Maximize Revenue, Minimize Costs with Cloud-based Accounting
New technology inevitably shapes the future of every industry. Accounting is no exception. One of the leading technological trends being talked about and adopted is cloud-based accounting. Has your firm embraced this?
Common obstacles faced by traditional desktop software are their limitations when storing and processing large files, transactions, and statements. Cloud Accounting: What Accountants Need to Know recently published an article in the Journal of Accountancy. The article states that these obstacles are being overcome using cloud solutions.
Organizations have begun to integrate cloud-based accounting software and have since highly regarded this trend as an effective and innovative way to channel their work. In fact, cloud-based accounting plays a vital role in optimizing data, achieving growth, and providing benchmark tools that drive greater insight. According to an article from the Chartered Professional Accountants of British Columbia (CPABC), Accounting Software Trends: Transitioning from the desktop to the cloud, this is a “win-win for the client and the vendor in terms of both cost and revenue.”
Cloud-based accounting software is an emerging financial technology trend in the accounting industry that provides flexibility and the opportunity to simplify the way tasks are performed. It offers effective collaboration and expands the workflow by optimizing efforts and generating meaningful results. To expand on this, here are the 5 major benefits that empower firms to achieve greater productivity:
- Collaboration – Work remotely and share information simultaneously under one large system of resources and data
- Permissions – Leverage built-in roles for easy rights management
- Automatic updates – Cloud software is less costly to upgrade than traditional software
- Flexibility - Customize workflows to work efficiently and productively
- Big Data - Tap into data from various sources and drive greater insights that can improve business structure
Let cloud-based accounting software redefine processes, simplify tasks, improve collaboration, and minimize overhead costs.
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