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Cloud Accounting Statistics You Need to Know

Cloud accounting software is making big waves in the accounting sphere. Cloud software is not only cost-effective and highly accessible, but it’s making data as accessible as ever.

Cloud software can be accessed from any device with an internet connection, at any time of day, by any user. Gone are the days of installing costly hardware that make data vulnerable to hackers, and gone are the days of heavily leaning on IT and infrastructure to get the job done.

With cloud software, many tasks can be automated, which not only saves time but also ensures data integrity and accuracy. And, while many people feel their data is less secure in the cloud than stored locally on their machines, encryption and tight security measures actually make the cloud more secure in many ways.

For these reasons and more, cloud accounting is the future. It’s easy to use, easy to implement and ensures that the reports you need are easy to create, access, and distribute.

Statistics you need to know if you’re considering the switch to cloud accounting software

Don’t take it from us: let the statistics paint the picture. New research shows that 67 percent of accountants prefer cloud accounting over locally installed software options and cloud software reduces labor costs by up to 50 percent. And, the market is growing. The market size is projected to reach $4.25 billion by 2023, from its current $2.62 billion.

Additionally, 58 percent of large companies are utilizing cloud accounting services, and by 2020, it is projected that 78 percent of small businesses will be relying solely on cloud technology. Companies that use cloud accounting exclusively are adding five times the clients than companies who do not, and on top of that, companies that exclusively use cloud accounting also saw a 15 percent revenue growth year over year.

Get on the cloud with Flexi

It’s easy to move to the cloud.

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance and highly rated support, all at an attractive total cost of ownership.

Learn more about how Flexi can catapult your business today with its cloud-based services. Call 800-353-9492.


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