Cloud-based financial systems are becoming increasingly popular as businesses move away from the traditional way of doing things. However, there are still a lot of myths and misconceptions about these systems.
In this article, we will dispel five of the most common myths about cloud-based financial systems.
Myth 1: Cloud-based financial systems are not secure
Executives have historically cited cloud security as a top concern and why they haven’t adopted cloud services.
The misconception is that as your financial data is stored in the cloud, it is more vulnerable to hacking and other security threats.
However, the reality is that cloud-based financial systems are very secure. They are built with security in mind. They are designed to protect your data from threats such as hacking and malware.
Myth 2: Cloud-based financial systems are expensive
Another common myth about cloud-based financial systems is that they are expensive. The reality is that while cloud-based financial systems may have a higher upfront cost, they are often more cost-effective in the long run.
This is because you only pay for what you use with a cloud-based system. With an on-premise system, you would need to pay for the hardware, software, and maintenance costs regardless of how much you use it.
Myth 3: Cloud-based financial systems are complex and hard to use
Many businesses believe that cloud-based financial systems are complex and hard to use. This is not the case. Cloud-based financial systems are designed to be simple and easy to use. They often have a shorter learning curve than on-premise financial systems.
Myth 4: People only use the cloud to save money
Although migrating to a cloud-based financial system can certainly save a company money on IT costs, that’s only one reason why people use the cloud.
Other reasons are that a cloud-based financial system can be more flexible, scalable, convenient, packs increased collaboration abilities and boasts streamlined data retrieval and storage.
Myth 5: “I don’t need the cloud. My computer systems work just fine.”
This may be true for some businesses, but eventually, every business will need to migrate to the cloud. The reason is that the cloud is the future. It’s where all computing is headed. Sooner or later, your business will need to make the switch in order to stay competitive.
Don’t let these myths about cloud-based financial systems scare you away from making the switch. The truth is that a cloud-based system can offer many benefits for your business. If you’re ready to make the switch, contact us today. We can help you build the perfect financial system for your business needs.