Cloud technology has been a buzzword for a while now, and for a good reason. Many organisations are starting to recognize the benefits of adopting cloud technology for their financial software needs. Our recent survey shows that 50% of organizations that are looking to change their financial software are doing so because of technology, and they see the benefits of adopting a cloud strategy. In this article, we’ll explore the reasons behind this trend and discuss why more organizations are moving to the cloud.
Reasons for the Shift:
One of the primary reasons why businesses are moving to the cloud is the cost savings that come with it. With cloud-based financial software, there’s no need to invest in expensive hardware or software, which can be a significant expense for many businesses. The cloud also allows for scalability, meaning that businesses can easily add or remove resources as needed, making it easier to control costs.
Another reason why more businesses are moving to the cloud is the increased accessibility and flexibility it provides. With cloud-based software, users can access their financial data from anywhere, at any time, using any device with an internet connection. This makes it easier for businesses with remote workers or multiple locations to collaborate and work together seamlessly.
Security is another major concern for businesses, and cloud-based financial software can provide better security than traditional on-premise solutions. Cloud providers often invest heavily in security measures, including encryption, firewalls, and multi-factor authentication, to ensure that their customers’ data is safe and secure.
Finally, the cloud allows for better integration with other software applications, making it easier for businesses to streamline their operations and improve efficiency. With cloud-based financial software, businesses can integrate their accounting, invoicing, and other financial functions, reducing the need for manual data entry and saving time.
In summary, the shift towards cloud-based financial software is driven by cost savings, accessibility, security, and integration benefits. As more businesses recognize these benefits, it’s likely that the trend will continue, with more and more organizations moving to the cloud for their financial software needs. Whether you’re a small business owner or a large corporation, adopting a cloud strategy for your financial software can provide significant advantages and improve your bottom line.
If you are looking to start your journey to the cloud why not join us on the 24th May 2023 where we will be showcasing the #iplicit ERP software. This relative newcomer to the accounting software market offers users of the likes of Sage, Xero, and Quickbooks a cost-effective upgrade taking their accounting function to the next level.
Register HERE to join us to see this incredibly compelling product.