A recent survey we sent out to a pool of 150 practices had 69% of the audience respond that they are either Technological Luddites or they are merely aware of the tools and not sure how it helps their practice. Now, that’s somewhat absurd! Is it merely herd mentality that drives one to take up the cloud?

Increasingly Practice workflows are moving into the cloud. So anyone who is taking Workflow Management seriously should also be carefully looking at cloud technologies. If you want to find out How you rate on your Workflow Management ? Find it out here.

Now, let’s get back to the 6 factors that you need to consider with respect to  cloud technologies:

1. Total Cost of Ownership for the application

Almost all the cloud based applications follow a subscription model and you can Knit together your best choice applications for your practice workflow. You can weave this for your clients as well. At any time exit option along with a pay-per-use make this cost attractive. However, if you want to apply more prudence, check out your utilization and ROI.

Take a look at the 9 essential tools for your Practice

2. Automatic Upgrades

Remember those desktop software upgrades which takes a painful  amount of time (and even money) to install? Your cloud application updates automatically and lets you know of any changes which has been made, without involving your time or money.

3. Quicker Turnarounds

System Software deployments can take between 6-12 months depending upon the complexity of your organization. Cloud deployments, on the other hand, do not require a supporting infrastructure so your business does not have to dedicate time and money to this process. All you need is access to the internet via a browser.

4. Better Scalability

Cloud Systems and applications allow your business to remain agile through changes in the market. New sites or locations can be added to a cloud ecosystem much faster. Also it gives you the opportunity to select and work with virtual teams around the world.

5. Value-Added Integration

It is common for accounting systems to be integrated with additional reporting tools and other add-on apps to improve the quality and range of management information you can extract. Most cloud accounting systems promote a range of add-on applications which give you multiple options to choose your best fit.

6. Future – Proofing

Lets face it – finance and accounting has taken digital impact!  Workflows have lifted themselves into the cloud and are not going to touch the ground again. Be sure to embrace the cloud and make sure your business remains relevant till the robots takes over!