The rise of cloud-based technology has had a significant impact on various industries, and the accounting field is no exception. More and more businesses in Pakistan are making the switch to cloud-based accounting systems, and for good reason. In this blog post, we will explore the benefits of transitioning your business to a cloud-based accounting system and provide specific examples of how this technology can benefit your organization. Additionally, we will discuss why a reputable platform like SideKick.pk is a great option for Pakistani businesses looking to make the switch.
Improved Collaboration and Flexibility
One of the most significant advantages of a cloud-based accounting system is the ability to easily share and access financial data from any device, anywhere. This improved collaboration and flexibility can be particularly beneficial for businesses with employees working remotely. According to a survey by Buffer, 99% of remote workers said they would like to continue working remotely at least some of the time for the rest of their careers. By switching to a cloud-based accounting system, businesses can ensure that their remote employees can access and work on financial tasks just as easily as in-office employees.
Furthermore, cloud-based systems are typically more flexible than traditional accounting software, allowing for easy scalability as your business grows. A study by Forrester Research found that companies using cloud-based systems were able to scale their IT infrastructure 4.6 times faster than those using traditional systems. This scalability can be especially beneficial for small businesses that are looking to grow in the future.
Increased Security
Another major benefit of cloud-based accounting systems is the increased security they provide. With traditional accounting software, financial data is typically stored on a single device, making it vulnerable to data breaches or hardware malfunctions. However, with a cloud-based system, your financial data is stored on secure servers managed by the provider, which means that it is constantly backed up and protected against potential threats. According to a report by Cisco, cloud-based systems are less likely to be hacked than traditional systems, with a 64% lower risk of cyber-attacks.
Cost Savings
Moving to a cloud-based accounting system can also result in significant cost savings for your business. Traditional accounting software typically requires a large upfront investment and ongoing maintenance costs, whereas cloud-based systems typically have a lower monthly or annual subscription fee. Additionally, with a cloud-based system, your business won’t need to invest in expensive hardware or IT infrastructure. A study by Right Scale found that businesses using cloud-based systems saved an average of 30% on IT costs.
Real-time Data Access
With a cloud-based accounting system, you and your team can access real-time financial data, which can be incredibly beneficial for making informed business decisions. This real-time data access also allows you to stay up to date with your financials and keep an eye on cash flow, which can be especially important for small business owners. A report by the Small Business Administration found that 82% of small businesses that failed cited poor cash flow management as the primary reason for their failure.
SideKick.pk: A Reputable Company
When it comes to transitioning your business to a cloud-based accounting system, it’s essential to choose a reputable platform that can provide the benefits outlined above. One such platform is SideKick.pk, a cloud-based accounting software that is specifically designed for Pakistani businesses. SideKick.pk is an excellent option for businesses once they have switched to a cloud-based system.
Moving your business to a cloud-based accounting system can bring numerous benefits, including improved collaboration and flexibility, increased security, cost savings, and real-time data access. These benefits have been well-documented in various studies and surveys, and are not only theoretical but also practical. If you’re a Pakistani business owner, consider using a reputable company like SideKick.pk to make the transition to a cloud-based accounting system easy.
