There’s a lot of buzz around the cloud, and you’ve more than likely heard someone singing its praises. Everyone is talking about it, moving to it; but what’s the benefit? What is this mythical cloud, and what benefits does it offer to accounting firms that a server on-site can’t?
There are several major benefits to hosting your business data in the cloud, and once you’ve read through them, you’ll quickly understand why everyone is moving to cloud technology, and why you should too.
Security is Key for Accountancy Data
It’s easy to assume that if you have your data under lock-and-key, it’s secure. After all, you have direct access to it at a physical location, and you think it’s going to be pretty hard for anyone to walk in and take that data.
However, the weakest link in any security system is human error, not to mention your companies’ in-house capabilities. Is your company monitoring its security environment consistently? Are there regular security checks and penetration testing to see how effective your security protocols are? If these aren’t things you’re doing, you may not even know your security and data has been compromised.
Additionally, if your staff haven’t been sufficiently briefed on how to protect sensitive data and in-house protection solutions aren’t adequate, it’s frighteningly easy for people looking to access your data to do so.
Cloud providers understand these risks to your data, and have solutions designed to manage all aspects of security, meaning you and your staff don’t have to. With built-in security solutions, such as encryption, 24/7 monitoring and dedicated physical security at their data centres, your data is much more likely to be secure using a cloud platform than your own location.
With cloud computing, your data isn’t in an easily penetrable physical location; rather than the barrier simply being human common sense and perhaps a locked door, it’s now encrypted systems and complex hashed passwords that protect your data.
With laws such as GDPR in Europe coming into force this year and similar laws introduced in Australia, it’s more important than ever to ensure that your client’s data is secure. Cloud computing for accountants is more secure because by its application, physical and logical security are taken care of for you.
Access Your Accounting Data on the Move
Your server might be serving you well now, whilst you’re in your office and at your desk. However, the flexibility of your on-site server ends at the front door. Now you’ve got to figure out a way to transfer that data to your mobile devices. It’s possible but can quickly become a hassle as you look for third-party solutions to link your laptop or mobile to your on-site system.
With cloud computing, your data is at your fingertips, wherever you are. With cloud computing, your accountancy data is ready and up-to-date at all times. Just updated your end of year financial reports at the office? Look at your phone, and you’ll quickly find them syncing. If you’re working frequently from multiple locations, ensuring your data is available and current at all times is vital. Cloud technology allows you to access your data, whether it’s in the office, or with a client in a coffee shop.
Keeping Up With the Demands of Your Business: The Pace of Technology
Technology is quickly and consistently evolving, with the slower update cycles of 3 or 5 years no longer considered relevant. Nowadays, you can expect vast upgrades to technology in a year or less, looking at smartphones as a prime example of this. Servers can be expensive to both purchase and to maintain, and once purchased, now limit you to old technology to get the most out of that investment.
They’re also hot, loud, and they require your IT department to ensure they’re not breaking down regularly. Storing your accounting data in the cloud removes these headaches, but also provides an additional bonus: scalability.
If you’re only using a small portion of data, why should you be paying for a full-stack server that’s mostly unused? The beauty of cloud technology is that you can scale up your costs depending on how much your accountancy business is using. Recently acquired new clients that require a substantial amount of data storage?
It’s extremely easy to add to your pre-existing cloud account or scale it down as your need decreases. This equates to much lower storage solution costs for your business and gives you the ability to raise and lower your costs as your need require. Using a cloud platform keeps you and your business agile, able to continue evolving with the latest technologies at a fraction of the normal cost of owning your own equipment.
What’s more you’re also able to scale on demand with ease, as your client list and data entries grow. That backroom housing your 5 year old aging server that’s crashing on you at the worst times can’t do that, can it?
The Future of Your Data Is In the Cloud
There’s a lot of benefits to hosting your business and customer data on the cloud, and we’ve listed just the largest three. Solutions like OneSpace allow you to fully enjoy the benefits of cloud such as security, mobility and scalability.
If you’re thinking of moving your accounting firm to the cloud, visit OneSpace’s website to see how it can help your accounting firm on its journey moving to the cloud.