Is cloud accounting for you?

More than $1.3 trillion in IT spending is expected to be affected by the shift to the cloud by the end of 2022. That’s why, over the next five years, selecting the right cloud accounting partner may be the most crucial decision an FD will make in their organisation.

And if there is still a question mark over whether or not to invest in cloud-native technologies – particularly to streamline your finance function – it’s worth noting that cloud computing allows businesses to save money on capital expenditures. In the UK alone, companies reportedly currently save on average 11% by using the cloud, a figure that is projected to increase to 19% by 2027.

According to the Cloud Industry Forum (CIF), the overall adoption rate of cloud services in the UK is now 88%, with 67% expecting to increase their use in the next 12 months. Three of the most common causes for initially adopting cloud services include the flexibility of delivery (74%), operational cost savings (72%), and scalability (65%).

In our most recent blog post, we look at some of the reasons why iplicit's customers have chosen us to be their cloud accounting software partner for the future as we delve further into why cloud accounting might be for you.

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In today's competitive landscape, agility is essential for organisations, particularly those operating in the mid-market arena who require advanced functionality and comprehensive technology that moves at the same pace as they do.

Cloud accounting software helps facilitate this process as well as offering a range of benefits that are more difficult to quantify – such as making businesses more responsive to customer needs and enhancing collaboration between employees.

Accounting and finance directors who have switched over to cloud-native platforms are taking advantage of the hidden benefits that come with adopting a flexible approach to working hours – and this can be transformative for organisations who are tapping into the benefits of an engaged hybrid team.

You can empower your staff to work remotely by implementing cloud accounting solutions. Financial teams are no longer tied to their desks and restricted to ‘traditional 9-5’ working hours.

Using mobile accounting software, employees are now able to access their financial information while at home or on the move – and in real-time – just as easily as they can at the office. Furthermore, organisations will have greater visibility, control, and focus with automatic workflows, approvals, and automation that can't be achieved with on-premise systems, along with the ability to collaborate easily on financial and retrieve management information instantly.

Security and peace of mind
It is a common misconception that storing company data outside of the business is insecure, with 70% of small and medium-sized firms citing this as the main reason for not moving applications to the cloud. According to the latest research by the Cloud Industry Forum, security concerns increased by 10% over the past year, even though 99% of organisations using cloud services haven't been breached.

In an era when sophisticated cyber-attacks are increasingly common, workforces can look to cloud accounting providers delivering sophisticated capabilities who can help mitigate against potential online threats. For data protection and peace of mind, finance directors should choose partners who are experts in cloud-based security.

Always on, always up to date
Finance teams are time-consumed, so they need tools to help them rather than hinder their endeavours, and there's nothing more frustrating than waiting for system updates to be installed. iplicit automatically updates every month, rather than forcing an IT department to go through the rigmarole of doing it themselves across an entire organisation.

As a result, not only does this save IT and finance staff vital time and money, but it also enables teams to take advantage of new enhancements and comprehensive features while ensuring systems remain compliant with the latest legislation.

Automation and integration
Ideally, cloud accounting solutions will automate, provide intelligence, and control these tasks, so that finance teams can help their businesses focus on more crucial issues rather than mundane tasks.

Application Programming Interfaces – or API – integration enables businesses to automate business processes while enhancing how data is shared and manipulated across multiple applications. For example, integrating an online store or a customer database into an organisation’s accounting system – meaning modern-day finance leaders can officially say ‘goodbye’ to the tedious, error-prone manual process of rekeying data.

In today’s business world, APIs are becoming an essential component for forward-thinking firms who want to work smarter, not harder. Choosing a cloud accounting provider that offers APIs and helps teams to connect disparate systems can make the difference between success and failure.