always have access to the latest tools and capabilities, ensuring that their accounting systems remain up-to-date and competitive.
On-Premises Accounting: Limited Scalability
On the other hand, on-premises accounting software such as SunSystems Classic typically has limited scalability. To accommodate growth, businesses may need to invest in additional hardware, such as servers and storage devices. This can be a costly and time-consuming process, as it may require significant capital expenditures and IT resources.
Additionally, on-premises software often requires manual updates and maintenance. The inability to scale quickly and efficiently can be a significant disadvantage for businesses using on-premises accounting solutions.
Benefits of Cloud Accounting in Online Accounting Software Comparison
Aside from scalability, there are several other advantages to consider in an online accounting software comparison.
One of the most significant benefits of cloud accounting software is its accessibility. Users can access their financial data from anywhere, at any time, using any device with an internet connection. This level of accessibility is particularly useful for businesses with remote employees or multiple office locations.
Another critical aspect to consider in any online accounting software comparison is the user-friendliness of the platform. After all, if you’re going to be spending a significant amount of time using the software, you’ll want it to be intuitive and easy to navigate. When comparing different software options, look for platforms that offer a customisable interface, easy-to-use features, and adequate support resources.
Security is another crucial factor in an online accounting software comparison. Track down the platforms that offer robust security features, such as two-factor authentication, data encryption, and regular backups. You’ll also want to ensure that the platform complies with data protection regulations, such as GDPR and CCPA, to ensure your data is safe and secure.
Cloud-based accounting software providers are responsible for ensuring that their platforms are secure and compliant with industry standards. This means that businesses using cloud accounting platforms can benefit from advanced security measures, such as data encryption and multi-factor authentication, without having to manage these measures themselves.
Finally, in your online accounting software comparison, consider how well each platform integrates with other tools and services you use in your business. For example, if you use a specific payment gateway or e-commerce platform, you’ll want to ensure that your accounting software can integrate seamlessly with these tools to streamline your financial processes.
Cloud-based accounting software often features robust integration capabilities, allowing businesses to connect their accounting systems with other essential tools, such as payroll, inventory management, and customer relationship management (CRM) software. This seamless integration can help businesses streamline their processes and improve overall efficiency.
The Cloud Accounting Implementation Process
Implementing cloud accounting software can be a complex and time-consuming process, but with proper planning and execution, it can lead to significant improvements in efficiency and accuracy. Here are the key steps involved in the cloud accounting implementation process:
- Requirements Analysis: Before beginning the implementation process, it’s essential to conduct a thorough online accounting software comparison and build a solution that best fits your organisation’s needs – which is easy to do between SunSystems’ modular design and TouchstoneFMS’ support. This process includes identifying the specific features and functionalities required for your business.
- Customisation and Configuration: Next it’s essential that you spend time with TouchstoneFMS to customise and configure the new accounting software to align with your business processes and workflows. This may include setting up access permissions, creating custom reports, and integrating the system with other software applications.
- User Training: To ensure a seamless transition to the new cloud accounting software, it’s important to provide adequate training and support for your team. TouchstoneFMS manages this by conducting workshops, providing user guides, and offering ongoing assistance as needed.
- Go-Live and Support: Once the new system is fully implemented and your team is comfortable using it, you can officially go live with your cloud accounting software. TouchstoneFMS are prepared to provide ongoing support and address any issues that may arise during the initial rollout, as well as scheduled or ad-hoc training and support post-implementation.
Why TouchstoneFMS Recommends SunSystems
TouchstoneFMS is a leading partner for financial management solutions, and we recommend the implementation of SunSystems Cloud for businesses seeking a powerful and scalable online accounting software. In our online accounting software comparison, SunSystems Cloud stands out for its robust features, ease of use, and ability to integrate with other business systems.
Infor SunSystems offers a wide range of features that make it an excellent choice for businesses of all sizes. With its intuitive user interface, you can easily track your finances, generate reports and manage your budget. It also provides real-time updates, ensuring that you always have the latest account data at your fingertips.
One of the key benefits of SunSystems Cloud is its scalability. It can be used by small businesses with just a few employees for basic cash flow and tax purposes, or large corporations with hundreds of employees with all of the advanced features you would expect from a modern FMS platform. Its modular design allows you to add features as your business grows, ensuring that you only pay for what you need.
SunSystems also integrates seamlessly with other business systems, such as CRM and ERP software. This means that you can streamline your financial management processes and reduce the risk of bookkeeping errors and data duplication.
Cloud or Classic – Which is Right for Me?
No online accounting software comparison blog would be complete without a final verdict on the different options available and the scenarios to which they are best suited. When it comes to your options regarding Infor SunSystems, TouchstoneFMS deliver that verdict now:
SunSystems Classic is SunSystems as many have always known it – a piece of highly-capable software that is installed locally on their own company hardware, and is the organisation’s responsibility to manage, patch and update.
This solution lets you access all of the functionality that SunSystems offers via the cloud. A SunSystems Cloud solution will offer all of the same great functionality and capability of a local ‘SunSystems Classic’ installation, but with SunSystems Cloud Infor is responsible for managing and deploying security and functionality updates, lowering the overall cost to your business.
Which should I choose?
Our years of industry experience show us that in general terms, larger businesses tend to gravitate more towards a SunSystems Classic deployment, while SME’s lean more towards SunSystems Cloud. However, this is not a hard-and-fast rule and the client is always free to choose. So, while the TouchstoneFMS team really believe in the extra plus-points offered by a SunSystems Cloud solution, if you’d prefer a local SunSystems Classic deployment we’ll be more than happy to put that in place too – since in the end you’re getting the same great package of functionality.
Final Thoughts on Online Accounting Software Comparison
In conclusion, this online accounting software comparison has shown that cloud-based accounting solutions offer numerous advantages over on-premises options, particularly in terms of scalability, accessibility, security, cost-effectiveness, and integration capabilities. As businesses continue to grow and evolve, the importance of having a flexible, efficient, and reliable accounting system for invoicing, cash flow monitoring and tax compliance only grows in importance.
By taking the time to conduct an online accounting software comparison and selecting the platform that best meets your business’s specific needs, you’ll be well-equipped to manage your finances efficiently and effectively, enabling you to focus on growing your business. To start leveraging the power of a scalable cloud accounting solution, contact TouchstoneFMS today.
More About TouchstoneFMS
TouchstoneFMS has decades of combined experience in providing expert financial management software support to businesses in the UK and worldwide, at an affordable cost. Our team can aid in the software implementation process, provide training to your staff and offer ongoing support to ensure that you get the most out of your investment.