Business
7 cost benefits of cloud accounting software
Source: Finance Derivative
By Paul Sparkes, Commercial Director of iplicit, an award-winning accounting software developer
Is your accounting software having a laugh at your expense?
Prudence is more than a mantra. It’s the deep devotion that underpins the entire finance function. And yet thousands of organisations are using accounting software that undermines this fundamental credo.
No-one is implying that finance departments are being profligate. Far from it. Nor is one suggesting that the software at the very heart of their work is betraying them (though some of the more idiosyncratic systems may sometimes feel like that).
No – the issue is one of experienced finance professionals placing their trust in legacy software that sadly comes with superfluous costs. And yet these costs could be eliminated so quickly and so easily.
It’s terrifying how many SMEs and non-profit organisations are still struggling along with old on-premise or fake cloud accounting software. Here are seven key cost benefits that they’re missing out on…
- No more server, no more server maintenance
Migrate your accounting software to the cloud and you’ll no longer need a server on which to host it. You can also kiss goodbye to all those costly server maintenance bills.
Furthermore, your data will be more secure in the cloud. And easy to access from any location with a reliable internet connection. The pandemic proved how crucial, convenient and appealing that is.
So forget all the expense and hassle of hosting your accounting software on your own server. That’s old hat these days…a bit like owning a fax machine or a typewriter.
- Smarter, faster and more cost-effective software updates
Rather like death and taxes, software updates will always be with us. They’re an IT inevitability. But that doesn’t mean they have to be time-consuming, inconvenient and costly.
Updating old legacy software can be a laborious process. Not least because it has to be done on a system-by-system, PC-by-PC basis. You’ll also certainly have to pay a sizeable chunk of money every time your old software needs updating.
And those intervals may well become more frequent as your legacy software gets older. It’ll need more patching to help it keep up (if it can) with the ever-increasing requirements of the modern finance team.
Contrast that old 20th century approach with true cloud accounting software that is updated regularly at source – so you’re always running the most modern version. Those updates are quick and seamless.
And they’re usually free within the normal monthly cost of your software.
- Redirection of resources
True cloud accounting software enables much smarter working – especially if it’s designed to meet the requirements of the mid-market. This will be very happy reading for anyone currently having to stretch their entry-level software with manual rekeying and spreadsheet workarounds.
Work gets done faster with true cloud software – especially if you make good use of automation. Nervous about automation? Test it first in a sandbox environment to avoid errors. You’ll soon gain confidence and wonder why you didn’t adopt it sooner.
All this means you can free your colleagues from soul-destroying mundane tasks and redeploy them to higher value and more important work that drives growth.
- Smaller offices, lower energy bills
True cloud technology liberates and empowers teams with more efficient WFH and hybrid working. You and your colleagues can spend more time doing productive work and less time stuck in traffic jams.
More flexible working offers you the opportunity to reduce overheads significantly: smaller offices, lower utility bills, smaller insurance premiums, lower routine property maintenance charges, less demand for perks such as cars, coffee, snacks and all the other baggage that goes with running a large, human-intensive office.
- Powerful accounting software need not be costly
There are usually two reasons why organisations may have been reluctant to upgrade from their existing entry-level software:
- Cost – it’s a huge leap from Xero, QuickBooks and Sage 50 to big ERP systems such as Dynamics, NetSuite and Intacct.
- Fear of change – many organisations worry about the time/hassle involved. Implementing a big ERP system can take months, sometimes longer than a year.
So some organisations elect to soldier on with their existing software. But their fears are based on a fallacy. Major changes in the mid-market mean that users now have access to accounting software that’s right for them…at a fraction of the price of Dynamics, NetSuite and Intacct.
And it can be installed in just 16 applied days. So you can go live in a matter of weeks. Long gone is the disruptive upheaval of yesteryear.
- Data archiving is much cheaper with the right provider
Do your existing software providers threaten you with punitive data archiving charges if you try to leave? We regularly hear about providers charging anything between £15,000 to £20,000.They think they have you over a barrel because you need access to your data to keep HMRC happy. So the software vendors believe this gives them a licence to slap on the expensive handcuffs.
It does not. And besides, now there’s a very real alternative that enables you to migrate and archive your data for a small fee. So you don’t have to keep your old software running.
- You don’t have to put up with the old paradigm
In the past, the big software developers had tremendous power. And they were not afraid to wield it.
