Accounting software has come a long way since the time when spreadsheets and manual data entry ruled the landscape. Today’s automated accounting cloud software can facilitate remote accounting teams just as well as those in the office. Cloud-based solutions ramp up effective collaboration, allowing a team to easily work on tasks together in real time.
Let’s take a deeper look at some of the top benefits of using this kind of advanced accounting software.
1. Improves operational efficiencies
Rather than having to sort through boxes and boxes of paper files for the right document, accounting professionals can use advanced software to find what they need in one central location. They can search terms or phrases to bring up the right document in seconds.
Accounting technology can also boost communication within your teams. The accounts receivable and accounts payable teams can collaborate within the same application to make more timely, informed decisions. Your team can even work together if some are out of the office.
When the pandemic hit in 2020, many offices were shaken by having to move their operations to remote work. But cloud-based accounting software is built to be accessed from any device, so work-from-home or remote accounting situations don’t even begin to slow you down.
2. Decreases manual tasks
Increasingly, today’s accounting technology utilizes automation. Accounting software can automatically generate financial statements and invoices. It can instantly flow changes to all linked documents during the review process. You can also communicate with your team and clients in real time rather than having to schedule meetings or send emails to maintain communication.
By cutting out these tedious manual tasks, your team can focus on more hands-on matters. It can help save hundreds of hours of time throughout the year — time that staff can use to focus on higher-level tasks like client advisory services.
3. Provides insightful analytics
Modern accounting software can automatically generate engaging data visualizations to share valuable insights with executives. By keeping your accounting information in one central location, it can compile data and measure key performance metrics.
These data analytics can help inform your decision-making process and allow you to make better decisions going forward. The data may show certain business practices that lead to frequently going above budget, as well as some elements of the business that bring in significant cash flow. By looking at these insights, executives can decide where to invest their time, effort and human resources in the future.
This can be especially helpful for managerial accounting, in which financial statements are created to help the business make financial decisions going forward.
4. Ensures compliance with accounting standards
Adherence to Generally Accepted Accounting Principles (GAAP) is important for any accounting practice, but doing so can also be an overwhelming process. In the U.S., these standards are set by the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) and, as in other countries, frequently change with the times. Then there’s compliance with federal and state regulations regarding tax returns.
Modern accounting technology is often built with compliance in mind. Live cloud software ensures you stay updated on any GAAP or other relevant regulation changes wherever you are located around the world. You will be notified of anything that isn’t compliant, and your team can easily rectify the situation before making official financial reports.
Bolster your practice with Caseware Cloud
Once you’ve determined all the benefits of accounting technology, the next matter is finding the right accounting software for your business.
Caseware offers cloud software with strong, encrypted permissions so your clients’ sensitive financial documents stay secure. Caseware is built for teamwork, allowing for real-time collaboration with the rest of the accounting team and with your clients. Everything is stored in a central database for easy organization and review, and with automation, you can cut the manual drudgery out of your workflow. Contact Caseware today to learn more about our offerings or to schedule a demo.