There are no doubts that small and medium sized businesses such as professional services and not-for-profits have a different set of challenges when it comes to accounting when compared to enterprise level businesses. It can often be the case where they don’t have endless budgets or deeper pockets that some enterprises have at their disposal enabling them to experiment with both technology and automation. This is usually the barrier that many small and medium sized businesses need to overcome in order to truly learn how a cloud-based accounting system can revolutionise their business. Despite the fact that these types of businesses can gain the most from doing so.
It is safe to say that the use of Excel spreadsheets can only take your business so far, and as your business starts to grow, your accounting requirements change and become more complex. This is why it is vital that businesses like these consider making the move to the Cloud for their accounting operations or else they could fall behind the competition, limit their growth or even deliver an unsatisfactory customer experience. This is why, in our latest blog article, we provide 3 reasons as to why your small and medium sized business should move to the Cloud for accounting today.
1 – Maximise your use of every single penny
When you don’t have bottomless pits of cash to invest in technologies that might not benefit your business, you can be guaranteed that choosing to invest in a cloud accounting solution like Business Central is a shrewd investment. There are no doubts that manual accounting processes are having a detrimental impact on both your time and overall efficiency not to mention churning out repetitive tasks that could be automated.
This is where cloud accounting solutions such as Dynamics 365 Business Central could help your business to automate processes so you can quicken tasks such as invoicing and payroll as well as being able to seamlessly integrate with your existing solutions so that you don’t have to completely change all your systems.
The most significant selling point of the cloud is flexibility so when it comes to cloud accounting, you are only paying for the technology you use and no more than that. Therefore, this means that your business no longer has to spend money on servers and costly IT infrastructure and can scale up or down the number of users you have on the new system as and when required.
Furthermore, you will also be able to save valuable money on not having to pay for costly upgrades as cloud-based accounting solutions are automatically updated on a regular basis. This also helps to free up your workforce to not have to get involved in highly labour intensive tech upgrades.
2 – Have leading security at your disposal
It is always a concern when it comes to security for anything hosted in the Cloud – after all it's not on a server at your office, how can you stay in control of the situation? In reality, the opposite is true. Cloud accounting solution providers such as Microsoft have invested significant sums in having the latest security capabilities and protection for their customers, especially given the sensitive nature of accounting data. The statement you often hear is that cloud-based products are less safe than on-premise, hardware-rich ones which is a complete myth.
As well as this, given the fact that your team won't be in charge of manually updating your solution, you can be rest assured that your business will be using the latest version of that accounting solution. This will help your business to also remove any concerns around security that comes with a solution that could be out of date or a solution that could end up losing your data.
3 – Implement a competitive & driven working environment
It is a given that being able to find and retain the right employees is a pretty unique challenge for both small and medium-sized businesses. Flexibility around work environments is pivotal nowadays with more and more workers wanting the ability to work from home and much, much more. This is where the Cloud gives you that added flexibility to be able to offer that to your workforce as well as to potential recruits. Your finance team will easily be able to work together and access files on the go as well as from any location which allows them to become more productive.
By having a hybrid workforce, your business will be able to easily adapt to changing times and can easily stay online in uncertain times. With your data safely locked away in the Cloud and your workforce all using the same single system, your team will not only improve communications but also collaboration to help streamline and automate workflows, approvals as well as other projects.
If you are a small and medium sized business that has read the above article and are looking to discuss how we can get you up & running on Microsoft’s cloud-based ERP solution, Business Central through one of our Quick Start Business Central packages then please call our team today to discuss your specific requirements as well as to ask any questions that you may have.
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