Only a few years ago, cloud-based accounting software was the delivery model of choice for the world’s largest, most advanced enterprises. Its unique, secure, and highly flexible model made it ideal for large corporations with the resources to implement it. But now, small to mid-size businesses are breaking through the barriers to entry and costs to implement after witnessing the high ROIs experienced by the early-adopters.
Nucleus Research found that as of December 2017, “In the past two years, the ROI of cloud deployments relative to on-premise ones has increased by more than 50 percent, driven by vendor investment, deployment experience, and increased adoption. Today, cloud deployments deliver 3.2 times the ROI of on-premise ones.” Businesses switching to the cloud experience the financial advantages of lowering high maintenance and operating expenses of on-premise systems, as well as reduced costs through time saving and process efficiencies.
Cloud-based applications are by no means a fad businesses are trying to implement to present the illusions of being cutting edge either. The IDC (International Data Corporation) forecasts worldwide spending on cloud services will top $160 billion in 2018 and increase to $277 billion by 2021.
Knowing when your business has outgrown its current system, and when its time to switch to a cloud model, can be challenging. Making the switch shouldn’t be done just to follow suit. If your competitors are moving over to the cloud, it doesn’t necessarily mean you have to as well. Switching to the cloud should always be done when it best meets the growing demands of your business – but how do you know when it’s right? Consider the following questions and assess your current business and financial needs:
Does your team work outside of the office?
Do you have remote workers, employees who travel a lot, or multiple offices/locations? All of these features are on the rise in the modern business environment, and answering yes to any may be an indicator that moving to the cloud is a step in the right direction. Global access is a hallmark benefit of cloud technology. Requiring only a secure web browser, your entire finance and accounting team can work smarter, and better, with cloud solutions – and without the need for extra layers of security.
Are your financial processes feeling inefficient?
Does it feel like you need to accelerate your collections, consolidations, and period closes? One of the main benefits of a cloud model is the amount of time it saves your organization through increased process efficiencies. The cloud can help eliminate the tedious and time-consuming nature of manual data entry and over reliance on spreadsheets with seamless automation functions.
Are you struggling to implement your financial system with other key business applications?
Application integration is becoming more sought after by businesses to streamline processes and make data easily transferable and accessible. The cloud offers many integrations that on-site and hosted software do not. If you’ve been looking for a way to synch your financial systems with a CRM or other sales platform, the cloud provides a solution to your problem.
What the cloud offers that others don’t
If any of these questions stirred up a pain point you’ve been having with your current accounting and financial system, maybe it’s time to make the switch to the cloud. If they apply, these obstacles are holding back your business from achieving the level of growth you’ve been after. Don’t let a slower, costlier, and less efficient model curb your long-term success. Implementing a cloud based delivery model offers a multitude of benefits not obtainable with on-premise software, like:
- A model built from the ground up, with your specific needs in mind
- Fully customizable model with clickable configurations
- Can be used on multiple devices and multiple operating systems
- More frequent and less time consuming system upgrades
- Requires far less hardware to operate and maintain
If you’re determined to keep growing and scaling, and a switch to the cloud feels like the logical next step, look no further than the SC&H Group’s Accounting Solutions team. As your partner, we’re here to make profitability and proficiency possible. Contact Us Today →
