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The Four Big Advantages of Storing Financial Data in the Cloud


If you have been toying with the idea of storing financial data and records digitally – particularly in the cloud – but have not yet pulled the trigger, here are four reasons why doing so could turn out to be one of the most astute decisions that you have made for a very long time.

The following reasons apply if you are a business owner, an employee or an individual, and it could be argued that we have only touched the tip of the iceberg – however, you will get a good idea of why storing financial data on the cloud definitely makes sense.

Saving money!

Storing data on a cloud-based system will save you money – it is as simple as that.

The benefits of using accountancy software that offers a cloud-based option will mean that extra onsite software and hardware provisions will not be required as everything will be included within the accountancy software package, and this includes sky-high maintenance costs.

It should also be mentioned that you are usually only required to pay for the storage space that you actually use as opposed to wasting money on storage that is not needed.

It is not only in times of recession when a business needs to keep an eye on the purse strings, so this alone is a good reason to consider the options of storing financial data in this way.

No need for external hard drives

Even though technology has moved on in leaps and bounds over the past few years, many businesses and individuals still rely on external hard drives to store their data.

It could, of course, be argued that external hard drives no longer take up lots of office space because they are now a lot smaller than they used to be. However, the advantages of storing digital information on the cloud and completely removing the need for external drives are obvious.

Also, let’s not forget the cost of external hard drives and try comparing these outgoings with the cost of storing data on the cloud – this is yet another advantage of storing data digitally.

Security is the key

It is thought that cybercriminals are able to hack into 96% of company networks, so it is reassuring to know that the extra security that a cloud-based system brings to the table offers users a far greater degree of protection from theft and hackers of all descriptions.

It is also comforting to know that a reputable accountancy software provider will be up to date with the latest techniques that hackers are using – you can therefore concentrate on your business as opposed to worrying about the security of your data.

Access data on the move

How many times have you been out and about at a business meeting and have been forced to tell your client that you will need to get back to them when you have had the chance to confirm some figures?

Checking financial data and records that are stored on the cloud is just a matter of logging into your accountancy software account from any device that has an internet connection and pulling up the required data.

There is no need to wait until you get back to the office and keep the client hanging on – you can get the deal done quickly and everyone is happy.

It doesn’t matter if you are part of a large organisation or an entrepreneur who is just starting out with a new business venture, having the ability to access business data on the move is priceless.

While we are on this subject, a special mention should be made of the growing number of remote workers who have taken the freedom of the internet age one step further and become what is referred to as ‘digital nomads’.

These individuals conduct their business online at any location that suits them, as long as an internet connection is available.

For digital nomads, the ability to be able to store information on the cloud is a godsend because it helps them to conduct their business activities with ease.


Few would argue with the fact that businesses of all descriptions have enough on their plate without having to worry about the security of data and records.

Digitally stored records, particularly on the cloud, offer a solution that will meet the requirements of all businesses in terms of security, cost and ease of use, so it is of little wonder that this method of data storage is proving to be so popular.

Even the most traditional business owner or individual would struggle to find any advantages with the alternative options to storing digital information on the cloud, so it could quite realistically be argued that this is a solution that will suit everyone.

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