Benefits of cloud computing for your business

Cloud computing has revolutionised the way we operate modern-day businesses, offering a flexible and cost-effective alternative to traditional IT infrastructure. For growing businesses, the ability to access your information from anywhere, collaborate seamlessly, and reduce your operational costs can be paramount to your success.

Whether you are a new business looking to scale up, or an established business aiming to streamline your operations, cloud computing provides the tools needed to enhance your productivity and maintain a competitive edge. In this article from QuickBooks, we explore the top 13 benefits of cloud computing, and why cloud accounting software could be an important investment for your business.

Gain access to expert cloud-based accounting software with QuickBooks today. Explore our plans and pricing page for more information.

Cloud computing explained

Cloud computing refers to a system of delivering digital services, including servers; storage, databases, networking, software, or analytics, over the internet (cloud). Traditionally, a business would have to own and operate its own physical servers or data centres, often housed within their business premises. 

Cloud computing has changed this requirement, meaning a business can now access these resources on demand from their cloud service provider, paying only for what they use.

Types of cloud computing

There are a number of cloud computing models, each catering to a variety of business needs. These may include:

Public Cloud

Services are delivered over a public network, allowing multiple businesses to share resources securely.

Private Cloud

Dedicated resources are used by a single organisation, providing enhanced security and control.

Hybrid Cloud

A combination of public and private clouds, allowing data and applications to be shared between them for greater flexibility. 

Cloud computing for business

Cloud accounting

Access financial data in real-time, automate bookkeeping tasks, and collaborate with your accountant effortlessly. QuickBooks Online is a leading example of how cloud accounting simplifies financial management.

Shared workspaces

Tools like Google Workspace and Microsoft 365 enable teams to collaborate on documents, spreadsheets, and presentations from any location.

Customer Relationship Management (CRM)

Cloud-based CRMs like HubSpot help businesses manage customer interactions, and can be accessed by staff from any computer provided they are given secure access. CRM tools like Mailchimp are designed for this, and to help build better relationships with customers. 

Top 13 benefits of cloud computing for a growing business

1. It can save you money

Cloud computing can eliminate the need for expensive hardware, maintenance, and upgrades. By paying only for the resources you use, businesses can significantly reduce operational costs by benefiting from flexible price models, allowing you  to scale up or down as needed.

2. More security

Despite some common concerns, cloud computing can often enhance your security measures, as reputable cloud providers generally use advanced encryption, multi-factor authentication, and continuous monitoring to protect sensitive data. This means your business information is safeguarded against cyber threats and data breaches.

3. Centralise multiple tools into one

Cloud platforms allow you to integrate multiple tools and applications into one system, which can reduce the complexity of managing different software. For example, QuickBooks’ cloud-based accounting software integrates with popular tools like PayPal, Shopify, and CRM systems to streamline your workflow and improve efficiency.

4. Improved efficiency 

With cloud computing, employees can access the tools and data they need from anywhere, ensuring business continuity and productivity. This improved accessibility can reduce downtime and speed up decision-making processes.

5. Versatility and flexibility

Cloud computing is highly adaptable, and could allow your business to easily adjust resources based on your changing needs. Whether you are expanding your team, or launching a new product, cloud computing can quickly scale to support your growth.

6. Encourages collaboration

Cloud platforms can facilitate real-time collaboration from anywhere in the world, allowing your teams to work together seamlessly, regardless of their physical location. Shared workspaces, video conferencing, and document sharing tools can enhance communication and productivity.

7. Reduces risk of data/asset loss

With automatic backups and disaster recovery solutions, cloud computing minimises the risk of data loss due to hardware failure, theft, or natural disasters. Cloud providers can maintain multiple copies of your data securely, meaning your business can continue even in the event of data losses.

8. Sustainability

Cloud computing is considered more environmentally friendly than traditional data access and storage methods. This is due to the reduced need for every company to own an in-house server, which naturally lowers their overall energy consumption. By optimising resource usage in this way, businesses could decreases their carbon footprint and contribute to a more sustainable future.

9. Accessible from all devices

Cloud computing services, such as QuickBooks’ accounting software, provide universal access to applications and data from any device with an internet connection, which enables employees to work from home, on the go, or across different offices. This flexibility supports remote work and can enhance productivity.

10. Analytics and insights

Cloud-based platforms offer advanced analytics tools that provide valuable business insights. By collecting and analysing real-time data, businesses can make informed decisions, identify trends, and predict future outcomes that can influence the future growth of your business.

11. Consistency and QA

Cloud computing ensures that all team members have access to the latest version of documents, reducing inconsistencies and improving quality assurance. This consistency enhances productivity and prevents version control issues.

12. Automatic updates

Cloud service providers manage software updates and security patches, ensuring that your systems are always up-to-date. This not only saves time but also protects your business from potential security vulnerabilities.

13. No need for in-house servers

Eliminating the need for on-premises servers reduces maintenance costs, physical space requirements, and energy consumption. Cloud computing also provides better scalability and flexibility compared to traditional server setups.

Why utilise cloud accounting software?

Accounting is one of the most important functions in any business, whether used simply to keep track of your finances and manage your financial obligations, or as a method of identifying growth opportunities for your company, accounting will directly impact your cash flow, financial planning, and overall growth. QuickBooks’ cloud accounting software simplifies bookkeeping by automating tasks such as expense tracking, invoicing, and tax calculations.

Why choose QuickBooks online?

Our accounting software is specifically designed to support small-to-medium sized businesses, offering a range of features to manage your business finances efficiently, such as accessibility on a range of devices, the ability to integrate and connect with third-party apps such as PayPal or Shopify, and create comprehensive financial reports to create insights into your business.

Cloud computing is no longer a luxury but a necessity for growing businesses. Its cost-saving benefits, enhanced security, and increased productivity make it an essential tool for staying competitive. By adopting cloud accounting software like QuickBooks Online, you can streamline your financial management, improve collaboration, and drive business growth.

Ready to transform your business with cloud computing? Get started with QuickBooks Online today and experience the benefits firsthand.

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