The Benefits of Cloud Computing to Finance and Accounting
What exactly is the 'Cloud?' Many people now use the term “cloud computing” to describe many varied technologies and services. Cloud computing is not new per se. What that simply means is that software applications are delivered using Web infrastructure where the client side is a web browser. For
some varieties known by another name, this is Software-as-a-Service, or SaaS. Cloud could also mean DaaS (Desktop as a Service) or TaaS (Technology as a Service), but we’ll be focusing on SaaS and hosted applications for this article.
What Are the Major Benefits of Cloud Computing to Finance and Accounting?
Location-Independent Data Access
SaaS and cloud hosting delivers on the pledge that has been spoken about in the software business for decades: location-independent data-access. Firms and their clients gain access to whatever they want from wherever they are.
There are major benefits if you’re a multi-location business. No longer must we be concerned about exchanging files through e-mail, telephone calls, or waiting until their computer is online another time.
Eliminate the Headaches and Cost of In-House IT
From Mark Linden at Intact -
For many of us, we run in-house IT because we think we have to. It really doesn't contribute anything that differentiates the business. So why do it? Why invest those resources, and that time and energy in building an IT infrastructure that doesn't differentiate you in whatever the core value of your business is? You’re much better off taking those resources and that management time and focusing on new customers, new products, new differentiation, than worrying about building an IT organization just so you can run your in-house application. When you use Software-as-a-Service, you avoid having to build that in-house IT. You’re avoiding all that cost, all that hassle, things like capacity planning meetings, budgeting for IT, all that goes away. You focus just on the business applications you want to buy, and the cost is explicit for what it’s going to take to get access to them.
A World-Class IT Operation Far Better Than You Can Deliver Internally
A world class private cloud vendor is a professional technology company. You get a premium IT service, far exceeding what you can contract for and deliver yourself. cloud service providers make a living on up-time, so if the application is not there, they can’t sell it, and they can’t get paid. So these are true world-class environments, running at 99% availability with minimal maintenance windows. There are auditing standards for service providers, specifically SAS 70 Type II audits, that give you external assurance. And they all run 24/7 availability. You don’t have to worry that “my application went down, it’s Saturday, where is my IT guy, is he on vacation?” All those issues go away.
Security, Redundancy and Backup
We have servers, backups, data centers and tech support all based in the United States. None of our IT or engineering is outsourced or sent overseas, ever. Automatic off site backups are done nightly and kept for a minimum of 30 days.
Each time any user logs into Abacus Private Cloud to access data it is thru 256-bit encryption offering you peace of mind in the security of your transfer. With the same security as Online Banking, your data couldn't be safer.
Achieve a Higher ROI
SMBs will often realize a far higher ROI with cloud hosted and SaaS applications. This is in part due to the obvious IT cost elimination. Part of it is that SaaS applications are feature rich, written relatively recently with the knowledge of the past. And part of it are subtler costs that you don’t necessarily think about initially.
There’s no upgrade cost with SaaS-hosted software apps. Newer versions of the application are updated automatically.
According to Kevin Jackson at Forbes -
When implemented properly, the cloud computing economic model can drastically reduce the operations and maintenance cost of IT infrastructures. A 2009 Booz Allen Hamilton (BAH) study concluded that a cloud computing approach could save 50 to 67 percent of the life-cycle cost for a 1,000-server deployment. Another Deloitte study confirmed that cloud deployments delivered greater investment returns with a shorter payback period when compared to the traditional on-premise delivery option.
So What Should You Do?
If you are an accountant, CFO or company owner seeking to replace your present accounting system, you really must include cloud-hosted or SaaS applications on your evaluation short list. Talk to us and let us help you learn more about how AbacusNext can improve your business bottom-line and alleviate IT stress and anxiety at the same time.
Schedule a demo of Abacus Private Cloud today.