Over the past few years there has been a lot of talk in business circles about the ‘cloud’, but very little clarity on what that actually means. If you’re not in the tech industry the idea of storing all the information from your practice in a cloud can sound a little scary or complicated.
Being a cloud based business, we believe it is our responsibility to help our clients understand the basics, especially from an accounting perspective. Below are the 3 main questions we get from our clients.
What is the ‘cloud'?
Simply put, it is the internet. Traditionally data and programs have been stored on a hard drive, whereas now we have the ability to store and access it from the internet. For your practice, this means you can store and access all your bank statements, invoices, receipts, purchase orders etc on the internet, simply with the click of a mouse! No additional steps are required for data backup or protection. Fewer steps mean less time and money spent on administrative tasks.
So, how can this benefit me?
There are many benefits to using a cloud based system, the most impactful being reduced costs, unlimited data storage and increased security. You will save a notable amount of time on administrative tasks including managing receipts, bills, and bank statements. This time can be redirected towards client care, which is the real engine for profitability at your practice! As mentioned earlier cloud technology also makes data backup and protection easier than ever. Reputable cloud providers ensure that the data from your practice is mirrored at multiple sites, so nothing is ever lost! Using the cloud is like having the best IT staff working for your 24/7!
Bonus Benefit: Just think of all the storage space you will save by saying goodbye to paper!
What are the hurdles?
Similar to changing any system in your practice you will have the short term pain of migrating your data to the new system and ensuring your staff is properly trained. The headache of changing systems can be reduced by ensuring you have a strong support team to help you and your staff make the shift seamlessly.
Once you have decided to move to the cloud the next step is determining which cloud based productivity applications to use. The research and time you put into determining which applications to use are imperative in saving you time. Once again we recommend partnering up with a service provider, like us, who can provide with true and tried recommendations.
What is an example of a cloud based application your team recommends?
One of our favorite applications is Hubdoc. As the name suggests this app is a ‘hub’ for all of your financial, and business documents. Hubdoc takes all your receipts, bills, bank statements and invoices, and stores them in one central location. The cool thing about this app is that it not only saves you data entry time and allows you to move towards a paperless workplace, but it also sends this information to your accounting software! Talk about being efficient!