You’ve probably heard that it’s a good time to embrace cloud computing within your organization. After all, 93% of organizations are now utilizing cloud services in some form, and making the switch can help you gain a significant competitive advantage. There’s no denying that moving to the cloud comes with a ton of exciting benefits for businesses of all sizes, but financial impact is certainly at the top of the list.

So, can adopting a cloud-based system actually save you money?  In this blog post, I’m going to help you find out!

The Cost of an On-Premises System

Of course, the exact amount of money you can save  with the cloud depends on your current situation, the type of cloud-based system you choose, and the unique needs of your organization. So, forget specific numbers and ranges. Instead, let’s explore the costs associated with an on-premises system.

When these more traditional solutions are deployed, the costs can quickly add up. Here are just a few of the things that will cost you money with an on-premises system:

  • Servers
  • Cabling
  • Server Maintenance
  • Electricity
  • Server Storage
  • Anti Virus
  • On Premises Backups
  • Off Premises Backups

There are also a few hidden costs to consider, like the fact that on-premises systems typically discourage businesses from upgrading systems when needed. A company’s financial system, for example, should be upgraded once a year to keep things running smoothly. Those with on-premises solutions usually shy away from these upgrades due to the high cost and fear of something breaking. Because there is no license fee, cloud-based systems have a much lower cost of entry and all upgrades are taken care of by your cloud service provider.

For an extensive breakdown of cloud-based  versus on-premise solutions, check out this recent blog post.

Your IT Team’s New Best Friend

Adopting a cloud-based system can add years to the lives of your IT team. Just kidding,  I can’t promise that. It will, however, significantly decrease their stress levels. With a cloud-based financial system, IT teams no longer have to worry about servers and server maintenance. Instead, they can focus on more strategic initiatives like long-term planning, communicating with the cloud-based accounting system partner, and making sure integrations are working properly.

So, can the cloud help you save on IT costs? That depends, folks! Let’s find some time to hop on a quick call to get you some answers based on your business needs. Reach out right here to schedule some time for a quick conversation.