Businesses 'can make more money by using cloud computing'

Things certainly seem to be looking up for companies across Australia, as recent studies showed that levels of corporate confidence are currently at their highest point since January 2012.

That said, new research has indicated that a lot of small and medium-sized enterprises are failing to maximise their earning potential.

According to software provider MYOB, firms that utilise cloud computing systems are 53 per cent more likely to see their profits increase than organisations that do not use the technology.

Sadly, four out of five companies that were surveyed said they did not currently have any cloud solutions in place.

Smaller companies are heavily reliant on business loans in order to help them expand, but MYOB chief executive officer Tim Reed believes such enterprises are doing themselves a disservice by failing to take advantage of modern technology.

"Four in five say they don't use the cloud for business. This is surprising given the prolific use of internet banking and email, to give straightforward examples," he remarked.

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