Why are so many businesses moving their accounting operations to the cloud? Should you make the switch too?
For many, â€œthe cloudâ€ and â€œcloud computingâ€ are mysterious and confusing concepts, which can lead to a severe misunderstanding of all the efficiencies and opportunities cloud-based financial management platforms can offer you and your business.
Over the last several years, the world of cloud computing has made its way into our everyday lives, and you may not have even noticed it. When you fire off an email or post to your social media accounts, you are taking advantage of cloud computing. Checking into your flight online? You are in the cloud again. Odds are, your business is already taking advantage of several cloud-based software systems which have streamlined and improved your previous business practices. So why not do the same with your accounting software?
Here are four signs you and your business are ready to take the leap from your own server to the cloud:
- You need access to your data, anytime and anywhere.
When your accounting software is in the cloud, all you need is a device and an internet connection, and voila, you are at work! Cloud-based accounting software enables you and your employees to be productive from any location on any device, at any time. This kind of agility and accessibility is a leg-up in todayâ€™s busy and bustling business landscape, and can give your business a real advantage over competitors with less flexibility.
- You want to save money.
With an on-premises solution, the upfront software and implementation fees can add up fairly quickly, not to mention the capital outlay needed to cover the equipment, hardware, and IT costs associated with hosting your own system. Cloud-based platforms provide a predictable subscription-based payment structure, meaning you pay as you go, with no unforeseen costs to upgrade, update, or maintain your software.
- You are ready for hassle-free updates and maintenance.
Speaking of updates and maintenance, say goodbye to them! When you are in the cloud, the software provider takes care of maintaining the software and rolling out the updates for you, so you donâ€™t have to spend time doing it yourself (or spend money hiring someone else to do it for you). This leaves you and your team free to focus your efforts on the projects that really matter.
- Data security is your priority.
The issue of data privacy and safety is always a primary concern for consumers who are considering a move to the cloud. However, cloud service providers continue to prove they are experts in offering advanced levels of security to keep your sensitive data safe. They are equipped with specialized staff, developers, and programmers who exist solely to maintain the integrity of your system, and provide routine backups of your data.
Whether the idea of the cloud is completely foreign to your business, or you have been considering making the move for a while, now is a good time to investigate whether cloud accounting could make your operation more efficient. Itâ€™s a business decision that might make sense. To discuss the potential benefits for your business, please contact Lyric Morrison, 505.998.3494 or Christine Reeders, 505.998.3297.