How Cloud Computing Helps Financial Services?

Financial services

The best sign of a business’ growth is with its consistent growth in finances. If it’s able to multiply its profits, there’s nothing that will question the success of the said business. But, while the constant and steady cash flow is a sign of a business’s growth and resilience, it is also a sign that they need to upgrade their resources.

If you were reliant on QuickBooks for your essential financial and data management till now, it is time to reconsider things. For the most part, QuickBooks’ concepts are ideal for budding start-ups and small businesses, but if you want to scale your business to new heights, you must upgrade to better financial resources. 

You can learn more by downloading the whitepaper by NetSuite titled: Empowering Companies to Reach Beyond the Limitations of Quickbooks.

Until then, we will highlight one of the best alternatives to QuickBooks, which is Cloud Computing. If you haven’t considered this yet, now is the time to make the switch.

1. Provides Improved Security

A company’s finances are its most secured asset. Any kind of breach can result in losses that no one foresees. Cloud computing helps bridge that gap and provides optimal security. Cloud services partners have consistently developed and remodeled their services to meet the users’ rising demands. Not only do they include enterprise quality equipment for the data management, but all the financial data is also secured and backed up in multiple servers for added security. In case there are any threats or the servers crash due to malfunctions, the actual data is stored in various locations for later retrieval.

2.Slashed Maintenance Costs

With other financial services and management for a company, you have to think about higher maintenance costs for more involved resources. With Cloud Computing, there are very few maintenance costs because of reduced involvement of infrastructure and resources. There is no constant need for upgrades associated with the involved technology, further helping reduce the costs significantly.

3.Minimal Infrastructure

If your business is evolving, you need to improve the work ethics, availability, and hardware and software needs. Switching to cloud computing reduces the burden of the growing onsite infrastructure a lot. Migrating to the cloud helps you forget about purchasing multiple servers and the additional equipment that comes to backup all the data and inputs. You also wouldn’t have to worry about storing the critical data on-site and then pay extra for the space that the hardware and the equipment occupy. Minimal infrastructure equates to minimal expenditure.

4.Enhanced Agility of the Business

Cloud computing for financial services is built on mobile computing concepts, making your workflow and productivity a lot more fluid and flexible. Employees can easily access the data and documents from anywhere across the world by virtual means. Anything with Internet connectivity can be accessed with a few taps, preventing your employees from being tied to the confines of four walls. This is ideally a miracle for IT workers, mainly because it cuts down the constant day-to-day obstacles of software upgrades and infrastructure concerns in the office. It helps them become more efficient and augment their productivity throughout the day.


If you are still stuck on QuickBooks for managing your business’ financial data, now is the time to make a switch. From more robust security to enhanced efficiency, cloud computing offers a lot of perks to businesses. And, the best part about this service is that it grows with the company. It evolves with the growth of the company and molds itself accordingly.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.