In our previous blog post, we explored the advantages and methods of digital documentation. The enhanced efficiencies, cost savings, and flexibility provided by digital documentation make the reasons for adopting it quite clear. Various software tools, such as Expensify and Shoeboxed, along with hardware like smartphones and digital scanners, make the transition straightforward.

But after deciding to digitize your documentation, how should you handle storage?

Nowadays, a single consumer-grade hard drive can hold a substantial amount of data. A hard drive smaller than a paperback book can now store a terabyte of data, and the prices of these drives are continually decreasing. Consequently, many small to medium-sized businesses require minimal hardware for data storage.

However, data storage is about more than just capacity. While backing up data on in-house hard drives is a good practice, it is not sufficient by itself.

Enter the cloud…

Cloud-based storage and productivity tools enhance efficiency, facilitate collaboration, and improve data security. Here’s how embracing the cloud can benefit your organization —

Ease of Access

When your data is stored on a single hard drive, accessing it necessitates a physical connection to that drive. Transferring data to another device may require email (if the file size is manageable), USB drives, CDs, or other portable media. Predicting when and where you’ll need a particular file is almost impossible.

Need a file from your office computer while you’re away? Unless you go back to the office, you’re out of luck.

With cloud-based storage, your data is accessible from any device, anywhere in the world with an internet connection. This means your files are always available whenever and wherever you need them.

Share and Collaborate

This accessibility also allows virtual teams to share information and collaborate on projects more easily. Cloud-based productivity platforms, such as Google’s G Suite, enable teams to access shared files regardless of their locations.

For example, if you need to review your organization’s current monthly expenses, a spreadsheet hosted on a shared Google Drive can be accessed instantly from anywhere. When your bookkeeper needs to update the spreadsheet, they can do so from their device. The next time you log into the drive, the updated information will be there, ready for you. No need to request files or transfer data manually.

This functionality is not limited to two people; entire teams can benefit. Granting shared access to files across your virtual team simplifies communication and collaboration.

Security

Many are cautious about storing their data online, especially sensitive financial information. While hacking is a genuine concern, reliable cloud storage is generally more secure than in-house digital or paper documentation. Hacking into a sophisticated cloud service like Google Drive requires specialized skills, while physically stealing a file from an office can be done with minimal effort.

A reputable cloud service like Google Drive or Dropbox employs top-tier internet security experts to protect your data. Your own in-house network likely does not match this level of security. Think of it like this: is your money safer in a bank vault or hidden under your mattress?

Moreover, cloud storage protects against data loss. Consider the files on your current device. Are there any you would hate to lose? Are they backed up? How secure is that backup?

With cloud-based storage services, these concerns are largely irrelevant. Cloud services use extensive loss-prevention, backup, and redundancy protocols to ensure your files remain safe.

With its enhanced security, efficiency, and flexibility, the cloud is an essential tool for organizations of all sizes. Equip your virtual team with the tools they need to thrive — embrace the cloud.

Lazar & Company provides expert-level options for organizations seeking bookkeeping, content marketing, and administrative support. To learn more about our virtual solutions, visit here.