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Looking to improve your firm's finance department? Cloud computing has you covered

12/3/2014 6:31:05 PM

The list of cloud computing's advantages is extensive. Companies that want to enhance their finance departments can do so with the flexible technology, according to Business 2 Community contributor Dave Anderson. He explained firms need access to updated financial information that will influence the bottom line, which can be difficult with traditional accounting software.

Cloud computing, however, redefines how employees access accounting systems. Workers can use Web browsers and mobile apps to perform their jobs anywhere without limitations. This multi-user access makes financial data available to anyone with the necessary login authorization, Anderson added.

The cloud's automated functionality shines with accounting systems. Anderson explained software connects directly to bank accounts and cloud software through application programming interfaces, so data is sent through these solutions automatically. Now, employees can avoid the arduous tasks of manual entry.

The service offers other functionality not present with older systems. Cloud software always includes the latest iterations without forcing customers to pay for such upgrades. Anderson noted businesses always have the most up-to-date version of these tools.

The cloud's security is often misunderstood.

Cloud computing also safeguards important data
Security has often defined cloud computing since the service rose to prominence some years back, but it shouldn't any longer. Organizations were not and some are still not comfortable with the idea of taking sensitive content and storing it at an off-site location where they have no physical control over such resources. However, the cloud's locale is actually an advantage regarding data protection.

"You almost never need to transfer data out of the cloud since it's housed in a single location and can be accessed directly through the Internet," Anderson wrote. Anderson noted since data is not stored at a company locally, there is less risk of losing this content during system failures.

Financial services firms still warming up to the cloud
Although cloud computing offers its fair share of benefits over on-site accounting solutions, some financial services firms are still hesitant to embrace the service. A joint NCC Group and Vanson Bourne survey discovered 40 percent of organizations have yet to adopt the cloud due to data loss concerns.

"As is the case with any IT solution, businesses need comprehensive disaster recovery plans to avoid prolonged periods of downtime."

Approximately 75 percent of respondents said they would need more than a week to implement contingency plans if cloud environments were offline, while 5 percent indicated recovery time would be between two to three months.

As is the case with any IT solution, businesses need comprehensive disaster recovery plans to avoid prolonged periods of downtime. Daniel Liptrott, managing director of NCC Group, noted 2e2, an IT services provider, is an example of how businesses can falter without such safeguards.

"In a sector where time equates to large sums of money, organizations should ensure that they have comprehensive and effective disaster recovery plans in place to avoid costly delays if something goes wrong," Liptrott added.

Find the best cloud support for your company
Businesses that want to experience all of the cloud's benefits, especially in terms of enhancing accounting functionality, need services that account for their unique operational and industry requirements to safeguard data at all times.

Apptix offers various cloud services that support companies' distinct demands, especially compliance and security. Learn more about Apptix's expertise here.

Still have questions?

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