By Analytix Editorial Team

Per online reports by Gartner released in 2018, the Cloud market is projected to reach $206 billion in 2019. It was recorded as $175 billion in 2018 and $145 billion in 2017. It is expected to reach $240 billion in 2020.

There are many benefits to moving businesses to the Cloud. Here are some that are also applicable to a CFO:

Makes the need for office space redundant: Cloud storage is digital. Thus, all records, files, and reports are available and accessible when needed. This works especially well for startups and small businesses operating on small budgets.

Access information easily: The Cloud makes it easier for business owners to access information rapidly and safely and without worrying about geographical locations or systems. For growing businesses, this translates into faster decision making, which is also based on solid information and not just guesswork.

Customize the Cloud: When implementing Cloud systems, especially for growing small businesses, customizing the software and integrating it with other relevant apps is critical to ensure business requirements are met seamlessly and without interrupting operations. As a key decision maker who understands the business budget, the CFO can be the right person to decide details of migration to the Cloud.

However, here are some considerations for the CFO before making the final decision:

Understanding the Cloud

There are different versions of the Cloud, and it is vital to understand all of them before identifying the appropriate one for your business. Versions differ in terms of infrastructure requirements, features and capabilities that they offer the business, costs and investment of time and effort needed before deployment, etc. Here is some information on Cloud types currently available to businesses:

Public Cloud Private Cloud Hybrid Cloud Computing resources are shared over the network. Dedicated set-up that is inaccessible to other businesses. Flexible deployment across public and private network based on security requirements. No initial investment needed; flexible payment options available. Investment needed for set-up but provides higher flexibility. Can prove to be costly since it needs some infrastructure when public Cloud deployment does not work.

Typically, most businesses utilize all three forms of Cloud depending on their stage of business growth.

Evaluating business needs

One of the first steps is to identify and define business needs. This includes evaluating goals, both long and short term. Mapping out business needs over a period of time, say a year, can help decide the kind of Cloud infrastructure the business needs to reach goals.

Gaining on the right side of compliance

Because the Cloud operates on the internet, it is critical to understand compliance and regulatory matters. Some industries and businesses, such as those related to food and healthcare, may have higher compliance requirements.

Understanding integration

This reverts back to evaluating business needs. If the business has other software in place, how well do they integrate and work with the different kinds of Cloud capabilities and what are the costs involved in deployment? These are some of the questions that need to be worked out, and the CFO is the best person to do so since they have better insight into the business’s overall health.

Analytix Solutions offers customized solutions ranging from reliable accounting and bookkeeping to comprehensive operations planning, including Cloud deployment for businesses. We can work with you so that you can better understand your business accounting and experience first-hand how well-managed accounting can help grow the business faster. For more information on how we can assist your startup, call us at 781-503-9004 or email us at [email protected].