Small Business Tips

How can the Cloud save your small business money?

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How can the Cloud save your small business money?

 
As an SMB, you are often confronted with the challenge of financing operations whilst trying to survive long enough to see yourself grow and receive sustainable economic return. With this in mind, many small businesses desire to minimize costs. A means in which to do so is through equipping yourself with Cloud technology.
 
The Cloud can empower small businesses by not only improving outputs but more importantly improving cost efficiency.  83% of accountants already embraced cloud technologies in their practice, it' also predicted that accountants believed 50% of their client base would transition over to cloud-based accounting software by the end of 2017*.
 
 
Top 4 Reasons you should be using Cloud Technology  
 
Convenience and efficiency:
 
The convenience is derived from the fact that cloud storage allows access to data anytime, anywhere. The increased accessibility improves and enhances collaboration as well as productivity of employees and your business. It is this operational flexibility that has approximately 37% of SMB’s using some form of cloud technology**.
 
Less capital expenditure
 
Cloud technology reduces the need for long-term investments into software and equipment required for on premise data storage. It operates on a pay-as-you-go model meaning excessive and unnecessary costs can be avoided. Traditional accounting requires businesses to have physical hardware and servers in-house to store their financial data. 
 
Reduced Maintenance Costs
 
Maintaining an on-premise system is costly in both time and money. First upgrades can cost a lot upfront from licenses of the software, getting people to upgrade the code and upgrading the server infrastructure. Many cloud solutions allow for automatic upgrades with out of the box functionality including Financials for Office 365.
 
Offers more holistic solutions
 
Rather than purchasing multiple software licenses along with creating and maintaining APIs to complete a variety of operations, some Cloud technology allows you to unlock the tools and resources you need by simply moving up your subscription. For example, Financials for Office 365 meets all your accounting needs as well as going the extra mile to cater for inventory management, CRM and manufacturing just to name a few.
 
The adoption and integration of cloud technology into your business means your resources can go further. More money and time saved, means it can be allocated better to drive your business’ growth.  If you or any SMB’s seek the aforementioned, it is definitely beneficial to hop onto the Cloud!
 
*WMC Accounting 2017, 5 Key Facts About Cloud Accounting In Australia, viewed 25 August 2017, https://blog.wmcaccounting.com.au/business-accounting/5-key-facts-about-cloud-accounting-in-australia
 
**Garrant, G. 2014, The Future of Cloud- Based Technology, viewed 25 August 2017, http://www.business2community.com/cloud-computing/future-cloud-based-technology-0997285#y54p3gp70sj1lXOk.97