It’s no longer a surprise to most SMBs that cloud technology provides a distinct competitive edge. For example, according to a report by Microsoft, 82% of SMBs reported a significant cost reduction as a result of adopting cloud technology. Once only accessible to enterprise-level businesses, cloud solutions for specialized industries continue to be adopted by SMBs at a staggering pace.
Just look at this steady rise in the percentage of SMBs investing in various cloud technology deployments over the last decade.
Source: SMB Group, January 2020
Still not convinced whether cloud solutions is right for your business? Well, here are five reasons why moving to cloud could be a winning strategy in 2020:
One of the major benefits of cloud computing is scalability. With cloud software, you can easily expand your range of services and product offerings without the need for additional investments. It allows you to upscale and downscale your IT requirements and the team of highly-trained specialists across globally distributed delivery centers to support your business growth. In addition to scalability, cloud frees up capital and personnel to innovate on new ideas. Thus, giving agility and flexibility to respond swiftly in the fast pace of digital disruption.
Small businesses that choose cloud are saving money and cutting costs through considerable savings in infrastructure investments for IT and Accounting. Instead of having to invest in the latest technology infrastructure, which can bleed your small business finances, cloud accounting software is efficient, inexpensive, and scalable on an as-needed basis.
The best cloud-based software offers it all: high-grade servers, robust cybersecurity solutions, an array of new technology functionality like, AI and more, which helps increase workforce productivity. Since most leading cloud-based solutions are updated automatically, they help your business stay future-proof and prove to be a game-changer for your business.
Cutting-edge cloud accounting solution, for instance, gives you a clear picture of your business performance, makes bookkeeping easier, and files accurate taxes on time as required. Popular cloud-based accounting software like FreshBooks, QuickBooks, Xero, Sage, allow you to leverage automation to run your business more efficiently.
Small businesses often need help with customization, extensive training, and free online support. SaaS helps leverage the benefits of cloud computing without any major investments or long term commitments. There’s no wonder that SaaS is the largest category of cloud computing and looks to capture more than half of all public cloud computing by 2023. Additionally, SaaS allows your growing business to access world-class infrastructure at a fraction of the cost. With everything organized in one place, it helps you meet your growing pains as well as power your productivity.
Going forward, cloud accounting integrates AI and automation to reduce manual data entry, improving the speed, accuracy, and quality of data. For instance, bookkeeping time can be almost halved by automating 80-90% of transactions. This, in turn, will allow your accounting team to go beyond their traditional role of bean counters and enhance their capacity to be a trusted, value-added strategic advisors.
At Analytix Solutions, our industry expertise runs deep. Our scalable cloud solutions help specialized industries better manage their finances and operations with 24/7 reporting and business insights.