In this article we discuss the benefits of choosing a cloud-based finance solution vs a traditional on-premise solution, and in particular the advantages for your information technology (IT) and finance departments. Businesses of all sizes can benefit from mobile, secure and scalable cloud solutions without investing in on-premise servers.

We have highlighted 6 key benefits of choosing the cloud:

  1. Keeping your data safe

With cloud services, you get more than just storage; you get security. Not only do cloud solutions feature built-in redundancy to make sure your data’s backups have backups, you also leverage your cloud partner’s security investment—Microsoft spend millions to ensure your data stays safe.

  1. Eliminating hardware

Migrating to the cloud presents the chance to unload on-site servers, free up hard drive space, and eliminate the need to monitor and maintain those tools. This means fewer IT expenses, less administrative oversight, and more space to grow.

  1. Reducing IT concerns

By removing your server responsibilities, your IT team can focus on more value-added tasks, for example, onboarding new employees, improving your digital estate and expanding your services.

  1. Connecting your people, processes and data

Get ahead of the competition with united, adaptable, and stable solutions that work together to connect your teams and streamline your operations. Automate manual tasks and simplify reporting periods with a single unified cloud solution.

  1. Gaining a complete picture of your business

By integrating your accounting data into a cloud solution, you get real-time analytics and reporting to create an accurate and up-to-date picture of your business’s habits and trends. This can be combined with trend and anomaly detection to provide deeper insights into your business.

  1. Improving cash flow

Cloud services typically operate on a monthly, per user license basis, so costs are predictable, and limited to your needs. Pay for what you need and adapt as your business grows.

According to Deloitte research, SMBs that use an above average number of cloud services grow 26% faster and are 21% more profitable (on average) than those that use no cloud tools.

Cloud solutions represent a simple and easy way for businesses to improve performance, access advanced features, and reduce their IT requirements.

For IT managers, cloud tools equip small and medium sized businesses (SMBs) with enterprise-grade resources to lighten the load of managed IT and simplify day-to-day operations.

For finance professionals, cloud finance solutions allow you to: access your finance system on the go and on any device, access improved services such as artificial intelligence (AI) and forecasting, reduce upfront investment/capital expenditure requirements through an ongoing subscription model, reduce administration and manual processes with automation, and improve decision making through enhanced data management and data visualisation.

Discover Dynamics 365 Business Central

Dynamics 365 Business Central is Microsoft’s solution for SMB’s looking for a fully connected system that unifies finance and operations in the cloud. Discover our guide, outgrowing your finance solution here.