The contemporary digital world is powered by data. The importance and applications of data have grown exponentially over the last decade. Businesses rely on big data for obtaining valuable insights related to their target market, industry and future growth prospects.
This has also created a need for talented data science professionals who can make sense of the data collected. Data as a Service (DaaS) is in huge demand as it allows businesses to make more informed decisions without wasting much time.
Understanding Data as a Service (DaaS)
Data as a service can be explained as a data management strategy that leverages the cloud infrastructure to digitally store, integrate, process and analyze data using a network connection. There is a huge demand for cloud services given its convenience to manage different aspects of the work. DaaS allows organizations to improve efficiency and productivity by providing the agility of data workloads, decreasing the time to insight, bettering the reliability and integrity of data.
Data as a Service (DaaS) is quite similar to Software as a Service (SaaS), where software is delivered using the cloud network to the end-user. The need to download and install the program on a given device is eliminated. Similarly, in the data as a service model, the data storage, integration, processing and related operations are moved to a cloud-based system.
Importance of DaaS for the Accounting Industry
Cloud-based accounting services are also growing popular among businesses as it allows them to manage accounting tasks remotely. Traditionally, accounting jobs have always been tied to a desk in the office premises. The advent of DaaS has changed this norm and made it more flexible for people to manage accounting work from anywhere using the network.
The COVID-19 pandemic had forced people to stay inside their homes, and the nationwide lockdowns led companies to switch to remote working cultures. The need for a DaaS in accounting grew as remote accounting workwas not just a choice anymore. Organisations are increasingly adopting Cloud-based accounting solutions after the COVID-19 pandemic. DaaS accounting solutions also help with the ever-changing compliance norms.
Why do Accounting Firms Need to Use DaaS?
The accounting industry is going through a constant evolution with the advent of progressive technology that aids in simplifying the work process. DaaS is a boon for the accounting industry as it makes the accounting processes easier, flexible and more transparent. Let’s delve deeper into why accounting firms need to use DaaS.
Anytime, Anywhere Data Access
One of the most important reasons businesses are going for cloud accounting services over the traditional ones is the accessibility factor. You can obtain access to your accounting related work from anywhere in the world using an internet connection. You no longer have to worry about going to your office and switching on to your desktop to start the work.
You can access the data from anywhere at any time. This provides more flexibility to do the job and also reduces the turnaround time for important tasks at hand. As your business expands, it can get complex to manage accounting using the traditional means. DaaS makes accounting management easier with improved transparency in the system.
Beneficial for Remote Accounting Services
Remote accounting services needs a robust cloud computing infrastructure to get the job done. DaaS helps to overcome all the remote accounting services challenges that might arise.
In addition to this, you can even hire workers from across the world and cut down on your overall cost without compromising on the quality of work. You can easily hire talented professionals from developing countries to get the job done without spending a fortune. It can also help you expand your business overseas without needing any physical office space to operate.
Less Paper, More Sustainability
A cloud-based accounting system provides a sustainable way to get the job done. Since all data is stored and managed on cloud infrastructure, organizations require little to no paperwork to get the job done. Cutting down on paper use is not just environmentally friendly but also helps to cut down on your stationery expenses.
Better Security and Faster Updates
The modern age cloud computing services are highly reliable and secure. Security breaches are far less common in cloud-based accounting services as compared to traditional ones. Data is the modern fuel for businesses in the digital age. Protecting your accounting data is crucial to staying ahead in the competition. Cloud-based accounting solutions are faster and keep up with the new changes with system updates regularly.
Reduce Time and Cost
DaaS for the accounting industry helps get the job done faster since everything is done on the cloud. It also helps to save you tons of money that you would have spent on installing and maintaining reliable accounting software. The remote working facility can also help you cut down on office management expenses.
Conclusion
Data as a Service (DaaS) is growing extremely popular in today’s internet-powered digital age. Its application in the accounting industry is immensely beneficial for organizations and helps to save them a lot of time and resources. The paperless accounting model is also a sustainable way to get the job done without harming the environment.
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OHI is a specialized finance and accounting outsourcing service provider with over fifteen years of finance and accounting outsourcing experience. We have strong functional outsourcing expertise in end to end accounting processes covering daily accounting activities, reconciliations, month end and year-end account finalization processes, employee reimbursements, payroll processing, management reporting and financial analysis.
OHI serves close to 300+ clients across USA, UK and Canada. We invite you to experience finance and accounting outsourcing through us.
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