Market analyst IDC predicts that spending on public IT cloud services will hit £46bn in 2015 (up from £13bn in 2010). Cloud technologies are no longer up in the air, it’s now a reality for many innovative businesses, regardless of size, to access their technology in a ‘virtual’ environment.
As cloud becomes mainstream and security concerns diminish, companies should also consider the benefits of moving their finances to the cloud too. According to the Cloud Industry Forum, 29% of SMEs already use cloud-based accounting, so what is the appeal and why might now be the right time to reach for the sky?
Here are the 8 key reasons why you could benefit from cloud-based accounting in both the short and long term:-
The reasons for adopting a cloud strategy are convincing, yet there is often reluctance to move from an on-premise solution that is managed in-house. The arguments surrounding whether your data is safe in the cloud can be easily discounted, as providers are likely to offer at least the same if not better protection of data than you could internally. However you should ask your provider where your data will be stored, as you could be contravening data protection legislation if it is held somewhere overseas.
One of the main issues is how a solution integrates with your other key back office systems such as a CRM database. When selecting a system, you should ask the supplier about the range of functionality. Is it ‘open’ so it will integrate easily with other critical systems? Will it be straightforward to blend and share data simply? Remember that there is a huge amount of choice out there, so be careful to match your wish-list with what is being offered.
The advantage of cloud-based accounting is that you don’t need to compromise; you can expect the type of functionality that you would expect from a corporate system, but with an affordable price tag. For ambitious, growing companies, a cloud offering is ideal because it gives you the accounting features you need now and in the future, as well as driving business performance and profitability.
Julian Sayer is the Sales & Operations Director at Accounting software vendor, bluQube
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