7 Reasons to move to cloud accounting

As a business in the 21st century you are up against constant pressure to operate efficiently and competitively, and technology advancements like the cloud have made it achievable. With 48% of SME’s set to increase spending on cloud services this year, we take a look at 7 reasons why you should consider moving your accounting practices to the cloud.

1. Security

Believe it or not, accessing data in the cloud is far safer than accessing your data on premise. Cloud server providers invest in the strictest physical and digital security processes, more than any business can usually afford in house. Plus, by accessing data online you’re eliminating the risk of storing sensitive information on your device which becomes open to all if it’s lost or stolen.

2. Flexibility

One of the biggest benefits of cloud is the flexibility it brings. You are no longer tied to your desk and can access your data wherever you are at the click of a button, as long as you have an internet connection. This is ideal for businesses that are constantly on the go.

3. Cost savings

Moving to the cloud can actually bring you cost savings as you don’t need to pay large fees upfront for software, or pay for users that you don’t know if you’ll need a year or so down the line. Cloud based software is scalable and can easily be upgraded as and when you need. Software and security upgrades can also be managed easily by the server provider so you don’t need to experience lengthy downtime or the inconvenience of running them yourself. Plus you no longer need your own in-house servers which could save you thousands.

4. Routine back-ups

Back-ups are done routinely as a matter of course, reducing your risk of data loss from human errors and system failures. Plus, it’s a big job that is passed over to someone else, freeing up your time so you can focus on running your business.

5. Real-time information

To run your business efficiently it’s important you have accurate information at your fingertips when you need it. Cloud technology gives you just that, real-time information at the click of a button so you can make smarter business decisions, even when you’re away from your desk.

6. Keep up with the competition

The market is changing at a fast pace and if you don’t move with the times then your competitors will. Can you afford not to adopt cloud based accounting software?

7. Free up your hard-drive

​With cloud technology everything is stored online so you don’t actually need to install software onto your system, freeing up space on your systems for everything else you need to run your business.

These advantages are some of the many reasons why 48% of SME’s are looking to increase spending on cloud based accounting software this year. If your business is looking to increase productivity, efficiency and flexibility then a move to cloud based software could be what you need.
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Replacing an on-premise solution with the cloud removes a host of associated direct and indirect costs with a simple, single monthly subscription fee. When comparing ongoing on-premise against cloud, they can look comparable at first but the real savings are from looking at your indirect costs as well which include.