Business Wish They Made the Shift 2 Years Ago
According to Intacct, 89% of firms who have already shifted to cloud-based technology wish that they had made the move two years earlier. The rise of cloud computing is arguably the single most important technology story of the past decade. During that time, countless companies have moved some or all of their IT into cloud environments.
Because quite simply, cloud computing has a lot of advantages over traditional on-premise accounting. With the cloud, a company can shift a lot of its IT responsibilities to a third-party vendor, while enjoying greater performance. Additionally, the cloud is the less expensive solution, since organizations don’t have to purchase hardware and only pay for the services they use as they go.
Related: 5 Top Benefits of Cloud Technology
In addition to requiring fewer human and financial resources to operate, business leaders are looking to cloud based accounting solutions because of the deep insights into financial performance that these solutions provide. Today, firms want to look beyond basic measurements and take into account operational metrics as a means to a far better view of how the business as a whole is performing. And to get that level of insight and awareness, more advanced accounting solutions are absolutely essential.
What Metrics Are Businesses Looking to Measure?
Cloud based accounting solutions can keep track of retention rates, customer acquisition costs, customer life time value, fluctuations in monthly recurring revenue and much more, all in addition to accounting basics. With information in hand that is tailored to the specifics of their businesses, leaders have a 360 degree view of the organization and how it is interacting with customers and clients. That depth of information enables more informed decision making and a nimbleness that leads to a serious competitive advantage.
Related: Data-Drive Approaches Guide Businesses
Why Are Businesses Not Making the Shift?
Clearly, vastly superior information is available to companies who use cloud based accounting and financial solutions, but not everyone has made the change. Why??? Because change is difficult. We fear disrupting our business routine, we are comfortable with Excel and Quickbooks, we don’t want to bother with training, etc. But switching to a cloud based accounting solution really isn’t that difficult.
We have transitioned countless companies, both large and small, to cloud based solutions, and the one thing each transition has had in common is that EVERYONE has exclaimed over the ease of implementation and staff training. Don’t worry! Go for it! The transition will be over before you know it, and like 89% of companies already utilizing the cloud, you will be wishing you had made the change years ago!
If you’re interested in learning more about financial planning and analysis in the cloud, check out our eBook below!