Toby Lester
3 minutes length
Posted: 24th November 2020

5 reasons why your organisation must move your financial services to the cloud

Cloud financial services offer undeniable benefits across your team. Today, as many workforces continue to operate remotely as a result of COVID-19, this level of flexibility is no longer a ‘nice to have’, but rather a ‘need to have’.  

The question for those organisations yet to make the move to cloud financial software is, can you afford not to? Here are five reasons why now is the time to the take leap: 

1. Cloud software is cheaper 

With business growth and expansion comes additional maintenance costs around business-critical systems. Over time, these costs can spiral out of control. 

In addition, updating hardware and software can also result in unexpected set-up and renewal costs; there’s also costs of unexpected repairs which can catch businesses completely unaware. 

However, with cloud software, you pay for what you use. Updates are (with the right supplier) part and parcel of the package, allowing you to operate safe in the knowledge that you won’t be faced with unexpected bills.

2. Cloud software is safer 

Imagine all the sensitive financial and stakeholder data within your remit; can your business afford to be the victim of an online attack? 

It’s important to note that adopting cloud software doesn’t automatically protect you from online attacks. If you don’t select the right provider, your platform could leave you vulnerable to digital disaster, including compliance violations, loss of sensitive financial information, and reputational and fiscal damage.  

Unfortunately, online thieves continue to develop evermore sophisticated tools, making it crucial for cloud security to keep up. 

Secure cloud financial services, such as PS Cloud, rely on two factor authentication, providing an additional layer of security, effectively making it twice as difficult for hackers to gain entry.  

Some cloud services also cut corners by pooling your server environment with other users’ databases, making it relatively easy for malicious users to bridge the gap and access your data. 

Secure cloud financial services protect your data by isolating it on a dedicated server environment, with no shared databases. 

3. Cloud software is more reliable 

Our new remote working culture means your mission-critical platforms must be robust, lest your team be impacted by downtime, causing business to grind to a halt.

It’s important to look for a cloud service that has proactive remote monitoring. This clever solution continually seeks out any potential issues on your cloud network, whether it’s a physical hardware issue or an outdated software issue, tackling them immediately before your team is impacted. 

4. Cloud software protects against loss of data 

Server outages do happen, with devastating consequences. If your chosen cloud solution hasn’t prepared for power outages or internet faults, you run the risk of losing days, weeks, or even months of work. 

Top cloud financial services, such as PS Cloud, employ daily backups to a secure secondary location. They also have multiple redundant energy sources and resilient connections to a number of network providers, so your data is safe. 

5. Cloud based software makes your business agile

Remote working was growing in popularity long before COVID-19 struck. With thousands of businesses acknowledging improved efficiency and wellbeing for their employees, we will continue to embrace our new flexible working culture for the long term. Your software needs to be as flexible as your working practices, enabling you to adapt processes, make unprecedented financial decisions driven by reliable financial data.

The heart of business used to be your office; now it’s in the cloud, enabling efficiency, enhanced security, and more functionality for your money. 

You can’t afford to delay moving to the cloud. Your mission-critical financial services can be hosted safely and securely on PS Cloud, with the added benefit of IRIS Financials’ market-leading softwareTalk to us to find out more.