Moving your tax software to the cloud can transform the way you work by providing numerous business benefits across four key areas.
Currently, around 60% of tax applications are on-premise, and only 40% are in the cloud. This means that IT teams are having to manage that software locally. Deploying solutions to each user’s machine and keeping it up to date can take up a lot of time and effort, and with finite IT resources dealing with many other conflicting business needs, tax software can often be pushed to the bottom of the priority list.
But by the end of next year, we’re expecting to see that change to 60% of tax solutions being delivered as SaaS, with only 40% being on-premise. And with this shift, we expect organisations to see an increase in IT operational efficiency, streamlined tax processes, and compliance as standard.
Save time & money – cloud solutions can reduce IT costs by up to 25%
SaaS providers manage the applications, data, security, updates, availability, disaster recovery, and support.
• This removes the burden of responsibility from your IT team, freeing them up to focus on strategic priorities.
• Software updates are deployed centrally and are available to all users immediately, reducing the risk of non-compliance.
• SaaS solutions are hosted on the provider’s cloud platform, saving space on your own servers, and potentially reducing the space your business requires.
• SaaS support can log into your environment (with your permission of course!), so if you have any issues with the software they can spot the problem straight away and get you back on track quickly.
Improve collaboration & accessibility, without compromising on security
Cloud solutions make it easier to work with whoever you need to, whenever you want, wherever you are, using any device. This saves time as well as increasing productivity and efficiency.
• Cloud solutions increase accessibility – collaborate with multiple people on the same comp, whichever department they’re in.
• You control exactly who has access – bring in third parties like your tax advisors, making co-sourcing a viable and realistic option.
• SaaS s olutions are accessed via web-browsers – everyone who needs access can do so from any device, anywhere, giving your business ultimate flexibility.
• Cloud solution providers will have security built in at all levels and their platform will be monitored 24/7 by state-of-the-art software and services.
Cloud solutions are API enabled, making it easier to connect to existing software and business systems.
• Use APIs to connect your tax compliance software to existing applications so you get the data you need, when you need it, which saves time.
• Automation removes the risk of errors from manual data entry so it’s more likely your submissions to HMRC are right first time.
• Create your own digital tax ecosystem by choosing and using best-of-breed software that suits you and your business.
• You can create a single source of truth for tax data and say goodbye to data siloes – giving you accurate information from across your organisation at your fingertips and in real-time.
Moving to a cloud-based platform can even save on energy costs. For example, Microsoft Azure is up to 93 percent more energy efficient and 98% more carbon efficient than traditional enterprise data centres.
These benefits are realised through efficiencies in IT operations, IT equipment, data centre infrastructure and the use of renewable energy.
SaaS solutions can adapt and scale with your business needs, which will enable your organisation to be more flexible and agile and puts you in a better position to face the future of tax, whatever that may bring.
Cloud solutions are better for business, better for the environment and better for the future!