Why do some providers charge such eye-watering prices for their software? Because they can. Or to echo Robert Mitchum in the movie Anzio: “Because they like to.”
There’s also the matter of long contracts. The big providers like to tie their clients in for at least five years. That’s seldom appealing – and especially not now with the state of the economy.
But times are changing, and they’re doing so very quickly.
A new agile breed of developer is starting to disrupt the accounting software market – notably the underserved mid-market. They’ve created smart, scalable and intuitive software that’s quick to implement, easily customisable and very user friendly.
And they’re taking the battle to the greedy developers on your behalf.
So get on board and enjoy the ride.
You may like
Business
Need for speed: The importance of businesses acting fast!
John Kelleher, VP UKI & ME, UiPath
With significant economic disruption over the past few years, the ability to adapt to changing circumstances quickly has never been more important for businesses. Increasingly, there are instances of sudden pressure on organisations to adopt the latest technology, such as the push to move to cloud computing models or embrace artificial intelligence (AI).
In the past couple of years, the AI industry has thrived as the technology becomes indispensable for businesses. From chatbots to aid customer service interactions, to machine learning models that produce accurate financial forecasts, AI has found a place in all areas of business.
Soon, AI will become the standard customers expect, meaning organisations must adopt it at pace. Those who manage to implement the technology correctly will reap benefits in productivity, employee satisfaction and, ultimately, profitability. But to do this, organisations need to transform how they operate.
Customers won’t be patient
In an AI-driven world, patience is a virtue of the past. The expectations of service delivery and response times have drastically changed as the norm becomes swift response times delivered from digital-first organisations.
Customers continue to prioritise convenience with the purchases they make and demand more from the organisations they are loyal to. This ‘convenience economy’ is also lucrative for businesses as customers are willing to pay a 5% premium for convenience, which rises among younger consumers.
With these customer demands, the convenience attached to a business is a point of differentiation in a competitive marketplace. However, it is not possible to provide a service at pace unless the business offering it is set up in the right way.
The important takeaway from this is speed should be the top priority for businesses. With companies across all industries increasingly adopting AI to transform the services they offer, and the experiences customers have, convenience is no longer a competitive differentiator – it is a necessity. Businesses need to get ahead of the curve to ensure they don’t lose out to competitors.
Speed as a core business value
The capacity for your business to respond quickly to emerging market conditions and offer innovation at pace doesn’t only influence the experience for customers, but is transformative to how a business operates. Promoting speed and flexibility in internal business operations can support organisations to adapt quickly to any external challenges and uncertainties faster than their competitors.
Supply chains have experienced significant unforeseen disruption in recent years, and this has caused shortages, delays, and increased costs. For companies to stay ahead in this increasingly volatile environment, they must be prepared for uncertainty and be able to adapt to deliver at a fast pace for consumers. Across uses such as inventory management, supplier analysis and demand forecasting, AI can be an effective tool in boosting speed, in both issue identification and handling possible fall out should something go wrong. We’re already starting to see new expectations being set for supply chain organisations in response to this, with 50% expected to invest in AI and advanced analytics to prepare themselves for unexpected delays and disruption.
Another area speed is invaluable to is complying with increasingly complex regulation. Around 34% of businesses globally are using AI for regulatory compliance already, and businesses need to maximise this opportunity. The ripple effects of falling behind on compliance can’t be overstated. From adjusting privacy protocols and HR policies to incorporating updated environmental guidelines, move too slowly and you could see heavy fines, legal repercussions or a tarnished reputation.
AI and automation are key to accelerate business functions
AI and automation are key to helping organisations streamline processes and innovate faster. By simplifying how a business operates and reducing time spent on repetitive work, 90% of employees report a significant boost to productivity. Further, AI and automation can help predict and manage employee’s workloads better. If provided with the right data, AI algorithms have the capacity to predict and offer recommendations on business decisions, helping to eliminate crunch periods.
Integrating AI into your business’s workflows provides flexibility, productivity, and the capacity to handle unanticipated events. Companies will be able to respond faster to changes and manage their operations better and, as AI and automation are used to remove the repetitive drudgery from people’s work, employee satisfaction will improve.
Harnessing efficiency to maximise opportunity
Investing in AI and implementing it quickly is now a business imperative. Businesses in the UK are increasingly open to using AI as the number of UK AI companies has grown by over 600% over the last 10 years. Rapid implementation of AI not only enhances efficiency but also ensures companies can capitalise on new opportunities before other competitors do. Those who take advantage of AI will be better prepared to anticipate trends, refine the customer experience and improve their bottom line.
