Should You Make the Switch to the Cloud Accounting?

Whether or not your company has made the leap yet, or are only thinking about it, you can be certain that soon enough, your accounting systems are like to move online. There are numerous reasons for this, among them increased efficiency, unlimited accessibility, and ease of storage and use, but what do you need to know in order to make sure that your transition is as smooth and informed as possible? Here’s why and how executives should be ready for accounting and finance in the cloud.

Why make the switch?

Those for whom cloud accounting is an entirely alien concept may find themselves asking why so many people have found themselves opting to make the switch. Unlike numerous business fads, cloud accounting offers very real value that simply cannot be gained from traditional methods and as a result, is here to stay.

Dissatisfaction with current systems is often a leading motivator for transferring accounting to the cloud. Some common limitations traditional in-house methods that are cause for complaint are:

• Limited flexibility
• High maintenance and upgrade costs
• Poor integration capabilities

Conversely, cloud accounting solutions are well suited to tackling these problems, and are well-equipped to deal with the following:

• Company growth
• Changes to system protocols
• Upgrades to internal systems
• Back up

Furthermore, cloud accounting is a hugely cost effective means of running a business’ accounting systems. While big businesses can foot the bill for high tech in-house accounting systems, smaller businesses may find these a huge strain on financial resources. Cloud accounting systems require only subscription costs, and providers will foot the bill for system upgrades and maintenance.

When is the right time to make the switch?

While every business or organization is different, and given the ease of integration, there’s no wrong time to make the switch to cloud accounting, there are a few tell tale signs that can point to a quick switch, among them:

• Your existing system is nearing the end of its lifespan and is about to warrant a disruptive and financially costly upgrade – eFolio Accounts upgrade is free!
• Your business is expanding both in terms of custom and in terms of personnel, and the in-house system is failing to adequately match this growth.
• You are expending disproportionate sums of time on the existing system, meaning other parts of the business are suffering.

If you think it’s the right time for your business to make the switch, then contact eFolio Accounts on 353 21 2348062.