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What "The Lord of the Rings" Can Teach Us About Cloud Accounting

The Lord of the Rings was written by J.R.R. Tolkien from 1937 to 1949. This masterpiece that took 12 years of Tolkien’s heart and soul became a cult hit over the years. 52 years later – in 2001 – Peter Jackson brought this epic tale to life, when the Fellowship of the Ring movie adaptation was released across theatres worldwide. People flocked to this renewed phenomenon and embraced the rich thematic world that it portrayed.

The Lord of the Rings follows the story of Frodo Baggins, a young hobbit entrusted with a great responsibility. To save all of Middle Earth by destroying the One Ring – a powerful artifact forged by the Dark Lord Sauron. Inscribed on the ring is the following inscription:

"One Ring to rule them all, One Ring to find them, One Ring to bring them all, and in the darkness bind them”.

This inscription was a summary of the power that this ring would bring its bearer. Now wait a minute, what could this possibly have to do with accounting? Aren’t accountant’s lame, boring, and don’t do anything exciting – sounds like a hobbit if you ask me. So, accountants are like hobbits; wait, no, that’s not it…

Just like it took Tolkien 12 years to write the Lord of the Rings, various software companies have been developing cloud-based accounting solutions since as early as 2006. Cloud accounting software is now ready to streamline the accounting process for businesses across the world and is quickly becoming a “cult hit” in the accounting industry.

The inscription on the ring of power noted above also relates to cloud accounting and why you should be using it for your business.

One Ring to Rule Them All

Although there were many rings of power that gave their bearers great power – I’m looking at you, desktop-based accounting solutions; the One Ring was superior and was made to rule them all. One of the great advantages of using a cloud-based accounting solution is that the software is always up to date with the newest features. No more lengthy software updates. No more having to buy a new copy of the software if you want to have the latest features. Your accounting system is no longer tied to a single computer. But these are not the only reasons that a cloud-based accounting system is superior.

One Ring to Find Them

Coordinating with your accountant and finding the time to get together and troubleshoot issues that occur with your desktop-based accounting system can be painful – since it is housed on a single computer. With a cloud-based system you can call your accountant anytime, they can access your financial information and you can troubleshoot issues with them over the phone; while you both are looking at the same information to make the process that much easier.

One Ring to Bring Them All

You can now bring your financial information with you wherever you are on your mobile device. Say you’re at the bank and they want the latest profit and loss statement for your business to approve a new loan, with a cloud-based accounting system you can provide it to them on the spot!

Say you’re quoting a new job at a customer’s location, you can immediately send them an estimate or an invoice while you're there with your mobile device. You can even go as far as to include a “pay now” button on the digital invoice to help you collect cash faster from your customers!

And in the Darkness Bind Them

We have just barely scratched the surface of the advantages of using a cloud-based accounting system. There are various applications or add-ons that you can bind to your system. These apps will further streamline your accounting processes, automating much of the data entry so that you have more reliable, accurate financial information at your fingertips.

Connect with us today so that you can have power as great as the One Ring supporting and strengthening your business!

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