Leveraging the power of the internet is nothing new in this day and age, but the forced shift to virtual work environments due to the COVID-19 pandemic has confirmed the need to be agile and able to adapt rapidly. Unfortunately, many businesses and nonprofits are still held back by disjointed, inefficient processes and cumbersome systems.
Now is the time to modernize your accounting system by honing the benefits of cloud-based solutions to work smarter than ever before. Below, we’ve outlined some of the key benefits of cloud systems for accounting activities.
Access at any time – Cloud-based systems can be accessed from desktop computers, smartphones and tablets, allowing flexibility to work from anywhere and monitor business operations effectively. Automated payables and receivables, payroll processing, ledger management and access to financial information are just a few of the many features that help businesses avoid disruption and successfully operate in a remote environment.
Cost reduction – Onsite systems, software and servers require significant costs to purchase, install and maintain. Cloud infrastructures dramatically reduce capex costs and provide real-time, accessible technical support and automatic updates. Most cloud solutions are scalable and subscription-based and allow organizations to customize applications by only purchasing features they need. Cloud-computing reduces organizational costs by decreasing downtime, providing multi-user access and eliminating the need for workarounds and manual processes.
Automation and integration – Cloud infrastructures allow for seamless transfer of data between other systems – including banks and credit card companies, donor databases and CRMs, payroll systems and expense management applications – increasing efficiency, accuracy and paperless document management. Automation and integration allow accountants to spend less time on transactional processing and more time on interpreting and reporting financial information.
Real-time information – Backward-looking financials are a thing of the past – leaders need real-time, relevant information to make timely decisions. Integrated cloud solutions provide enhanced reporting and analytics at the push of a button through dashboards and customized reporting. Most systems also provide dimensional structures to track departments, locations, programs, revenue streams and other metrics to find detailed answers fast.
Strengthened security – Security is top-of-mind for most financial leaders, regardless of the size of the business or industry sector. The cloud offers advanced security features that store and protect organizations’ data, providing an inherent disaster recovery option. Internally, most cloud platforms include role-based access, approval processes and audit trails, all of which strengthen the internal controls of the organization.
The time to make the shift to cloud-based accounting solutions is now and can be done virtually and incrementally. SST’s Client Accounting and Advisory Services (CAAS) team is focused on creating integrated cloud-based solutions and efficient processes to streamline organizations’ accounting functions. Contact us today to determine the best fit for your organization.
Thanks to SST Partner Emily Cook for providing the content for this blog post. Click here to learn more about Emily.