Cloud Based Software

Cloud-based software is now commonly used around the globe in different industries. Cloud computing offers greater benefits than conventional methods, allowing for more flexibility and scalability. 

What is Cloud Based Software?

Cloud-based software simply refers to any software program or application that’s stored, managed, and available through the cloud. To access such services or software programs, users must have an internet connection. 

It is generally stored on shared computing resources, such as cloud servers. They offer distributed processing power, storage, and memory, over the Internet. 

Instead of data being stored in a single physical location, it is stored and maintained across several remote data centers using a cloud computing framework.

How Does Cloud-Based Software Work?

Traditionally, software programs had to be installed on a computer to work. However, with cloud-based software, that is no longer needed. Users can access the software’s functionality from anywhere by simply logging in through a browser.

Cloud-based software is of particular importance to small and medium-sized businesses, as it allows them to access a full range of functionality from advanced applications, without having to make a substantial upfront payment. 

Benefits of Cloud-Based Software

Cloud-based software, such as ERPs or AP automation software, make it easy for businesses to manage their day-to-day operations in a much better manner. Here are some of the main benefits of using cloud-based software. 

  1. Reduced Costs

Companies simply have to pay a monthly cost to access the software. They don’t have to worry about investing in data servers or hardware on their own. More importantly, unlike traditional software with a one-time license fee, cloud-based software is available on a subscription fee. It’s also known as the SaaS (software-as-a-subscription) model. 

More importantly, companies don’t have to worry about any subsequent maintenance or support costs either. All of these are handled by the software provider.

  1. Greater Flexibility

Cloud-based software is much more flexible and easy to use. Employees can access their main dashboards from anywhere in the world. All they need is a smartphone or an internet-enabled device. This makes it easy to cooperate, exchange documents, and get approvals, without requiring employees’ physical presence.

  1. Regular Updates 

Companies regularly introduce new features and updates to further improve the software’s usability. Most SaaS companies take user feedback very seriously, and regularly update and introduce new features. 

  1. Improved Data Security

Unlike traditional software, your company’s data is not secured physically on-site. Instead, it is distributed throughout a network of servers around the globe. It’s usually hosted on robust providers like AWS (Amazon Web Services), 

This means that in the case your servers are hacked or if there’s a natural disaster, you don’t have to worry about losing your data. Data is also backed up regularly.

  1. Integration with Other Software

Most cloud-based software, such as SoftCo’s Procure-to-Pay, can integrate seamlessly with other cloud-based ERP. This makes it easy for businesses to connect different departments together and ensure a smooth flow of information. 

Conclusion

In larger businesses where procurement and AP teams often have multiple roles, it is important to use a cloud-based software that seamlessly integrates with the company’s ERP. For instance’s SoftCo’s Procure-to-Pay makes it easy for businesses to automate their entire finance process, from procurement to invoice payment. 

It helps eliminate duplicate and tedious processes, while offering greater control and visibility over operational spend and accruals as the month draws to a close. With more than 2 million business users around the world, SoftCo’s known for its specialized knowledge and for utilizing the industry’s best practices. The company is a Microsoft Gold Partner and an AWS Advanced Technology Partner.