Why Your Practice Should be Using Cloud-Based Software (Infographic)

If you haven’t made the switch to using cloud-based accounting software in your practice, you’re missing out on infinite potential of improved efficiency. Cloud computing allows you access to an enormous amount of web-based storage capacity stored in remote data centers, instead of using up the storage of your computer — no more computer crashes during tax season due to a full hard drive. Still not convinced you should switch to a cloud-based software system? Check out this infographic to learn how utilizing the cloud could save your practice money and headaches:

The cloud is secure.

According to a Cloud Security Alliance (CSA) study, "...nearly two-thirds of IT professionals trust the security of cloud computing equally or even more than their on-premise systems."  In fact, IT companies who currently trust the cloud with their information include NASA, Dow Jones, Amazon and Samsung, so you'll be in good company. And even better, many cloud-based software services are pay-as-you-go, so you won't have to worry about busting your company budget.

The cloud is cost-efficient.  

According to The Paperless Project, a typical company spends 15% of its revenue on creating, managing, and distributing paper documents, so you could significantly reduce your practice's spending by moving your data to the cloud. Reduce costs by how much, you ask? "We've seen figures that a paperless strategy can yield savings as much as 30% to 40% in expenses," said Mike Sabbatis, Chief Operating Officer at XCM Solutions, LLC.

The cloud will keep you in the lead.

According to a survey conducted by CPA.com, 90% of accountants agree that offering digital services will set them apart over the next 5 years. In fact, by 2020, 80% of small businesses will be using the cloud in some form, so you'd be wise to get a jump-start on your competition and start offering cloud services while it's still a new concept.