Good to Great: How to Scale With an Outsourced CFO

Cloud accounting systems are changing the way businesses operate and manage their financial information. If you haven’t looked into upgrading your processes to include cloud accounting systems, you might want to consider the following eight benefits.

1. Speed

The automation inherent in cloud accounting systems speeds up routine tasks, and helps your employees cover more ground and process more data than ever before. Automating key processes can prevent duplication and other human errors, which saves time, effort and money in getting your financial data up-to-date and accurate. 

Cloud accounting systems are also constantly updated automatically installed software improvements and updates which happen behind the scenes, with little to no intervention required from you.

 

2. Security

The conventional ways of using business accounting systems can be vulnerable when it comes to security. Backup systems can be problematic with several versions of the same file, and storage for these can be expensive. Data can also be lost and unable to be recovered.

With cloud accounting, however, your data is constantly backed up and stored securely offsite. Even if you lose your IT hardware due to viruses, theft, accidents or obsolescence, all of your data will still be secured and accessible via your cloud system.

 

3. Scalability

Cloud accounting systems have the ability to scale and flex to meet the demands and requirements of a growing business.

With this scalability available, you don’t need to worry about transitioning to a more comprehensive accounting solution as the business expands. The system can also be adapted and modelled to provide all the services and functionality your business requires through integrations with other add-ons and software options.

 

4. Centralisation

Another important benefit of using cloud accounting systems is the centralisation and sharing capabilities of a cloud based file. With cloud accounting, you will only ever have one data file, so there’s no chance that you’ll have different departments or employees working within different versions of the same file. This allows for easy management of user access and login permissions, as well as ensuring everyone is looking at the same data.

It also allows for real time IT and problem solving assistance, as all parties involved can access the same file, as the same time and resolve the issue together.

5. Accuracy

Given the ability to automate most functions within cloud accounting software, things like human error are reduced and accuracy and efficiency are created through the use of repetitive invoice or journals templates or auto reversed accrual journals. 

Bank feeds provide comfort that everything that has been processed through the bank account, is also displayed and reconciled in your cloud accounting file, ensuring that nothing is missed or nothing is added that hasn’t actually occurred.

 

6. Accessibility

Cloud based accounting software is accessible 24/7, which many of you may not agree is a good thing! However, in the digital world we live in access to and the timing of, up-to-date financial information helps you make decisions on the go with data at your fingertips.  

Access can be from anywhere on any device, with browser capabilities. You can even access real-time analytics for greater depth of reporting and up-to-the-minute information.

 

7. Efficiency

Streamlining your processes and driving efficiency can improve your bottom line. Using a cloud accounting system is a simple way to increase your efficiency and help your employees to make the best use of their time.

 

8. Integration with Other Platforms

Integration with payroll, CRM and other critical tools is possible when you use a cloud-based accounting system. Your accounting software can be the cornerstone of a larger, more-expansive network of programs that help you to run many aspects of your business. 

Here’s one example: you could connect your cloud accounting system to software that creates reports for your sales pipeline, inventory system and cash flow forecasting.

To learn more about cloud accounting systems, or to speak with us about any other business issue, get in touch with us at Altus.