Cloud computing has revolutionized the way businesses operate, streamlining processes and delivering innovation across many sectors. Finance departments, often seen as the backbone of an organization, are also embracing the cloud with open arms.
What is the cloud?
The term “cloud” relates to cloud computing – a way of offering different computer resources via the internet. With cloud computing, organisations don’t have to deal with owning or handling physical hardware and software setups. Instead, they can use resources through remote servers provided by a cloud service provider.
The shift from on-premises systems to cloud-based solutions is redefining the way financial operations are managed, offering a vast range of benefits from enhanced security to cost efficiency.
In this blog, we’ll delve into the compelling advantages of finance departments migrating to the cloud.
Advantages of moving to the cloud
Cloud-based solutions give finance departments the option to scale up and down, helping them adapt to changing requirements without the constraints of physical infrastructure. This flexibility ensures that a finance department remains aligned with the organisation’s growth plans and can respond swiftly to any changes.
2. Cost efficiency
Shifting to the cloud often leads to cost savings. Traditional on-premises systems require substantial upfront investments in hardware, software licenses and maintenance. Moving to a cloud-based solution eliminates the need for on-premises servers and data centers, reducing spend on hardware and maintenance.
3. Remote access
Cloud-based finance systems provide anytime, anywhere access, enabling the systems to be accessed from anywhere in the world with an internet connection. This enables remote working and better collaboration across teams, even when they work in different time zones.
4. Data accuracy
Working from a cloud-based finance systems provides the team with one set of accurate information. With a single point of truth for all data, there’s no chance for data errors caused by working across multiple data sources. Cloud resources can also be integrated with other systems to ensure consistency across the business, providing enhanced reporting and even greater accuracy.
5. Enhanced security
Moving your finance processes to the cloud means you will benefit from advanced encryption, access controls and compliance that ensure data protection and regulatory compliance such as GDPR and industry-specific standards.
6. Automatic updates
With a cloud provider, costly updates will be a thing of the past. Your finance department will no longer need to manage the complex process of manual software updates themselves, which improves efficiency and user experiences.
7. Business continuity
In the event of a disaster, cloud-based data can often be recovered more quickly than on-premises data and reduce the risk of lost data. Cloud backups are more reliable and much easier to implement in the event of data loss.
Things to consider when moving finance to the cloud
When moving a finance department to the cloud, several considerations must be taken into account.
These include ensuring robust data security and compliance with industry regulations, planning data migration to minimise disruptions, evaluating integration capabilities with existing systems, budgeting for cloud-related costs and providing comprehensive training and support for staff to adapt to new cloud-based tools. Additionally, it’s crucial to establish strong data backup and disaster recovery plans.
For guidance on how to choose a reliable cloud service provider check out our guide on “How to choose a Bacs supplier for your business” which provides important guidance on the things to look for.
In summary, moving a finance team to the cloud can offer cost savings, increased flexibility, enhanced security and improved collaboration and data management capabilities. However, you should carefully assess your specific needs and choose a cloud provider and solution that aligns with your business goals and requirements.
If your business is ready for a move to the cloud, paygate can help. Get in touch with one of our experts today.