Cloud Accounting: 5 Reasons Companies Will Make the Shift in 2018

The modern business world is marked by a series of changes, both technological and cultural, that are dizzying in their scale. Think, for example, of accounting capabilities and their evolution in past decades from mainframe to desktop computers.

Now, with the advent of cloud software, business accounting is undergoing yet another massive transformation. These shifts in technology lead to real changes for businesses: in the United States alone, 3 million small businesses will change their software every year. Here at Massey Consulting, we see all these changes up close in our accounting software consulting work. Based on our experience in the field and published industry research, here are five reasons why there will be a massive shift to cloud accounting in the coming year.

Here's why companies should consider making the change:

1) Anytime, Anywhere: Offers Flexibility for Remote Work

Remember how monumental that shift from mainframe to desktop was, in terms of convenience and ease of use? Well, cloud-based software improves on that in orders of magnitude by allowing your accounting team to access data anytime, anywhere.

Cloud accounting allows you to offer your employees the flexibility of remote access, which is becoming more and more of an established norm in the business world. What company wants to be slowed down on snow days? What company wants to be inflexible in their scheduling?

Lacking capabilities for remote work can prove costly and inefficient for the modern business environment, and cloud-based accounting software allows you the flexibility you need.

2) Independence: Endlessly Expands Device Capabilities

In keeping with the ability to offer that anywhere-anytime-flexibility, cloud accounting software offers an elevated level of device-related freedom to your staff. If you have remote workers or staff that simply works on the go, the last thing you want is for them to be dependent on uniform devices.

Gone are the days when staff has to ask: Mac or PC? Instead, with cloud-based accounting software, your on-the-go workers can use whichever device is most convenient. They can take an iPad on a business trip, use a Smartphone on the way back to the office, and settle down at the end of the day at their own personal computer.

Your technologically savvy staff can experience the independence of working with their own preferred devices and not being tied down to a desk.

3) Collaboration: Supports Teamwork and Communication

You know a software is great when it can foster both independence and collaboration. With cloud accounting, your team will no longer need to rely on the insecure and time-consuming method of email-swapping throughout the office. With this method, valuable information and time can be lost in transit.

Cloud-based software eases communication hurdles by allowing staff to post on message boards within the software interface. Staff will receive a notification and be directed to the relevant message. With this technology, each member of a team can collaborate towards common goals, ask and answer questions, and resolve challenges with greater communication.

4) Scalability: Grows with your Business

You need to make sure that your software can evolve with your business.

Businesses are different sizes and grow at different rates. Luckily, cloud accounting software is amenable to those differences and offers the opportunity to scale up at the same rate as your business. A flexible design architecture means that cloud-based software can expand and account for your growing needs as a business.

5) Security: Keeps your Data Safe

With around 3.1 billion dollars as an industry, cloud-based accounting software developers can afford to offer elevated security. Let them spend the money on security (that protects your data) while you bask in a newfound peace of mind.

Cloud applications offer three levels of security: physical security, hardware security, and software security. First, physical: with cloud-based applications, your data is couched in a high level of physical security and kept in buildings protected by armed guards.

When it comes to hardware, your data is safe due to intrusion detection systems and quickly-replaced hardware. At the software level, cloud-based applications excel in developing malware detection, virus detection, and OS patches.

When you look at business leaders in various industries, they are leveraging cloud technology throughout the company to save time and money, and tap the real-time information that allows them to make data-driven decisions.Cloud accounting software offers greater flexibility, collaboration, and independence among a myriad of other benefits, this technology can support your business at every step of the way.

But this is only an abbreviated summary of the benefits we at Massey Consulting have seen that our clients have gained from cloud accounting software.

For additional reasons and details, download our full report here "11 Reasons Companies are Switching to Cloud Accounting this Year".

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