Cloud-based financial software allows organizations to automate their business processes in addition to getting faster operational access to multiple documents and information from a device. From increasing simplicity and automation across all departments of a business, cloud-based financial software has long-lasting value.
The software is further hosted on a remote server and offers the organization the same capabilities as a SaaS-based business model. All you need is a stable internet connection, and you can simply access any document or share workflow within your team.
Today, major financial institutions implement the use of cloud-based financial software in order to simplify and accelerate their business management processes. While some make use of the on-premise software model, technological advancement has made a few others switch to the cloud-based system that ensures increased productivity, better mobility, and ease of use.
Now, this blog post will help you understand everything related to the cost of cloud-based financial software. In addition to this, we will be looking at multiple factors that affect the overall cost. Being a dedicated custom Fintech app development, our excellent insights into understanding the budget for the software will help you make better financial decisions and focus effectively on your ROI and how to make the purchase worthwhile.
But, before we dive into the details of the cost of the software, let us first help you understand a few benefits of investing in cloud-based financial software for your business.
Why should you invest in cloud-based financial software for your business?
According to a recent report, the global financial services software market is expected to witness a market share of $282.71 billion by 2031, thereby registering a CAGR of 9.2% from 2023 to 2031. Now, the overall growing market size of this software industry can help you understand how the demand for cloud-based financial software is gaining traction each day.
Here are a few benefits of the software that can help you comprehend its ongoing adherence and how it can optimize your business workflow:
- The software offers you an in-depth analysis of your total finances over the year while offering customized reports and other valuable inputs.
- Cloud-based financial software is more secure as compared to a local desktop-based data storage system, as the former routinely backs up the data on multiple servers, thereby eradicating the risks of data being stolen.
- The software allows you to access your data anywhere, anytime, thereby increasing operational efficiency and mobility.
- As the tasks are now automated, you can expect improved accuracy of the data accessed and maintain an error-free record of the information.
- From increasing productivity to getting the staff organized, the software is capable of helping you achieve your financial goals seamlessly.
Now that you have looked into various advantages of cloud-based financial software and how it can help you mitigate the risks involved in storing data and information in a physical form, let us move ahead and diss the major point of our discussion- the cost of cloud-based financial software.
To give you a brief idea, the overall cost of implementing cloud-based financial software for your business varies from $25,000 to $150,000. Several factors that further affect the overall cost of the software include the location of the software development agency, the complexity of the software, the hired team size, etc. So, let us move ahead and discuss these factors in detail below.
Factors Affecting the Cost of Cloud-Based Financial Software:
- Software Complexity
The overall complexity of the software directly impacts its cost. For instance, simple software with a minimum list of features will cost you less as compared to highly complex software with extensive features. Let us try and offer you a cost estimate of the software based on its complexity.
|Cloud-based financial software type||Estimated Cost||Time Frame|
|Simple||$25,000 to $60,000||3 to 6 months|
|Moderately Complex||$60,000 to $80,000||6 to 8 months|
|Highly Complex||$95,000 to $150,000||9+ months|
- Team Size
Now the hired team size for developing the cloud-based financial software also impacts its overall cost of development. For instance, you can choose between an in-house team and freelancers or outsource an organization for building your software. An in-house team rather requires a huge investment and management on your part, while hiring freelancers won’t offer you much productivity and professionalism. On the other hand, outsourcing a dedicated software development organization can help you offer the much-needed professional prowess in addition to an optimized budget.
- UI/UX Design of the Software
Now a seamless UI/UX design of the software further makes it easy to use for all the members of the organization. Now paving the way for a flawless software design further requires carrying out multiple testing procedures, which in turn directly impacts the cost.
- Location of the software development agency
Now, the location of the custom application development services organization you hire for developing your product also directly impacts its cost. For instance, the cost of developing software in Asia or Africa is comparatively less compared to the cost of developing software in the UK or the US. Here is the estimated hourly rate of software development per multiple regions of the world.
|Region||Hourly Rate of Development|
- Feature List
The features implemented in the software directly impact its overall success and how it will help in automating your tasks at hand. A well-defined feature list is capable of impacting software development costs directly. Make sure that your software has been implemented with an extensive feature list that will help you manage the processes effectively on a day-to-day basis.
We hope this blog is capable of helping you understand the cost of cloud-based financial software and the various factors that can affect it. Now, a dedicated finance software development company can help you put things into perspective and offer you well-defined financial software that can help automate your business processes. They can further help you decide the functionality and features required in the software as per your business requirements.