You're already well aware of the benefits associated with using accounting software, but if your business is still using a traditional on-premise solution, you're missing out. Cloud migration opens a wealth of benefits for small and mid-sized businesses, including enhanced functionality and more flexibility than on-premise solutions. Below, we investigate some of the advantages of choosing cloud accounting software over its on-premise counterpart.
1. Less Overhead
Cloud accounting requires minimal investment to set up and run. In fact, a client (desktop, laptop, smartphone or tablet) and an internet connection are the only two true requirements.
Cloud-based accounting software is accessible anywhere at any time – no vacation days, no off hours and no sick time hassles. By eliminating the need for a physical accountant, you drastically reduce your staffing costs and improve the efficiency of your business.
2. Better Security
Cloud service providers are better equipped to manage data security than the majority of small and mid-sized businesses. Brick and mortar businesses are vulnerable to break-ins and hacking. If you're managing an on-premise version of accounting software, you need to be very diligent about implementing updates and upgrades in order to stay on top of security threats.
The caliber of hacking expertise required to gain access to a cloud-based solution is astounding. Cloud providers actively stay ahead of hackers to eliminate the risk of security breach, and since cloud providers are responsible for automatic updates and upgrades, you're always operating with the most secure version of accounting software available.
3. Enhanced Collaboration
It's easy to integrate all of your business management applications and data silos into one cloud-based ERP solution. Financial accounting tasks are covered by your accounting software, but the information is available to all of your employees, from HR and payroll to CRM and sales. Since your employees are all working within one interface, you’re able to streamline your processes while ensuring accurate and consistent communication between departments.
4. Improved Accessibility
When it comes to mobility, nothing beats the cloud. Your accounting software should be accessible by any employee, at any time, from anywhere. Through smartphones, tablets and laptops, all of your key decision-makers have constant access to the most important, relevant and updated information. This enables round-the-clock data management that is simply unattainable with on-premise solutions.
5. Smarter Automation
Automating your workflow is a smart way to promote more efficient business practices. Your staff time is valuable, and it should be dedicated to core business projects that require a personal, human touch. Many of the tasks critical for daily operations are tedious. If you delegated these mundane tasks (like report generation, payroll processing and asset management) to accounting software, your processes would be far more streamlined and your employees would be much more engaged in their tasks.
5.5 Predictive Budgeting
Unlike most on-premise solutions, cloud accounting software is available through subscription models that cost the same each month. These subscription plans are easy to write into your budget, and you're only paying for the data you need. You're not wasting money on excess space (a common problem with on-premise solutions) and you're always able to augment your plan to suit your business's changing needs.
If you haven't considered trading in your current on-premise accounting software, the time has come. The benefits of cloud accounting are enormous, and you're letting this goldmine remain untapped by sticking with an outdated business accounting solution.
Want to learn more about SMB Suite's full-service cloud ERP solution? Our comprehensive software suite features financial accounting modules, HR and payroll tools, business intelligence applications and much more. Let us take care of your accounting software – you've got a business to run.