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Why businesses switch to Cloud software?

Switching to Cloud ERP technology doesn’t have to be complicated

Businesses are increasingly opting to switch to cloud-based software due to the myriad benefits it offers in terms of flexibility, scalability, and cost-effectiveness. Cloud-based software, hosted on remote servers and accessed over the internet, eliminates the need for businesses to invest in and maintain physical infrastructure.

One key advantage is the flexibility it provides. Cloud solutions allow employees to access data and applications from anywhere with an internet connection, promoting remote work and collaboration. This flexibility enhances productivity and responsiveness to changing business needs, especially in dynamic environments.

Scalability is another driving factor. Cloud services offer the ability to easily scale resources up or down based on demand. This agility enables businesses to adapt to fluctuating workloads without the need for significant upfront investments in hardware. Whether a company experiences rapid growth or needs to downsize, the cloud accommodates these changes seamlessly.

Cost-effectiveness is a compelling reason for the switch. Cloud-based software eliminates the need for organisations to purchase, install, and maintain expensive hardware. Instead, businesses pay for the resources they use on a subscription basis. This pay-as-you-go model reduces upfront capital expenditures and allows for better budget management.

Security and data backup are also improved with cloud solutions. Reputable cloud providers invest heavily in security measures, often surpassing what individual businesses could implement on their own. Additionally, regular backups and disaster recovery options ensure that critical data is protected from loss or damage.

Does my technology investment need to be future-proofed and have the latest digital technologies?

Companies, especially growing companies with multiple entities, are looking to automate workflows, and use cognitive intelligence, to improve productivity and make better decisions. Cloud-native apps use open APIs, standards, and technologies that simplify major functionality upgrades. They also provide access to third-party libraries and tools to streamline collaboration, automation, and reporting between entities. It’s time to move to a cloud native financial management platform if you’ve created numerous workarounds for your legacy accounting and financial systems.

Spending too much time collecting data and using spreadsheets?

If you’re using multiple spreadsheets or other reporting tools to augment your legacy system, it may be time for a change. You may have outdated and inconsistent versions of your original data if you use spreadsheets to supplement your legacy system because it doesn’t offer the reporting and insights you need. Numerous studies show that nearly nine out of ten spreadsheets have errors. The majority are due to human error. The differences then spread internally, leading to different decisions and analytical outcomes. You may also want to do a deeper dive into your expenses and processes for better decision-making, especially for organisations with multi-entity charts of accounts and . This task is best performed by a cloud-native platform with dashboards and reports for forecasting and visualising.

Why choose cloud-native?

You have many options in the cloud if you use QuickBooks desktop or Microsoft Dynamics GP. QuickBooks Online is a cloud version of QuickBooks Desktop. QuickBooks Online is less functional than QuickBooks Desktop. But it’s more problematic because it can’t handle multiple entities. Each entity must have its own login and database in either version. Consolidations of multiple entities can take days or even weeks to complete, as the data must be manually combined and exported from each entity.

Consider switching to a platform that is cloud-native, rather than using a lightweight version of desktop software. They are cloud-native platforms that are modular and built for the cloud. This makes it easy to add new functionality. The loosely coupled architecture of multitenant systems makes them cost-effective and future-proofed. Cloud-native apps are easier to maintain, integrate, and adapt.

  • Bug fixes and system upgrades that are seamless
  • The interval between major releases is shorter
  • Support for new technologies and standards like artificial intelligence (AI).

Cloud-native solutions may be the right choice if your current system does not have the features you require or cannot support your growth projections. Gartner Research estimates that 70% of midsized companies will be using cloud-native systems by 2024, up from just 54% in 2010.

Cloud-native platforms for financial management combine the customisation of on-premises solutions with the security, 24×7 accessibility and reduced maintenance that the cloud offers. Cloud-native platforms deliver all the benefits of the cloud due to the use of cloud technologies, open APIs and de facto standards. These solutions are easy to integrate, adapt and scale. They give you confidence in a flexible system that can meet your future requirements.

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