The speed of business today requires an agility that only cloud computing can deliver. However, as with any new way of doing things, there remain holdouts.
Cloud computing has fundamentally changed the way we do business. Yet, some organizations still use the same processes that worked for them decades ago, slow to adapt due to what, fear of new technology? Perhaps. But perhaps more so it’s a general lack of real understanding surrounding what cloud computing is all about.
To any who remain unsure of the value of cloud accounting, here are some compelling ways that making the switch to the cloud improves how you do business.
Cloud accounting software works by storing all of your financial data on an external data server, typically maintained by a third-party software provider. Users access, input, and edit data all at this central location, and data are made available in real-time. Not only does this mean that you will never mistakenly work from out-of-date financials or inventory reports again, it means that you can collaboratively work alongside members of your team in tandem.
When a single source of truth exists, you never have to worry that you’re working from the wrong version of your financials, or that errors occurred as a result of version confusion. Once upon a time, it was possible to have one accounting professional update financial information in one location but have another accounting professional update different financial information from a different version.
The result of this process can be complex data sets that need manual merging or entirely redone. In addition to always having one copy of data and eliminating the confusion associated with multiple versions, your data is backed up automatically by your provider, which means you never have to worry about losing your work.
Access to real-time data that you can trust means you’ll always know the real position of your organization, which will afford you the ability to make the best possible decisions about where to take the business.
Modern cloud accounting software features many cost-saving integrations that will cut down on your accounting hours. The right accounting software should integrate with your banking system, support your inbound and outbound logistics as well as manage your sales pipeline, your merchant processor, and anything else related to the flow of cash through your business. Bid a not-so-fond farewell to all those hours your staff had to spend manually inputting financial data, and in so doing, save a whole lot of money on working hours.
Cloud accounting data is accessible from anywhere you have Internet access. The upshot of this is that you can make time-sensitive decisions from anyplace and be sure that you’re working with accurate data. Critical financial decisions can’t always wait for when you’re in the office, and who wants to be chained to a desk, anyway?
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A complete solution for organizations who need a simplified business management system, Sage Intacct integrates business intelligence (BI) tools, inventory management, supply chain management, customer relationship management, and mobile technologies.
With Sage Intacct, you get the insight you need to reduce costs, deliver value to your customers, and effectively manage growth – from automating processes, connecting employees, and gaining business insight when you need it.