The world is becoming increasingly connected as we move to a digital world. For a number of years, the construction industry has been reliant on legacy systems, although they are useful, the inability to product real-time information and connect have been restrictive to their success. As a result, cloud-based estimating systems provide a growing solution to traditional IT software. So what are the benefits of a cloud based estimating and accounting system?
1. Reduced Capital Expenditure
One of the key benefits to cloud-based estimating & accounting systems is that capital expenditure is reduced. Unlike traditional IT systems, hardware and backup solutions are not required. Both of these are generally capital intensive. Given the significant scale that cloud-based estimating & accounting systems offer, in-house operations are generally exceeded. This scale also leads to greater accounting security and availability while also reducing outlay of capital.
2. Reduced Costs
Similar to the reduction of capital expenditure, so too are costs. With many of the base levels of cloud-based systems being free of charge, it is of little surprise that costs are reduced. This being said, it is possible for companies to upgrade to a premium cloud-based system that enables companies to scale up for more users, clients or tools as needed. For many small companies, investing in such a comprehensive system would be unnecessary.
One key benefit of cloud-based estimating & accounting systems is the ability to scale the coverage to meet your business’ needs. For small construction businesses, being able to have a system that grows with you is extremely beneficial. For these companies, rather than continually having to change IT systems, the cloud enables for continued growth.
With an increasing use of technology, many manual tasks such as paperwork can be reduced or eliminated completely. While technical function, can be outsourced completely. Ultimately, a combination of changes to labour that is right for your business will create a business that is more streamlined, with less costs weighted down by labour costs.
5. Live tracking information
By having up to date information available at the touch of a button, business efficiency is dramatically increased. Information can be easily tailored to the individual trying to access them. Project managers can have up to date transactional level information, while an executive may only wish to see a wider ranging summary.
6. Access anytime, anywhere
A key benefit of cloud estimating & accounting systems is that they can be accessed virtually anywhere. With increases in smart phone ownership, business officials have access to vital business information whenever they have a mobile internet connection.
There is often a belief that cloud solutions are more susceptible to security breaches. This is however quite untrue, given the security enhancements that cloud solutions offer. A two-step authentication process for users mean that only you can access the account. Data encryption is also standard, which means that unintended people will not be able to read any information not intended for them.
8. Quick fixes
Most cloud based estimating & accounting software offer an uptime guarantee of greater than 99%. Given the large support network behind cloud solutions, updates and fixes are made before issues can occur. System improvements are continually occurring to ensure you are getting the best product at any one time.
9. Back up
One significant benefit of cloud based estimating & accounting systems is that business data is stored and backed-up. Failing to back up data is a significant risk for many companies, with the majority of companies shutting down that have suffered from data loss. With cloud solutions, you can rest assured knowing that servers in environmentally perfect areas are keeping your company backed up.
Despite the significant benefits of cloud solutions for construction companies, no system is perfect. One issue is that internet access is required to be able to access the cloud. Although this is unlikely to be an ongoing issue, outages can pose a temporary issue to a business. Another issue is upload and download speeds. With some files in construction being quite large, speeds could affect a firm’s efficiency in some cases.
Evidently, there are many benefits for construction companies that adopt cloud-based solutions. Before making any changes, it is best to consult industry professionals to make the most appropriate decision for your business. Reach out to FutureWorx today to find the solution best for your company.