BEST PRACTICES IN ACCOUNTING & FINANCIAL PLANNING:

Clouds aren’t just for meteorologists anymore. Upwards of 90% of companies use some sort of cloud-based platform according to findings by 451. What is causing such a stratospheric shift, and what benefits can these services bring to your venture?

Let’s first define this phenomenon. “The cloud” refers to servers that are able to be accessed almost anywhere in the world, so long as you have an internet connection. Cloud-based services are running through these servers, allowing for global access to files and software applications. Examples can range from data hosting to accounting software to CRM tools. But how, you may ask, can your business benefit from cloud-centric solutions as compared to their directly downloaded or locally hosted counterparts?

Accessibility: Kicking things off with the obvious, cloud solutions bring great “quality of life” benefits to businesses. Emails (as fun as they are), would be a lot less fun if each file sent had to be uploaded directly to your company’s server, or hosted on your laptop which had to stay connected to the internet perpetually. We take for granted the fact Google, Microsoft, and the like are using their data centers to house the content we send around daily. By virtually hosting data, from emails to whole projects, it can be accessed from anywhere at any time. 

Collaboration: Modern cloud services allow for real-time collaboration untethered from a specific physical location. Flinging revisions back and forth through email (or fax) (or snail mail), is a thing of the past. This functionality brings teams closer together whether they’re in separate offices or separate continents. 

Cost Savings: Who doesn’t like saving money? Healthy competition between cloud service providers leads to refined services for your business. Apart from ever-improving offerings, you have multiple options to choose from that can fit your budget. In addition, you can ditch the servers. The hardware itself costs a pretty penny, and once you pile on upgrades – management, electricity, and the like – things really add up.

Scalability: Chances are you’re looking to grow your business. If so, the cloud is calling your name. Services can scale as you expand. Need more storage, extra computing power, additional software functionality? – with the cloud, these upgrades are a click away. 

Flexibility: In the same spirit of scalability, the cloud offers flexible options to match the ebb and flow with your company. If you take the winters off, so can your cloud offerings. No more firing and rehiring the IT guy when the slow season rolls around, all your servers are virtual, meaning no maintenance or physical upgrades are required. Some cloud solutions allow you to pay for only what you use, whether that be data storage or software functionalities – no more downloading an entire software package (in fact, no more downloads at all).

Risk Reduction: When it rains, it pours (cloud pun). Whether you’re writing your memoir or saving digital receipts, it pays to back up your work. By managing accounting, bookkeeping, contracts, proposals, and the like through cloud services; you avoid a business meltdown when your laptop decides to retire. Risk can also crop up through the liability posed by self-hosted servers. Chances are you don’t have a team of world-class software engineers preventing hackers from accessing your files. Chances are you don’t have a high-tech cooling and monitoring system keeping servers in check. Chances are you’ll sleep much better at night knowing the critical files and systems your business relies on are safe on the cloud.

In conclusion, ventures large and small have much to gain by keeping their heads in the cloud. Team members can connect better, data can stay safer, and costs can keep low through the growing number of cloud offerings available across all facets of a business. 

If you’re ready to elevate your accounting, consider Numeric as your trusted experts in Xero cloud accounting services. Connect today to learn how we can work together on your unique financial needs.