If you’re still on the fence as far as cloud accounting is concerned, now is the time to change your position. 2015 promises to be the year the “cloud bursts” as Forbes.com’s Greg Satell predicts. This is because using the cloud in business will no longer be the exclusive domain of tech geeks and early adopters. If it’s any indication, consider the fact that cloud accounting grew into a $1.7 billion
industry in 2014. That figure is expected to balloon to $2.16 billion by 2016.
Despite the steady rise in usage, there are still those who are hesitant to join in. It is assumed that security and privacy concerns are the main issues to contend with, but a recent UK survey suggests that lack of knowledge is actually the real culprit.
Staying in the dark is no longer a valid excuse, just as much as the “stay at your desk” model of doing business is increasingly becoming obsolete in today’s 24/7 digitally mobile world. The coming year is the time to update your outdated systems and start considering how you can integrate your current software into a more efficient and cost-effective cloud accounting system.
Here are 5 reasons to make the switch when the New Year comes around.
Real Time View of Your Financial Standing
Take it from the President of Xero, Jamie Sutherland: “up until just a few years ago, business owners rarely were able to get an up-to-date view of daily financial situation.” But with the advent of cloud computing software, manual tasks that used eat up so much time in the past can now be automated and seamlessly integrated into banking data. The result is that business owners now have the ability to make better decisions and a more holistic lens through which to look at their financial data.Cost Savings
Lowering overhead expenses is still the main driver for switching to cloud accounting. This lowered cost is due to many factors, including the need to buy less infrastructure, savings on initial capital, lower cost of ownership, and less configuration requirements, among others.Beefed up cloud security measures
If your hesitation stems from the risk of hacking your company’s sensitive data, that fear will soon become unfounded. With as much as $3.1 billion expected to be poured into the cloud-based security industry next year, it should become increasingly difficult to gain illegal access to confidential information. Businesses understandably need to be confident in cloud accounting’s ability to protect their data, and no stone will be left unturned to ensure security is enhanced and stand up against the best hackers out there.Collaborate from anywhere
No more back and forth shuffling of papers or electronic files among work colleagues: cloud accounting systems allows management staff, employees and accountants to access and view data as it happens, without having to wait for information to become stale and outdated. This saves on time, resources, and money.Faster invoicing
This allows you to get paid faster than the average waiting time of 41 days in the U.S. By automating your invoicing, you improve your cash-flow, save on time and eliminate the need to follow up on overdue invoices.With mainstreaming of the cloud bearing down upon us, refusing to jump into this “bandwagon” is foolhardy at best, and at worst, a wasted opportunity. Chances are, your competitors are already reaping the benefits of cloud accounting. It’s only a matter of time until force of circumstance will compel you to do the same.
