| Many accountants, especially the younger | | | | Another big advantage of accounting SaaS is that |
| generation, have heard of SaaS by now, and no | | | | someone else is responsible for the upkeep of |
| we're not talking about Statements on Auditing | | | | your data(this is also the biggest weakness, but |
| Standards(SAS)--though they are a delightful topic | | | | more about this in a minute). With SaaS the |
| as well. SaaS stands for Software as a Service | | | | accounting data is hosted by the company |
| and basically means instead of having a physical | | | | providing the software. They are responsible for |
| copy of your software, everything is run through | | | | its integrity and security which can save |
| the Internet. | | | | accounting organizations a lot of headaches and |
| This means that it isn't absolutely necessary to go | | | | time. Having the information hosted on another |
| to the store and buy Quickbooks, you can | | | | server also frees up room on the organization's |
| actually just use online software that will store all | | | | personal system. |
| of your information. This somewhat recent | | | | Weaknesses |
| technology has advantages and disadvantages | | | | Did we mention that someone else is hosting your |
| over the traditional method. | | | | precious, invaluable data? With accounting SaaS |
| Advantages | | | | they are, and it can be scary to think that years |
| The biggest advantage of accounting SaaS is that | | | | worth of important invoices, payables, and other |
| you can access your accounting information | | | | ledgers are in someone else's control. If the |
| software from anywhere in the world and from | | | | company that is hosting your information is not |
| any computer in the world. Before SaaS, | | | | established, they could simply go out of business |
| accountants were still able to access their | | | | and with them all of your data. |
| accounting information from anywhere in the | | | | A simple suggestion is to make sure that you |
| world as long as they had their laptops with them. | | | | have physical backups of all of the accounting |
| With SaaS, the accountant no longer needs to | | | | data. You can request these regularly from the |
| bring a laptop along, all the accountant needs is | | | | companies hosting your accounting data. |
| access to the Internet from any computer. | | | | Inherent risk of the Internet. Accountants know |
| You can think of accounting SaaS as being like | | | | all about inherent risk and the nature of the |
| checking your email. All you have to do is log in | | | | Internet can be a little risky. Your data is being |
| and you have complete access to all of your | | | | stored online and could be stolen or ruined by |
| accounting data (pretty unbelievable). You can | | | | bored hackers or eager competitors. Set inherent |
| even use your phone to update/check your | | | | risk to "very high" when using the beloved audit |
| accounting system as long as the phone has | | | | decision making model. |
| Internet capabilities. | | | | |