5 Reasons Why Small Businesses Should Prioritise Cloud Service

5 Reasons Why Small Businesses Should Prioritise Cloud Service

In its latest cloud usage survey, data virtualisation leader Denodo revealed that firms are “accelerating their cloud journey”. And there’s a good reason why these companies are embracing cloud-based tools.   

 

Understanding the Cloud

Cloud services is a term used to describe a range of services that are delivered on-demand to users over the internet. 

Businesses, for example, have access to applications and other tools without the need to have hardware or internal infrastructure on site. Instead of relying on an accounting tool installed on your computer, you can use cloud-based accounting software hosted online.  

Traditionally, a company would store its data to its network of servers. For cloud computing, users save data on the storage space of online providers. These files are fully managed and safely stored in the servers of the vendors.

 

Advantages of Using Cloud Services

There are many benefits of cloud computing for small businesses; among the top advantages include:

1. Accessibility 

With cloud services, owners and employees can access software, platforms and other data anywhere using compatible gadgets. This is most beneficial, especially when COVID-19 lockdown orders could happen anytime and disrupt usual business operations. 

This is also advantageous for small business owners as they could closely monitor and get real-time updates about their company without needing to be physically present in the office.  

 

2. Collaboration 

Team members can work together even if they are in different locations because they can access data and platforms via the internet. It also allows small businesses to outsource work to virtual team members, such as a Virtual CFO, where they can remotely support owners in managing finances and making business decisions. 

 

3. Easy Data-Recovery 

Most cloud service providers perform routine backups and have redundant systems that allow users to recover lost data. Gone are the days where only larger firms have the luxury of putting up backup systems as even small companies can now quickly (and cost-effectively) recover files through these cloud-based platforms.

In addition, small firms enjoy the same data privacy and IT security as any larger companies would. Cloud computing providers are responsible for putting security protocols in place, and monitoring breaches 24/7.    

 

4.Scalability and Flexibility 

Cloud computing services can upscale as the small business starts to grow. When new members join, for example, all that is needed is to log into the service provider and add users to the team account. Or, if the demand subsides, businesses can downgrade their subscriptions and scale back on their use of cloud-based tools.

 

5. Cost-effective  

One of the most significant advantages of using cloud-based services is that it’s affordable even to startups or budding businesses. For one, firms no longer need to purchase on-site servers as providers store and manage data for their users. Savings on labour is also a benefit as there is less demand for an in-house IT staff because cloud service vendors also cover maintenance and troubleshooting activities.

 

With the many benefits of using cloud-based tools, there is no doubt that small businesses should prioritise integrating these services with their processes. If you’re looking to migrate your existing accounting system to the cloud, our team could assist. 

We can help you set up and guide you on one of our recommended cloud accounting software systems, which are Xero, NetSuite, JCurve or Wave.

Interested in know more? Don’t hesitate to reach out to us.

 

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