Cloud technology has been a buzzword for a while now, and for a good reason. Many organisations are starting to recognize the benefits of adopting cloud technology for their financial software needs. Our recent survey shows that 50% of organizations that are looking to change their financial software are doing so because of technology, and they see the benefits of adopting a cloud strategy. In this article, we’ll explore the reasons behind this trend and discuss why more organizations are moving to the cloud. Reasons for the Shift: One of the primary reasons why businesses are moving to the cloud is the cost savings that come with it. With cloud-based financial software, there’s no need to invest in expensive hardware or software, which can be a significant expense for many businesses. The cloud also allows for scalability, meaning that businesses can easily add or remove resources as needed, making it easier to control costs. Another reason why more businesses are moving to the cloud is the increased accessibility and flexibility it provides. With cloud-based software, users can access their financial data from anywhere, at any time, using any device with an internet connection. This makes it easier for businesses with remote workers or multiple locations to collaborate and work together seamlessly. Security is another major concern for businesses, and cloud-based financial software can provide better security than traditional on-premise solutions. Cloud providers often invest heavily in security measures, including encryption, firewalls, and multi-factor authentication, to ensure that their customers’ data is safe and secure. Finally, the cloud allows for better integration with other software applications, making it easier for businesses to streamline their operations and improve efficiency. With cloud-based financial software, businesses can integrate their accounting, invoicing, and other financial functions, reducing the need for manual data entry and saving time. Conclusion: In summary, the shift towards cloud-based financial software is driven by cost savings, accessibility, security, and integration benefits. As more businesses recognize these benefits, it’s likely that the trend will continue, with more and more organizations moving to the cloud for their financial software needs. Whether you’re a small business owner or a large corporation, adopting a cloud strategy for your financial software can provide significant advantages and improve your bottom line. If you are looking to start your journey to the cloud why not join us on the 24th May 2023 where we will be showcasing the ERP software. This relative newcomer to the accounting software market offers users of the likes of Sage, Xero, and Quickbooks a cost-effective upgrade taking their accounting function to the next level.

The emergence of cloud technology has brought about a significant transformation in the way businesses operate. Cloud technology provides a range of benefits that can help businesses streamline their operations and improve their bottom line. In this blog, we will explore the benefits of cloud technology, particularly in relation to accounting software.

One of the primary benefits of cloud technology is the ability to access software and data from anywhere in the world. With traditional accounting software, businesses are typically tied to a specific computer or network. This limits their ability to work remotely or collaborate with others in real-time. However, cloud technology allows businesses to access their accounting software and data from any device with an internet connection. This provides greater flexibility and allows businesses to work more efficiently.

Another benefit of cloud technology is the ease of scalability. Traditional accounting software can be costly and time-consuming to upgrade as the business grows. However, cloud technology allows businesses to scale their accounting software quickly and easily. As the business grows, the software can be upgraded to meet the changing needs of the organization. This allows businesses to focus on their core competencies, rather than worrying about the technicalities of their accounting software.

Cloud technology also provides businesses with enhanced security. With traditional accounting software, data is typically stored on the hard drive of a computer or server. This can make it vulnerable to theft or loss due to hardware failure. However, cloud technology stores data in secure data centers with advanced security features. This provides businesses with a level of security that would be difficult to achieve with traditional accounting software.

Another advantage of cloud technology is the ability to automate repetitive tasks. Cloud-based accounting software can automate many of the manual processes associated with accounting. This can include tasks such as invoicing, accounts payable and receivable, and payroll. Automation not only saves time but also reduces the risk of errors that can occur when these tasks are performed manually.

Cloud technology also provides businesses with enhanced collaboration capabilities. With traditional accounting software, collaboration is often limited to those who have access to the same network or computer. However, cloud technology allows businesses to collaborate with others in real-time, regardless of their location. This can include collaboration with team members, vendors, and clients. Collaboration not only improves the efficiency of the accounting process but also enhances the accuracy of the data being entered into the system.

Finally, cloud technology can save businesses money. With traditional accounting software, businesses are required to purchase hardware, install software, and maintain the system. This can be expensive, particularly for small businesses. However, cloud-based accounting software requires little to no upfront investment, and ongoing costs are typically lower than traditional accounting software. This makes cloud technology an attractive option for businesses of all sizes.

In conclusion, cloud technology provides businesses with a range of benefits, particularly in relation to accounting software. These benefits include increased flexibility, scalability, security, automation, collaboration, and cost savings. With these advantages, it is clear that cloud technology is transforming the way businesses operate and manage their finances. As such, businesses that have not yet adopted cloud technology should consider doing so to remain competitive and improve their bottom line.

Introduction

When implementing new software in any workplace, an organisation is almost guaranteed to encounter complications. This is not a major issue. What can become an issue is the inability to create resolution for these problems.

Read on to discover what some of the most common mistakes are, and how to avoid them.

1) Lack of training and appropriate onboarding.

Before even beginning the installation process, any sensible organisation should consider and plan out their onboarding process. It is highly likely that no matter how similar the previously used software was, there will still be notable differences. Creating provisions for staff training and onboarding will prepare your team for a smoother and more successful transition.

2) Not having suitable resources to refer to when stuck.

Almost no organisation is able to avoid hitting ‘snags’ when implementing new software, we understand the importance of having access to helpful resources. Support facilities such as FAQs, manuals, and perhaps even video tutorials, can all offer a lifeline during periods of transition. Not having these resources available to you, or not making use of them when available, can seriously diminish progress.

3) Failing to prepare for switching from the old to the new.

Although this seems an obvious point to make, it is vital to take adequate steps when preparing for a switchover. The ever-famous phrase ‘fail to prepare, prepare to fail’ rings painfully true in these instances. Neglecting to take preparatory actions frequently results in time being wasted later on, either during the application process or afterwards.

4) Not testing the software’s efficiency before implementation

Testing efficiency is another vital element of ensuring that your organisation is ready for action. Although the prospect of effectively organising and committing to conducting testing sessions can seem laborious and sometimes unnecessary; it can ultimately help expose undetected obstacles and save your organisation from future headache.

5)Not reaching out for advice or support when necessary.

A grave but easy mistake often made when an organisation experiences difficulties with software, is not reaching out to other bodies for support. Whether or not the organisation reaches out to the supplier of the software package or not, instead of going in circles, it is often more productive to simply ask externally for help. It is undeniably a better option to contact the original software supplier/developer for advice, as they will have specialised knowledge on the software and will be familiar with common quirks or difficulties experienced by users. Sometimes these services can incur a financial cost, although this is more-often-than-not worth committing to as it will likely save your organisations from suffering greater financial and labour/time-related costs further down the line.

Summary

Ultimately, ensuring that your organisation has a well thought-out and prescriptive procedure in place when implementing new software is a good way to circumnavigate significant complications. Sometimes unavoidable issues will arise no matter the precautions taken. It is in these situations that prescriptive support from knowledgeable professions can rescue an organisation in trouble.

Here at BDI, we have a team of skilled and experienced business intelligence experts available to offer tailored and in-depth advice regarding efficient and seamless software implementation.