Operational efficiency creates a more favourable cost structure and boosts margins. Ensuring compliance mitigates risks and helps companies avoid fines and reputational harm while streamlining customer service not only lowers costs and reduces turnover but also strengthens customer retention and acquisition, driving top-line growth.
Today, more than ever, time is money.
Business
Wearable AI: How to supercharge adoption of consumer wearable devices
By Kevin Brundish, CEO of LionVolt
As we look toward the future, the global wearables market is projected to reach $265.4 billion by 2026. This growth is further fuelled by advancements in AI, which promise to enhance the functionality and performance of wearable devices. For instance, in the healthcare industry, artificial intelligence (AI) may use the massive volumes of data gathered by wearables to communicate with patients and offer precise diagnosis, advice and support.
Despite the remarkable features and capabilities of modern wearable devices, battery life remains a significant challenge. Most smartwatches, for example, still struggle to last a full 24 hours, making it difficult for users to monitor sleep patterns and daily activities continuously without frequent recharging. With the use of AI and applications that demand increasing amounts of data, this limitation prevents wearables from becoming fully integrated tools in our daily lives.
Advances in battery technology are looking to address this issue. At LionVolt we are working on a 3D lithium-metal anode technology which helps to significantly enhance lithium-ion battery performance.
Smaller Batteries, Same Energy
The most significant advantage of lithium-metal anode batteries is their ability to provide the same energy from a smaller size battery. This gives designers greater freedom and opens new possibilities for wearable technology by enabling the miniaturisation of existing wearable designs. In addition, lithium-metal anodes may allow manufacturers to lower overall prices by moving away from costly cathode materials they use now, to cathode materials being used in automotive industry, where there is a cost advantage through economies of scale.
Higher Energy Density and Faster Charging Times
When we compare conventional lithium-ion batteries to lithium-metal anode battery technology, the lithium-metal anode batteries have a superior energy density. For users of wearable devices, this translates to longer usage periods and fewer charging interruptions as well as faster charge times, which minimises downtime and guarantees that gadgets remain operational when needed.
Enhanced User Experience
Fast charging periods and increased energy density which is key to longer usage periods improve wearable technology’s overall performance, enabling consumers to maximise its benefits without sacrificing dependability or quality
Lithium-metal anode powered batteries also improve wearable gadgets’ dependability and durability. Users can count on their wearables to function reliably day or night and to enable a variety of applications, such as health monitoring and exercise tracking. These batteries are made to endure the demands of regular use, guaranteeing that gadgets continue to be reliable and operational for long stretches of time.
The use of the highest performing materials in wearables typically comes at a high cost. However, with the advancement of new technology, it becomes possible to utilize more widely available and cost-effective anodes without compromising on performance. This approach allows for the efficient operation of wearables while also offering a cost benefit, addressing the economic challenges associated with high-performance materials.
Overcoming Adoption Barriers
One of the key reasons for the slower adoption rate of consumer wearables is the charging rate. The utility of these products can be increased, along with their consumer appeal by extending their battery life and charging timeframes. The advantages of the next generation of batteries—faster charging, longer battery life, and improved device dependability—can greatly accelerate wearables’ uptake.
Advancing Wearable Technology
By tackling the crucial problem of battery duration, coupled with a fast charge capability, lithium-metal anode technology would propel the wearables business forward. An emphasis on sustainability and safety guarantees that these developments help both consumers and the environment, while our smaller, more efficient batteries provide designers the freedom to develop creative new gadgets.
Transforming the Landscape of Wearable Technology
Lithium-metal anode battery technology brings numerous benefits to the consumer wearables sector:
- Longer Battery Life: Wearable devices will last much longer on a single charge, addressing a significant pain point for users.
- Increased Monitoring Time: Faster charging means users can monitor their health and activities for extended periods without interruption.
- Reduced Equipment Needs: With longer battery life and faster charging, users will need fewer duplicate products to cover charging times, simplifying their tech ecosystem.
Imagine being able to monitor your heart activity and more to manage health conditions without worrying if your device has enough power? With improved battery longevity, users can rely on their wearables for consistent health insights, making it easier to identify trends and make informed lifestyle changes. This seamless integration into daily life not only promotes better health management but also empowers users to take proactive steps towards their well-being.
