Woman hand holding mobile phone and laptop data synchronization device at co-working office, She using in mobile applications and multimedia programs.
HOA/COA Accounting

Approximately 42% of the American workforce is continuing to work from home, and many companies have announced their plans to stay remote until the summer of 2021. Because of this, cloud computing is no longer considered just a benefit; it’s an essential part of your business. And when you’re handling HOA accounting records and personal information for hundreds of homeowners, it’s even more important to work in the cloud. So, why exactly is cloud computing so essential in a WFH world? Here are five main reasons you need the cloud when working from the couch:

1. Easy Accessibility

As the cloud is accessible to anyone using the internet, cloud-based software systems are easier to access from varying locations and allow for more centralized systems. Do you have certain systems or tasks that can only be done by one person at a time? Have you ever had to text your co-worker to get out of a system so you can finish a time-sensitive task? This is extremely inefficient when working from home. Through cloud-based systems, your employees can work on multiple projects at once in one centralized location without interruption.

2. Improved Security

As we’ve adapted to working from home, so have cybercriminals. A recent study showed that 91% of executives reported a rise in cyber attacks since their teams started working from home. Cloud computing operates on a shared responsibility model, meaning that it guarantees the safety of the overall cloud while letting the user themselves enact various measures to protect data. For association management companies, this means that a cloud accounting system enhances the safety of clients’ data and reduces the risk of cyber attacks. Since HOAs are managing personal data of their homeowners, security is a top priority for their boards when choosing the right software system.

3. Increased Productivity

Since cloud computing enables employees to work with fewer interruptions, and gives employees the ability to work in one centralized system, productivity naturally increases. Data and analytics can be shared across the company in real-time, which empowers one to make decisions quicker while reducing the chance for duplication errors. Cloud systems are also less prone to IT issues and security breaches, which reduces downtime for employees. In the association management industry, this benefit is very important when producing month-end reports to HOA boards. Since the financials are consistently up-to-date and available in a centralized location, many CINC customers are able to get their reports completed as early as the 3rd and 4th of the month.

4. Disaster Recovery

One of the biggest corporate pain points to remote work is managing IT issues. An IT team simply cannot go from one home to another to resolve computer issues, especially when so many are trying to socially distance. Luckily, cloud computing can resolve many IT issues in the absence of IT professionals. The cloud can monitor, check, and maintain storage and servers in data centers. This makes recovery efforts for a company faster and far more cost-effective.

5. Paperless Efficiency

If you manage several millennial and Gen Z employees, you know that at-home printers are a thing of the past. Luckily, cloud-based systems prevent the need for many printing projects that could greatly hinder WFH capabilities. A cloud accounting software system can be connected to a client’s bank account, which means their financial data automatically updates online. This eliminates the need to receive paper statements from the client’s bank while also providing better financial transparency.

If you do not have a cloud-based system but want to share the benefits with key decision makers in your company, download CINC’s Association Management Software Buyer’s Guide for tips on sharing key benefits and making the right software decision for your company.


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