How cloud technology will affect Finance in the next 10 years

Cloud-based technology is expected to become more and more pervasive over the next decade. As businesses adapts to having constant access to information, expect to see a shift in the roles of Finance. 

Although the change has been slow, it’s also been steady: More businesses are starting to switch over to cloud computing. And finance departments should think about taking the lead, a recent study by Intuit advises.

Finance’s evolving future

Within the next 10 years, finance employees will be performing tasks on smartphones, tablets or other mobile devices thanks to cloud-based technology that will allow them to access data from any device.

And because more than one employee will be able to use information from the cloud at a time, multiple members of your finance team will be able to interact virtually on a “same data, same time” basis, sharing and working on data together, the study claims.

Overall, it should lead to sizable increases in productivity.

Of course, with employees using various mobile devices to work, your company will have to hammer out security policies. But it will be well worth it since employees will now have more flexibility in terms of when and where work can be done.

It’s not just your finance team that will benefit from the transition to cloud-based tech. Banks and other financial service companies like Payroll will most likely begin to offer a new variety of accounting and tax-related services, according to the survey.

It may mean having to start shopping around if your current financial institutions aren’t keeping up.