As more companies are looking for ways to cut costs and improve efficiency, many are moving to cloud-based software for a variety of purposes. However, companies have been slower to adopt cloud-based financial, primarily due to concerns about security and compliance. Companies that have made the move to the cloud are finding those fears to be unfounded.
Cloud computing, sometimes also called software as a service, runs the software and stores the data in a central location, called a cloud. Implementing cloud-based financial software provides companies with a number of benefits. Perhaps the biggest benefit is that it provides up-to-the-minute, real-time data and analytics to the people who need it most, regardless of where they are, 24 hours a day. There is no need to download or install anything. Users can access the data from any computer or mobile device with an Internet connection. This is the perfect solution for employees who need access to the most current analytics as well as for employees who want the flexibility to work remotely.
Financial cloud software is more cost-effective than on-site alternatives. There is no need to buy hardware or software. In addition, updates, upgrades, maintenance, and administrative costs are covered by the cloud accounting service provider. Cloud software may also offer services and tools, such as advanced analysis and reporting, that would be too costly if implemented on site.
Providers of cloud software have extensive security measures in place, including disaster recovery plans, failsafe data centers, and automated back-up and recovery. Cloud software also provides faster deployment of patches and upgrades, improving security and making it easy to comply with changing financial and regulatory requirements. User access controls incorporated into financial cloud software allows companies to control what data can be accessed by specific employees.
Cloud-based financial software automates many manual business processes, which will prevent duplicate entries and other errors and provide better accuracy. This automation also saves time and frees up valuable employees for more important projects.
Transitioning to a cloud-based financial software system is quick and smooth. Because the system is already built, configured and ready to use on day one, there is no need to spend months building and configuring a system from scratch. Cloud-based financial software can also be easily scaled to meet current and future needs. It can be easily expanded as your business expands.