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Gauging Small Business Confidence in Cloud Accounting Software

by | Sep 22, 2014

Cloud Accounting GrowthCloud Accounting has many benefits for small businesses of all varieties and missions. From accounting for accountants to managing multiple entities to the value of cloud accounting for professional services firms like lawyers, consultants, and financial managers; more and more small business owners appear to be gaining confidence in cloud accounting software.

This is part of a recent survey update from Software Advice, who found that over half of business owners express moderate to high levels of confidence in cloud-based accounting solutions.

This report, a follow-up to the Software Advice BuyerView for SMB Accounting Software, shares the reasoning behind company decisions surrounding said software.

Software Advice Presents Cloud Accounting Confidence Study

At the moment, 46% of small businesses use on-premises software to manage finances, with 20% still using manual methods such as pen and paper to accomplish basic accounting needs. The study, however, did find an increase in confidence among respondents regarding security and reliability.

Majority of Business Owners Confident in Cloud Accounting Software

Even with many business owners still choosing to use on-premises solutions or manual processes, cloud accounting is beginning to pique the interest of small businesses. The majority (51 percent) expressed moderate to high levels of confidence in the reliability and safety of cloud-based accounting software, with the highest number of respondents reporting they are “moderately confident” (32 percent) and another 19 percent saying they are “very confident.”

This leads to an important consideration going forward: How many will consider a cloud-based accounting solution now or in the future?

More than Half of Business Owners are Considering a Move to the Cloud

Even as small business owners are slower to adopt than enterprises and nonprofits, a fair majority would consider a move to cloud-based solutions. This said, with 32 percent of respondents saying they were “moderately likely” to move to the cloud and another 16 percent saying they were “very likely,” along with the 5% already using a cloud-based accounting software; more and more are seeing the benefits of software like Intacct.

Top Concerns… Debunked

There are always concerns when it comes to cloud computing, specifically cloud accounting. As always, security tops the list, followed by cost, training, usability, and integrations. But many of these concerns are believable, few are justifiable.

  • Security: With many reports touting cloud data breaches, it must be noted that cloud accounting is generally more secure than that of an on-premises solution. We’ve covered the importance of a secure solution, the security features provided by best-in-class financial management software Intacct, and even the concerns of on-premises software.
  • Cost: Another big concern among small business owners is that of cost. Understandable, but consider in addition to the security measures taken by cloud providers, that you still own your data and you will never have to pay to run a server (electricity, updates, the five-year cost bump, etc.), and even the savings you receive from something as beneficial as 99.988% uptime. Further, with a simple subscription-based software, you know exactly what to pay—no surprises. Learn 10 more cost benefits of moving to the cloud here.
  • Training: Understandable, you have your methodology and wouldn’t want to take a great deal of time learning new software and training your employees. As a value-added reseller of Intacct products, we assure you that you can learn in any way you find convenient. Hands on training provided by our staff? Written materials? Video Tutorials? However you learn, we can provide it.
  • Usability: Sick of seeing unwanted updates and dashboards not tailored to your needs? Unlike QuickBooks, popular manual/on-premises software that sends updates leaving users irked, Intacct gives product rollout updates quarters in advance, allowing you the opportunity to prepare for even the most minor of changes. Plus, the customizable dashboard lets you put your most important data where you want to see it.
  • Integrations: Whatever the integration, Intacct has it. From Adaptive Insights to Zuora, with many others in between, the Intacct Marketplace is the answer to your integration needs.

Stop Considering, Start Accounting

InCloud360, as a leading provider of cloud accounting and financial management software Intacct, hopes to assist your move from just considering cloud accounting to actually joining the thousands of businesses that have already recognized the benefits of working with a true leader in the market. We again thank Software Advice for sharing their most recent survey results with us, and welcome you to reach out to us for more info on choosing the cloud.