If you are considering doing accounting on cloud based systems, you might want to think again. Although some are turning away from off the shelf accounting software, there are still many solid reasons why they are more advantageous than online accounting solutions.
The low cost to get started with cloud accounting is enticing but have you ever considered that the long term recurring cost to host the system could be a liability to your company? It is true that getting server based software might be costly at first glance, but you can definitely save a fortune many years down the road.
Let’s say you are a SME business owner. Let me do the price breakdown for you by comparing off the shelf Million Accounting Software priced at $999 to two popular cloud accounting solutions priced at $40 and $100 per month respectively.
With a side by side comparison, it shows how much you would have paid at the end of year 1, 2, 5 and 10 respectively. Do note that cloud accounting solutions charge by per company unlike Million which allows you to do accounting for unlimited companies. So a quick calculation will tell you that online software is definitely pricier than you think! Also, do you know that the hosting fee for cloud software are subject to increment? The chart below shows how much you will have to pay for the different software if there is a 10% increment of hosting fee per year.
Forking out a lump sum for server based software can be painful but in the long run, cloud accounting can be deadly. If cost is your one of your concern, Million software is offering instalment plans so you get to enjoy the benefits of server based software at a comparable to cloud accounting solutions!
Accessing data with cloud system is convenient, you get to access to your data on the go. However there is always a risk with storing your data outside of your own server. If the service provider of cloud system decided to stop operating, what will happen to your database? Yes, they might have constantly highlighted that you can back up and restore your data, but where can you restore your data? The data format is different and it is not easy to migrate to other accounting system.
Do you know Million allows out-of-office access even though it is an server based software? Host Million on your private cloud to access your system anytime, anywhere while ensuring maximum security! No need to worry about lost data when you have 100% ownership!
3) Customer Service
“If you pay peanuts, you get monkeys”. Cloud is affordable, paying $20 per month is attractive, but when you require support, who is going to be there to assist you? Over the years, there are constant complaint of poor support service provided by cloud service provider. Reason being, the response time is slow, businesses requires rapid response otherwise this will affect their daily operations. Also, it is well known that they will only be able to provide remote support. Million, however, will be able to customise our service to best suit you needs. Be it software training, technical support of data migration, we will be able to guide you through various platforms..
4) Cyber Security
Cyber security has been a long prevailing issue. While you can access your information online, you face the risk of others doing the same. Your provider might ensure you that your data is safe with them, it is still risky as the best security system still fails from time to time. Your competitors might steal your data or fabricate the reports sabotage your business. Cyber criminals might hold your data hostage with ransomware. You put yourself at risk when storing your data in cloud. Every strong industry player has been hacked in the past, take for example Yahoo and Apple, what’s to say you won’t?
5) Connection issue
Internet is not always at its top-notch condition, there are times where we face connection issues. When your internet service provider suffers from slow speed; it will affect your daily operation. It’s not just poor internet connection you have to worry about; cloud server connection will also affect your business. If your cloud server is down, your business will not be able to operate at all, which is worse than poor internet connection.
6) Inventory and Payroll
Online softwares are generally weaker when it comes to their inventory and payroll systems. While you can choose to connect to externals app with the features you need, they tend to come with a huge price tag. Million Business Solutions includes accounting, invoicing, inventory and payroll to ensure smooth integration between modules. Million Stock Control Modules has location, consignment, batch and serial number features that are popular among SMEs at no additional cost!