Recent studies have shown that when cloud computing is implemented in professional firms they see a rise in revenue beginning in the first year of their traditional to cloud transition. As more and more firms make the move to the cloud, they praise the benefits of cloud-based systems. These accolades include the ability of staff members to work from any location – home, a clients’ office or on the road, the greater security of financial data in the cloud and the reduction of IT issues in the office.
Coupled with these benefits, those accounting firms now utilizing cloud accounting also experience these financial benefits.
- Increased clients
- The ability to deliver a greater range of services
- Increased revenue and profit margins
- The ability to retain and increase staff to handle growth
- Improved efficiency and productivity
- Decreased costs
Cloud computing is easy to expand, simple to use and in most instances services are usage-based. This means you share server infrastructure with other organizations, utilizing what you require during peaks and scaling back times of reduced productivity all of which results in lower costs for you and your firm. On top of that, cloud-based systems use less electricity because of the hardware utilization just mentioned, so your energy costs will go down and your firm will be greener in the process. While we are discussing costs, your personnel costs may be reduced as well by repositioning your valued IT team member to increase your firm’s revenue (no firing highly qualified IT team members, please). Another benefit to ponder is there are no capital costs, meaning you can invest elsewhere in your business. Finally, in the cloud, you’ll gain access to another location should which parallels your financial data and applications in case of failure.
If you’ve ever considered the financial and operational benefits of the cloud before, the perfect time is now!