Cloud computing seems to be all of the rage these days. What is cloud computing? It is defined as a distributed computing over a network, where application can run on many connected computers at the same time.
For finance professionals, the most relevant type of cloud computing is Software as a Service (SaaS). SaaS is defined as a solution that includes turnkey infrastructure, software, maintenance and updates and support that is licensed on a per user per month basis. With the SaaS business applications market expected to reach $32 billion this year, cloud accounting is quickly becoming the new norm for many businesses.
Our research has identified five critical reasons for moving your financials to the cloud:
- Better Cash Flow – You no longer have to make large, upfront capital investments in expensive servers, database licenses, infrastructure and implementation. Those costs are shifted to the cloud vendor and you simply pay for what you use on a per-user, per-month basis.
- Improved Access – If you’re a business with multiple locations or remote staff, you will need to make even more capital investments to facilitate remote access. Cloud accounting includes the ability to access the software anytime, anywhere, on any device (PC, Mac, Tablet, Phone) in the monthly subscription.
- Greater Scalability – As your company grows, with an on premise solution you bear the responsibility to manage and increase infrastructure capacity and performance. Cloud accounting grows with you. Simply purchase a subscription for those new users and pay for nothing else.
- Faster Deployment – Since cloud based financials don’t have to be installed and configured, they require less effort to implement in comparison to traditional premise based financials.
- No Maintenance /Updates Costs – Your cloud accounting subscription includes the seamless installation of upgrades and enhancements. You no longer have to pay maintenance and professional fees to maintain your accounting system.
Need proof? You can download this comparison we did for a client comparing the costs of purchasing an on premise accounting system versus a cloud based system. You can also contact one of our experts anytime by using the form on the right.