Last December we posted a link to Software Advice's Consumer Confidence in Cloud-Based Accounting IndustryView for 2014. That study showed that although small to midsize businesses still lagged behind larger organizations, a majority of them already expressed confidence in cloud accounting solutions. Essentially 2014's report told us that confidence in cloud-based accounting software among small to midsize businesses had reached a tipping point.
We were therefore eager to find out how things have changed in just one short year. Well the new study is out and the findings are pretty dramatic.
- The number of cloud-based accounting software users has nearly doubled from 2014 (from 16% to 30%)
- The most significant benefits of cloud-based software cited is ease of access, at 33%
- Security of data is still a top concern for users, but is down nearly 20% from 2014 (from 46% to 28%)
- Seventy percent of respondents are “moderately” to “extremely likely” to invest in cloud-based accounting solutions in the future. Only 30 percent say they are “minimally” or “not at all likely” to invest, down from nearly 50 percent in 2014.
Although the adoption of cloud technology and SaaS software might be old news for some, the study shows that the concerns about the cloud haven't changed. Security remains the top concern in this year's report, but the number of businesses voicing that concern has fallen sharply. Software Advice's Eileen O'Loughlin points out that:
"...according to Gartner’s rundown of the top myths surrounding the cloud, the belief that cloud software is less secure than on-premise systems is false: Cloud providers that have demonstrated their offerings are secure should be trusted."
Click the link below to read the full report:
And while you're thinking about the acceptance of cloud-based accounting systems, you might also like to take a look at Software Advice's head-to-head comparison of online accounting software.