Clouds are on top for a reason.
They float so high because they refuse to carry any burden.
~ Jasleen Kaur Gumber
It is 2021 and cloud systems are the obvious choice. You can read more about Cloud ERPs here.
As you consider cloud there are some new questions that arise.
Is it true cloud?
How do you account for it?
Long story short, accounting of cloud systems under both ASPE and IFRS likely results in expensing.
Be sure to learn about the expensing and capitalizing of your next IT purchase and what that does to your EBITDA and metrics.
There are areas of judgement!
How you account for cloud and whether you have a real cloud or a ‘fake’ one are just two of the many questions you and your team might have. Selecting systems is never easy.
- How do I develop a cloud strategy?
- What do I need to do to prepare for the cloud?
- What can I move to the cloud?
- What type of IT people do I need to hire if I’ve moved to cloud systems?
- What security parameters does the cloud have in place?
Advantages of Cloud
Nearly all systems are moving towards the cloud.
At times it can seem expensive or challenging.
But overall it is best for the user and their experience.
Why? Here are a few reasons:
- Your initial implementation and infrastructure costs will be less
- And faster! AmplifyTech can put NetSuite into a growing organization as quickly as 90 days.
- Cloud systems can be put in early and scale to your growth.
- For example NetSuite is best implemented for organizations with 1-10 employees and $1-10 million in revenue.
- Security, compliance and disaster recovery are largely covered by your cloud-based provider.
- Upgrades are also covered within your system and managed for you.