Vast quantities of data pass through an accounting business every day — including both data and business communications. That’s just one of the reasons why it’s crucial that accounting firms have fast and reliable networking and data storage that strengthens their efficiency and their ability to communicate internally and with clients. Cloud servers for accountants can help your firm stay on track — and get ahead. Check out the key benefits of cloud computing in accounting below.
Many of the cloud computing benefits for accounting firms are similar to those realized by other industries using cloud technology:
- Lower costs
- Improved efficiency
- Increased accessibility
- Greater data security
But those are broad terms. What do they really mean for accounting firms using cloud computing? In this post, we’ll take a look at some of the benefits specific to accounting firms using cloud computing.
4 Key Benefits of Cloud Computing in Accounting
1. Reducing Costs With Cloud Computing in Accounting Firms
The subscription-based pricing model of most cloud solutions is an attractive one for accounting firms. Choosing cloud lets you free yourself of the upfront hardware and software expenditures — and the unexpected costs when they fail — associated with on-premise data storage in favor of regular, predictable monthly payments.
Another (often-overlooked) cost-related cloud computing benefit for accounting firms is the savings you’ll see when you no longer have to maintain an environmentally-controlled facility for the servers holding your data. And when you’re no longer responsible for all those machines, your IT team will also have more time for day-to-day support, instead of focusing on server maintenance.
Many accounting professionals also cite the ability to automate data entry as a major time-saver when they transition to a cloud-based solution. Between the switch from CapEx to OpEx, the saved space and the reduction of labor, it’s clear that there are many cost-related cloud computing benefits for accounting firms.
2. Accessing Data and Applications Anywhere
One of cloud computing’s best features is the fact that it allows your team to work from anywhere. When data and applications are stored in the cloud, they are accessible via any internet-enabled device. This is obviously useful for staff who work remotely — allowing them complete access to your system when they, for example, need to visit a client’s office in person.
The value of remote access has become especially clear since 2020, when the coronavirus outbreak drove many companies to close their doors and send staff home.
Disasters of this scale have forced companies of all shapes and sizes to rethink business strategy. Maintaining productivity is critical to survival — for you and your customers. Accounting firms using cloud computing can adapt quickly, as they can still securely access customer data from wherever they end up working — meaning they can be a rock for clients in times of crisis.
3. Improving Communications and Efficiency
Your customers may have been content to communicate via phone or email a few decades ago, but today’s clients want more hands-on ways to work with you. Another cloud computing benefit for accounting firms is the variety of ways it opens up to communicate with clients — online dashboards, up-to-the-minute reporting, and unified communications systems. Your agency can just as easily serve a client down the street as around the world.
Internal communications and processes also benefit when you make the switch to a cloud-based solution. Cloud calendars and email facilitate seamless communication between team members and departments. And because multiple people can access the same data simultaneously, your firm can eliminate redundancies and errors that occur when data is entered multiple times.
4. Strengthening Data Security
Every company wants to be sure that their data and business-critical information are secure. But for accounting firms, who primarily handle other companies’ data, security is even more important. Accounting firms using cloud computing can leverage the expertise and resources of their cloud partners to ensure all data is rigorously protected in transit and in storage.
Cloud security benefits for accounting firms include:
- Industrial strength physical security to protect against fire or other disasters
- Redundant backup systems to guard against data loss
- Professionally designed disaster recovery processes
- End-to-end encryption to protect data moving to and from the cloud
- 24/7 monitoring for security threats
Could Your Accounting Firm Benefit From Cloud?
Life in the cloud has changed the way many organizations operate, and there are many cloud computing benefits available for accounting firms who partner with a reliable cloud provider. At AIS Network, we help our partners innovate and leverage the benefits of Microsoft Azure or AWS — two of the best platforms for firms concerned about data security and network reliability.