The cloud has become a lot more sophisticated in recent years, meaning that many sectors that had previously avoided it, have now adopted its technology and are reaping the benefits. It's a term that is used to describe having information stored on a shared pool, such as computer networks or servers, that can be accessed by multiple users at once. Products like Google Drive or Microsoft OneDrive have made the cloud much more mainstream and accessible for companies. Even small businesses can now use the cloud and for a relatively small cost, allow everyone within the company to access specific files.
Accountancy is no different and fintech - software and programs designed to support or enable banking and financial services - is becoming a more established part of everyday work, and it's expected that this will grow even further over the next 12 months. This will mean that the number of people using the cloud for accountancy services is likely to increase, as tech becomes a more efficient way of completing tasks.
So how will the cloud change accountancy, and similar sectors, in the next 12 months?
Reduce disaster risk
Accountancy and finance services need to prioritise disaster recovery and ensure that their processes are safeguarded, but often it comes down to investment and whether you have the funding to put into it. However, the cloud means that more companies are able to introduce cloud-based backup and recovery options so the risk of suffering major problems is reduced. Over the course of 2017, businesses will increase their uptake of cloud tech to protect themselves from the potential danger of losing valuable information.
Improve flexibility
Cloud technology enables companies to act flexibly, and scale their operations up and down. This is crucial for those working in accountancy and finance, as capacity and demand can change from day to day. When it comes to increasing capacity, you can simply use the service's remote servers and boost your capabilities. This operational agility is becoming more and more of an attractive factor for people choosing cloud services and it will increasingly be used to help businesses adapt to changes happening within their sector and adjust themselves accordingly.
Encourage more innovation
Everyone knows that innovation is key to remaining competitive and making the most of your business. The cloud can facilitate this and, over the next 12 months, it's likely that more companies will utilise the breadth of cloud services to allow them to drive more innovation in their business. From developing improved business models to driving new revenue, many companies will be using cloud services to innovate their offering and remain competitive.
The cloud in 2017: Building on strong foundations
In 2017, it's likely that we'll see companies becoming a lot more confident with the cloud and how they use it to their advantage. The tech will continue to have a significant impact on many sectors, including accountancy, and as companies increase their usage, the ways that businesses can use cloud tech will also expand as developers innovate their own offering.
In accountancy, the need for the cloud will be focused on making services more reliable and scalable to meet demands as they happen. This will enable companies to stay at the top of the sector, while smaller firms will be able to use cloud tech to compete with much larger organisations as it negates the need for heavy investment in some key areas of finance.