Five reasons to adopt cloud technology

27th Apr 2021
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Since being faced with a global pandemic which rapidly changed our working habits, and the implementation of Government initiatives such as Making Tax Digital, accounting firms and businesses must start to look at transitioning to a future way of working, incorporating cloud-based software.

By implementing cloud technology, businesses can increase efficiency and productivity whilst reducing costs by removing any required hardware and the need for an in-house infrastructure.

Although there are several benefits associated with implementing cloud technology, some firms are still skeptical.

A popular misconception is that cyber criminals can gain unauthorised access much easier with cloud technology, as many believe that onsite infrastructure offers firms greater control over accessibility, distribution and data security, although this is not the case.

Data stored through a professional cloud solutions provider is undoubtedly more secure. Ultimately, cloud technology has been engineered to store data beneath a number of sophisticated security layers with the additional benefit of rigorous protocols in place to keep data secure from theft.

But how can accounting firms enhance operations with cloud software?

  1. Access & Flexibility

Mobile and cloud solutions can increase productivity by allowing accountancy firms greater control over how their infrastructure is managed and accessed.

Auditors can access and provide clients with real-time updates whilst out on the road, adding value to their services.

  1. Fast delivery and automation

There is no longer a need to wait to access information, as the cloud offers instantaneous access to data. The cloud offers a highly-resilient approach to data protection, by protecting files with multiple layers of enhanced security and preventing copies being destroyed, corrupt or stolen.

Accountants no longer need to worry about compliance, as cloud-based solutions are updated automatically to keep users up-to-date with all the necessary legislative changes, giving them extra time to focus on essential activities and more strategic tasks.

  1. Disaster Recovery

Cloud-based systems offer excellent disaster recovery protocols. Physical hardware can succumb to damage, corruption or potentially being stolen, however this is not the case on the cloud. Not only is there nothing to physically steal, but it also benefits from enhanced security.

With on-site hardware, once there is an issue or it fails, the information stored is likely to be unrecoverable.

  1. Competitiveness

Accountants have an opportunity to provide extra, more valuable services to clients with cloud technology. With the ability to automate more mediocre, time-consuming data entry tasks, they can shift their focus onto providing clients with more data-led and valuable services.

  1. Scalable and cost-effective

Cloud solutions allow you to only pay for what you need.

There’s no longer a requirement to purchase expensive hardware that needs to be regularly updated or to pay someone to maintain it, as cloud software comes as a complete, automated service.

Firms can manage the services provided as and when they need to, for instance, if a firm increases its size in a short space of time, the cloud is equipped to promptly deal with those changes. Similarly, if there is an increase in demand, firms can easily increase their cloud space as and when needed. 

As we navigate these stormy waters, through a pandemic and beyond into a new way of working, it’s important that technology is implemented in order for your practice to offer a competitive advantage and retain staff. If it’s not already on the agenda, decision-makers must consider how cloud technology can benefit their practice by promoting efficiency, offering clients the best service and supporting growth.

If you’d like to find out more about how our cloud solutions can help your business, click here.