It’s no secret that technology has revolutionised the way we work over the past few decades. In many ways it has made the life of a startup far simpler as tech can help cut costs. Cloud technology cuts costs and allows for the autonomous and collaborative work that is essential to success.

We explore a few of the ways cloud technology can help new business thrive whilst cutting down costs.

1. Cloud accounting allows for real-time updates and fast decision-making.

It’s likely that as a startup you will be outsourcing your accounting. Working with cloud technology can make this process much simpler. 3 Wise Bears, freelancer and contractor accountants, can give customers ‘real time advice, analysis, forecasting and reporting’ through the use of programmes like FreeAgent and Xero.

These programmes allow you to access your accounts and real-time information on multiple devices. New businesses often need to be able to make smart decisions at the click of a finger – easy access to information allows businesses to do this.

2. Cloud technology has made remote work a viable option for most businesses.

Office space is more accessible. Gone are the days when companies had to shell out huge amounts for cramped office space. Colleagues can easily work as a team from locations across the world using collaborative technologies like Trello or Asana.

This flexible work ethic has helped to boost the popularity of the coworking space. Major office providers like Regus have started providing coworking space alongside smaller professional outfits like i2 Office. i2 Office alone have seen their facilities expand to 15 London locations and 14 nationwide locations in the last 5 years.

Such spaces can be great for when startups need to work together without committing to a lengthy lease. It can also help present a professional front if meeting with other companies and clients.

Related: How Your Business Should Harness the Power of the Cloud (for Maximum Productivity)

3. You can work on a global scale even if you’re a small business.

Cloud technology and remote working allows your business to pick from a much greater talent pool, you can employ somebody in Beijing whilst being based in Birmingham and expand your business globally. Small companies can now operate in several major cities thanks to cloud technology and communication options like Skype.

For example kooky augmented reality company Metaverse Makeovers operate in Hong Kong and Melbourne whilst keeping their team streamlined. Using WeChat, a free messaging and calling app, the company communicate within their ‘mobile office’ so that they can exhibit real-time designs from across the world.

4. Cloud-based services can help you save money on many fronts.

Most businesses choose cloud technology to lower cost of operation. Expenses like server maintenance, power and cooling costs, software licensing and upgrade and internal communication tools can significantly be reduced. You can scale up to meet increased demand and scale down during slower periods (e.g., remove users or use less storage space where necessary), saving your business money.

Of course the benefits of tech, particularly cloud-based tech, are manifold, but these examples are a great place to start. Startups can make quick, informed decisions, stay streamlined, work remotely and communicate with people from all over the world to keep the business expanding.

This post was submitted by a contributor. Check out our Contributor page for details about how you can share your ideas on starting a business, productivity or life hacks with our audience.