Last spring, the overwhelming uncertainty caused by COVID-19 led many businesses to put a hold on spending and prioritize survival over progress. As lessons from 2020 are fully realized, it’s time to move into a forward-looking strategy once again.
In the past year, the “old fashioned way” of doing business stopped working. Frustrations and obstacles that were once manageable boiled up to the surface. Many businesses transitioned to a fully-remote workplace, and others are still operating with only part of their workforce physically in the office. In crisis-response mode, organizations scrambled to keep business up and running and were hindered in their ability to look at the big picture and solve the big problems. These problems changed the way we think, live, and work. Some crisis necessities, like flexible work locations and reliance on more technology to support daily operations, are taking root for the long-term.
Some crisis necessities are taking root for the long-term.
For many organizations, software decisions are driven by both budget and timing. Even with improved options in the marketplace, organizations can feel stuck, relying on manual tasks and having limited access to the right resources while facing the fact that “it is what it is” until something significant changes.
The COVID-19 crisis catapulted technology adoption several years forward in a matter of months. It was never a question of if, but when cloud computing would take over as the mainstream choice, even for small and mid-sized businesses. Now, cloud technology plays a pivotal role in remote and hybrid work arrangements.
Cloud-based business technology allows for accessibility, safety, and accuracy across an organization, and it is an investment that paves the way for teams to remain competitive in an always-changing business landscape.
Moving to a cloud solution sounds great in theory, yet small to mid-sized companies have a harder time making the significant investment. Businesses that qualify for PPP loans may be able to use some of those funds to help alleviate the strain of adapting business operations during the loan’s covered period.
A cloud-based software upgrade could continue to provide value as you move into the next phase of recovery and beyond.
As a reminder, during the original PPP loan program, eligible expenses included salaries and benefits, rent, interest, and utilities. While these are clearly still high-priority expenses, new PPP provisions enacted as part of the Consolidated Appropriations Act of 2021 (CAA) (also called PPP-2) allow companies who qualify for the requirements issued by the federal government to use PPP funds for certain operation expenditures, including cloud technology such as Zoom, Amazon Cloud, and even financial management software, such as Sage Intacct.
If a cloud-based software upgrade fits your organization’s strategy to adapt to operational challenges during the pandemic, it could continue to provide value as you move into the next phase of recovery and beyond.
Unprecedented disruption has created many opportunities for businesses to re-evaluate their place in industry and how they will thrive, not just survive. Implementing cloud technologies is an important strategy to help small and mid-sized businesses recover and close the operations gap that has widened throughout the pandemic. With growing popularity and funding options for IT and cloud-based software updates, now may be the time to research and implement new tools that help your company become more agile.
P&N’s software selection team has more than 15 years of experience implementing cloud accounting solutions for businesses of all sizes. Contact us to learn more about how scalable cloud technology can help move your business out of crisis mode and prepare you to leverage future opportunities.