These enhancements not only improve the user experience but also pose the potential to increase the adoption rate of consumer wearables.
Looking Ahead: Shaping the Future of Wearable Technology
Wearables have a bright future because of AI and cutting-edge battery technology, which will greatly enhance their usability, dependability and functionality. The next generation of batteries are revolutionising the wearables market and paving the way for a new era of technological innovation by emphasising sustainability, increased energy density, quicker charging times, and improved safety features.
Business
The Future of Observability: Empowering businesses through data-driven transformation
Karthik SJ, General Manager AI, LogicMonitor
The tech industry is at the cusp of a revolution, where digital transformation has shifted from aspiration to necessity. At its heart lies observability – a critical enabler for organisations navigating the complexity of modern IT infrastructures. Observability goes beyond monitoring systems or tracking performance; it transforms vast streams of system data into actionable insights that drive real-time decisions, improve operational efficiency, and ensure business resilience.
Observability: The foundation of digital transformation
The digital transformation journey requires businesses to adopt a more sophisticated approach to managing their IT ecosystems. As organisations scale and evolve, they rely on a growing array of technologies, from cloud services to hybrid infrastructures, microservices, and containers. Parallel to increasing complexity, is a need for more granular visibility into system performance, security, and user experience.
This is where observability becomes essential, unlike traditional monitoring which typically tracks basic metrics like uptime and system health, observability provides a much deeper understanding of how systems are functioning and why. It enables businesses to not only detect issues but also diagnose the root causes, empowering data-driven decisions that improve performance across the organisation.
Converting raw data into insightful knowledge is vital in a world where companies need to function more quickly and efficiently. Beyond simply detecting issues, observability’s power lies in its ability to help organisations foresee problems before they cause operational disruptions. This proactive strategy helps businesses maintain uptime, optimise resources, and, ultimately, deliver superior customer experiences.
The rise of AI-powered observability
As organisations grapple with increasingly complex hybrid IT environments, AI-powered observability has emerged as a cornerstone of innovation. These solutions go beyond ensuring uptime-they provide actionable intelligence that enables businesses to optimise IT operations and address challenges proactively. With 68% of organisations leveraging AI tools for anomaly detection, root cause analysis, and real-time threat detection, the demand for advanced observability tools is surging. This trend reflects a growing recognition that these tools are no longer just a technical necessity but a strategic enabler of business success. Observability empowers enterprises to stay ahead by driving efficiency, resilience, and adaptability in an ever-evolving digital landscape.
The path ahead: The convergence of AI and observability
As we approach 2025, businesses harnessing AI-powered observability are poised to gain a significant competitive edge over those still relying on traditional monitoring solutions. This shift is underscored by the fact that 81% of enterprises plan to boost their AI investments in the coming year focusing on predictive analytics, automation, and anomaly detection to further optimise data centers and support AI-driven innovation. The integration of AI with observability is not just about identifying problems – it’s about enabling businesses to anticipate challenges, enhance operations, and sustain a competitive edge.
For LogicMonitor, the coming year is about driving innovation in an industry that’s evolving as fast as our customers’ needs. By working closely with our clients like TopGolf and Franke, we’re helping them navigate this transformation with confidence. As observability technology becomes increasingly essential, we’re committed to empowering businesses to thrive without being held back by technological limitations.
Observability’s ever-more-important role in 2025
As 2025 approaches, observability is set to become even more integral to IT operations, compliance, and innovation. Regulations like the EU’s Digital Operational Resilience Act (DORA) which mandates robust ICT risk management and incident reporting for financial services,highlight the critical need for continuous observability throughout the development cycle. This shift will accelerate the adoption of Observability-Driven Development (ODD), a strategic approach to managing the complexities in distributed systems and microservices architectures.
The expansion of observability is driven by the increasing necessity to monitor applications, infrastructure, and services across diverse and dynamic environments while staying resilient and improving customer experience. As data volumes grow, organisations will face increased scrutiny over observability spending, making it even more crucial that they align with regulation to enhance operational resilience and compliance. AI-powered observability systems will continuously learn from new data, user feedback, and past incidents, allowing them to improve over time and become more accurate and effective at identifying anomalies, reducing noise, and pinpointing root causes.
One thing is clear as the observability landscape develops further: businesses that make investments in cutting-edge, AI-powered observability solutions will be better prepared to meet tomorrow’s problems and thrive in the rapidly shifting digital economy.