Understanding Cost and Return on Investment
When considering transferring your accounting processes over to the cloud, of course money is going to be a factor. It’s inevitable that you’ll have two main considerations; these are cost and return on investment (ROI).
Let’s begin with the cost savings…
As we’ve mentioned throughout this series of The Forecast, your cloud accounting experience can be tailored to the exact needs of your business, with app stacks and bespoke subscriptions within your chosen software. The subscription-based nature of cloud accounting means that you can pick and choose what your business pays for, as your needs and pain points shift.
Due to the infrastructure costs for servers and software development being spread across a wide user base, the operational costs of cloud accounting are significantly less for your business than when operating on premises infrastructure.
Once your cloud system is established and running smoothly, it’s time to begin measuring the return on investment to explore how (or if) it can be adapted to your business better. ROI can be measured by several different factors, such as the cost saving highlighted above, which each come together to tell you how your cloud accounting software is benefitting your business. Alternatively, you may notice ROI in the increase in profitability or revenue growth as a result of the efficiencies gained from the integrated, modern platforms. When considering the ROI, why not ask yourself the following questions:
- Can the software help to meet your scaling demands, whilst controlling costs?
- Has there been an improvement in your typical time to market (TTM) for services, compared to previous traditional infrastructure?
- Have there been improvements in efficiency and productivity?
- Has the investment in cloud technology addressed the pain points identified beforehand?
- Do your customers or clients seem satisfied with your service delivery?
Our Cloud Specialists are here to work alongside you to implement the most cost-effective cloud accounting solutions to achieve large ROI for your business in the future. If you would like to begin discussing your options, why not book a free discovery call today: cloud@mgr.co.uk