Is cloud computing only for technology services firms and product development giants? Or can traditional, evergreen services like accounting also benefit from it? It turns out that cloud computing is having a wider impact than anyone thought possible. This holds true for accounting firms also, who can benefit from the many advantages of cloud computing. Here’s how:
- Low overhead costs: Traditionally storage and software costs were so high that maintaining an on-premise system was more viable, even if burdensome. But that has suddenly changed now, with cloud computing offering very cost-effective, robust, and highly scalable service models. That means the overall costs associated with upgrading, monitoring, and scaling come down drastically. This allows accounting firms to scale up in size quickly, without having any infrastructure constraints.
- No administration overheads: Most of the cloud computing providers offer expert, round-the-clock administration, as well as automated troubleshooting. That means resources can be better utilized on accounting work and waiting time is reduced.
- Network performance: Uptime and service continuity in cloud computing turn out to be far better than in the on-premise systems. This means the business reliability goes up and firms can focus on their core activities rather than having to maintain a full-time system.
- Backup and recovery: Service providers are better specialized and equipped in providing solid backup and recovery services than onsite applications. This means accounting firms no longer have to maintain an IT team, and can also save costs on electricity usage.
For accounting firms looking to scale up but hemmed in so far by infrastructure and service constraints, cloud computing provides a good opportunity to build and depend on.