It seems like cloud-based technology is everywhere these days. Because of the flexibility and simplicity they offer, cloud based platforms are the ideal choice for many accounting and office support functions, especially if you’re a small to medium sized businesses or start-up.
Moving your systems to the cloud may be daunting but it can have some great payoffs for your business and it’s also a way to save business money. One of the biggest and least talked about benefits is that making strategic business decisions becomes easier and faster, thanks to the instant accessibility of your data.
The differences between terminal and cloud-based systems
For those who aren’t clear on the exact differences between the two, a terminal based application is one that is installed on the hard drive of a single computer or a multiple computers. Access is limited to users who are in the same physical location as the computer.
A cloud-based platform is hosted remotely by an external provider. Instead of installing software onto their computer, users pay a subscription fee to access the platform remotely. You can use a cloud-based system from any device in any location as long as it has an Internet connection.
The decision-making advantages of the cloud
With a terminal based software platform, if you want to access up-to-date information about the state of your business, someone needs to be physically in front of the machine where the software is installed. This might be fine while you are in the office but it doesn’t help you when you are out and about, especially if you are negotiating with clients or suppliers and need to make an immediate financial decision.
Cloud-based platforms let you access all your financial and business information from any location, even from your phone or tablet. Most-cloud based systems these days have mobile apps to make it even easier to retrieve and update information when you’re on the go.
With cloud-based software there is no need to step away from an important meeting to call the office and ask a colleague to retrieve a crucial piece of information, you can look it up instantly on your phone.
As well as helping you make a quick, informed financial decision when you are out of the office, cloud-based systems also provide you with a higher level of general visibility and an understanding of what is happening in your business as a whole. When you have a clear picture of the situation as it’s happening in real-time you will find it easier to identify opportunities and avert potential disasters so your business can keep growing and moving forward.
For more tailored and professional advice, Get in Touch with us today to arrange a free consultation to discuss your business accounting needs in depth. You may also read about our different accounting and finance services and packages to see how Dexterous Group can assist your business.