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“To Cloud or Not To Cloud”

Posted on 02/07/15

“To Cloud or Not To Cloud”

The Cloud is becoming a common term in business conversations, having been used since the 1990’s as a metaphor for the Internet. With all the media talking about it you may be wondering if your business should start using it, so here we review its main features.

Security

The biggest concern about the Cloud is security. The success of businesses selling Cloud services relies heavily on their ability to protect your data, so be reassured - Cloud solutions come with the same 128 bit security that banks use meaning your data is super safe.

Speed

Where speed of data processing is critical to your business, such as in payment transactions, you may prefer to maintain that data internally. However, in the majority of business a millisecond wait for data is not critical, and coupled with high-speed internet now available across most of the UK, your data can be quickly accessed without compromising business efficiency.

Accessibility

Imagine that you’re on the road to see a customer, but before you get there you want to know if they have any outstanding invoices: what do you do? With your data kept internally you would have to phone your accounts department to get a figure. Working in the Cloud means you can access your financial data from anywhere in the world and across a variety of devices, not just a desktop computer located in your office.

Collaboration

Historically you would process a year’s worth of data, send to your accountant and then find out if there were data errors, miss-postings and a big tax bill. In the Cloud your accountant has real-time access to your data enabling them to assist in advance of any issues and give you pro-active advice.

Cost

Cloud Accounting gives you a flexible approach to costs and budgeting, as you can choose the length of service you require. These services also include on-going maintenance costs, such as upgrades and updates, meaning your business is always up to date with the latest Cloud technology at no extra cost.

This may be a viable alternative for your business model in contrast to traditional solutions where you pay an annual fee up front and your software quickly becomes out of date.

Conclusion

The choice of accounting software remains with business owners. There are clear advantages to moving to a Cloud-based solution for your accounting needs. However, you should base your decision on which solution best fits with your business.

written by Simon Woodhams, Wilkins Kennedy

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