Cloud Accounting

Cloud Based Software: How Technology Is Changing The Way We Do Business

June 25, 2015

Photo of different cloud tech

As an SME, it’s important to know all the facts when it comes to the “internet of things” and how technology is rapidly changing the way we live, lead, and do business. Simply look around at your work and home life and you’ll see how much cloud based software and technology has made our lives easier, more fun, and more organized.

Need an example? Just look at the evolution of how we enjoy music: Starting from the humble cassette tape, to the slick CD with its track-skipping abilities, to internet radio and cloud-based music apps that we can access anytime, anywhere, from any device. While the team here at Beanworks are all chuckling amongst themselves over 8-tracks and boomboxes stories from the “old days,” I’d like to take this opportunity to roll right into a conversation about how web-based accounting software is slowly but surely gaining popularity over manual, labor-intensive accounting processes.

Is Your Business Ready For Cloud Accounting?

If we were to go back to basics and examine the role of accounting in business, we would quickly determine that its core purpose is to help us:

1. Organize large amounts of information into one place

2. Gain powerful insights into the comings and goings of company resources through the presentation of this data.

As you can see, the role of accounting in business is an invaluable one. And, the future of accounting is in technology. Today’s online accounting software solutions have replaced — and automated — much of the manual grunt work in the data collection process. This frees up additional time and resources for management to not only improve the organization and presentation of this data, but to also make informed decisions based on this information all in real time.

The Basics Of Cloud Accounting?

Cloud accounting software — and all its myriad services and functions — are securely stored and accessible online. Businesses that choose to adopt cloud accounting software don’t have to worry about version upgrades, hardware issues, and data backups. Why? Because all these tasks are handled by the software vendor. In this sense, cloud accounting is an attractive option for small business owners who may not have a dedicated IT team to manage potentially complicated integration and trouble-shooting tasks.

What’s Driving The Adoption Of Cloud Accounting Software?

Innovative organizations and those growing SME’s that simply want more visibility into their accounting workflows will love that they can securely access the same data from remote locations 24/7. CFO’s and Controllers appreciate how cloud software empowers them in their bid to exact greater financial control over their operations in real time. Rather than waiting for year-end and engaging in a mad data entry scramble that could result in forced human errors, companies are now revelling in their ability to stay up-to-date with their accounts at all times. Cloud accounting software is flexible, highly scalable, and, in some ways, customizable depending on your needs. Are you ready to work in the cloud?

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