Personal Cloud Computing: Use & Misuse for Financial Files

Personal cloud computing means having every piece of data you need at your fingertips and ready for use. The key to enabling the portable and interactive you is the ability to sync up your data among your devices, as well as access to shared data. Shared data is the data we access online in any number of places.

The cloud computing enables your PC and all of your mobile devices being in sync all the time and all of your personal data being able to access at any given moment. With cloud computing you have ability to organize and mine data from any online source and to share that data with your friends, family, coworkers, or clients in an instant. 

One very simple, good use of cloud based services is as an off-site backup for important financial or accounting files. The backup file is in-sync with all connected devices and a shared backup file can be accessed by your coworkers, financial analyst, or accountant. 

Among popular and easy cloud system to use are SugarSync and Dropbox. When you install this system on your Mac or PC, you will find it creates a folder; and that anything that you place in here (such as a backup of your financial data file), will automatically be uploaded to your online cloud storage. You will get benefit of free gigabytes storage when setting up a free plan account on SugarSync.com or Dropbox.com. 

Dropbox is a simple, nice sync software tool that you install on your computer and it does a continuous sync of files you put in the local folder set to sync. It has a nice online portal that is clean and simple with some sharing options. The software also integrates with your computer OS so you can share, get links etc. for the right-click fly out menu.

SugarSync is somewhat similar to Dropbox with an application that you install on your computer and pick the folders you want to sync. This is nice because you can leave you file system intact, unlike Dropbox where you have to put files and folders into the Dropbox folder. Setup was simple and the web portal is easy to navigate. Integrated in the OS as well, so the right-click menu give options for sharing and links. When sending a large file, you just need to paste a link of the file into an email or an instant message instead of sending the file itself.

Although the cloud has many uses, but it is not the place to store your “live” accounting or financial data file. When you run computerized accounting or financial application with a live data file located in a folder that syncs the file in the cloud (in a server locating several thousand miles away in a different country), the application tends to operate slowly and the data file risks of corruption. Placing live file in the cloud also potentially creates a legal consequence of keeping primary company records outside the jurisdiction of the local tax authorities.