As the pandemic loosens its grip on the world, the shift to remote working only seems to be growing stronger, with many companies embracing a hybrid approach. A Pew Research Centre survey found that 54% of U.S. employees would prefer to continue working remotely and a McKinsey survey of corporate business leaders show that 38% of respondents believed that their employees should work remotely more than two days a week (compared to 22% before the pandemic).
But in order to do so, business systems and software need to facilitate this. The result is that more companies are embracing the value of leasing cloud-based accounting services like Sage and Xero to help them manage the financial side of their companies. Millions of subscribers across the world are investing in cloud-based accounting services to stay on top of their finances and deliver high-integrity accounting with a wide range of benefits.
Keep your finger on the pulse, even from home
Cloud accounting services give you a real-time view of your cash flow. This means that even if you are working from your home, you can log in and see an up-to-date view of your business’s financials. In addition, your bank feed links directly to your business accounts showing you all incoming and outgoing transactions as they are processed.
Real-time reduces errors
Cloud accounting services function directly off real-time data from your business. Direct feeds are set up from banks, software application and financial institutions, which means that as your data enters your cloud accounting platform, it is untouched by human hand. In addition, high levels of security and detection measures enable real-time tracking of who is accessing your data. If issues are detected, alerts are immediately raised.
Enhance security with multi-layered protection
Reputable cloud accounting solutions like Xero, Sage, BCMTrac, Draftworx and GreatSoft all use data encryption and multiple layers of security, replicating it in several online locations. Servers and data centres all have robust physical security controls as well as 24/7 monitoring and surveillance as well as undertaking regular data security audits and they constantly monitor systems to identify and manage threats.
Streamline processes
Cloud accounting services automate repetitive tasks to streamline your financial functions. You can email invoices directly from your cloud accounting platforms and see the transaction pulled straight into your books. Smart reconciliation tools simplify the reconciliation process by matching bank transactions with those you’ve entered into the software. In addition, machine learning to predict more matches the more you use this feature. It also has bank rules and cash-coding features to make the reconciliation process easier.
Make better business decisions
In order to make accurate business forecasts, you need detailed real-time reports. Cloud accounting services deliver interactive reports and budgets in real time enabling you to drill down in your figures and tailor reports and measure specific KPIs for your business. Many reports are customisable and allow you to change titles, rearrange columns, show a chart, set a date range and apply filters. In addition to printing reports, you can archive them or export them as PDF, Excel or Google Sheets files.
Reduced IT costs
Desktop systems requires an investment in IT hardware and regular maintenance and upgrades. Online accounting software has no costly IT infrastructure that your business needs to maintain. In addition, you won’t have to worry about purchasing expensive software upgrades but will always be using the latest version of your cloud-based software with automatic updates in the cloud. What’s more, all your information is saved automatically, saving time and money on tedious back-up procedures.
Put cloud accounting to work for your business today
As cloud accounting specialists, the EA Group can assist you in cloud-based accounting services to improve productivity, enhance your cash flow and grow your business. For more information, speak to our expert accounting team today.