Is your business prepared for the reality of remote working?

Gartner has forecast that by the end of 2021 51% of Global Knowledge workers will be remote workers and that remote workers will represent over a third of all workers worldwide¹. Remote working might have been hastened by the global COVID-19 pandemic, but it is a trend that has become entrenched and is here to stay. The lasting impact of remote work has resulted in a reassessment of the IT infrastructure in every business and Gartner reports that businesses will be forced to bring forward digital business transformation plans by a least five years in order to adapt to a “post-COVID-19 world that involves permanently higher adoption of remote work and digital touchpoints”.

In this remote access world, businesses are rapidly adopting cloud-based accounting systems like Xero, Sage, DEXT, BCMTrac, Draftworx, and GreatSoft in order to manage their business’s finances. Not surprisingly, the global cloud accounting market share is projected to increase by up to $4.25 billion by 2023²as businesses embrace a wide range of benefits only cloud accounting can offer.

Real-time access anywhere

During 2020/21, real-time access became a business necessity rather than a nice-to-have. Cloud accounting technology allows you to access your accounts and financial data anytime, from anywhere. Unlike the old-fashioned desk-top-based systems that effectively tied you to the office, with cloud-based accounting, all your data and records are safely encrypted and stored on a cloud server. All your employees need to do is log in and work from their web browser wherever they have an internet connection. Rather than waiting until they are in the office, your finance team can approve payments and invoice customers whether they are travelling or working remotely.

Reduced IT costs

Desktop systems require 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. In addition, all your information is saved automatically, saving time and money on tedious backup procedures.

Improved quality control

Today’s businesses cannot afford the problems that inconsistent reporting or data errors cause. With cloud-based accounting, all data is stored in one place allowing your business to maintain consistency in data with a clear record of any revisions or updates.

Enhanced security

Reputable cloud accounting solutions like Xero, Sage, DEXT, 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.

Loss prevention

Desktop-based accounting software is vulnerable to multiple threats including theft, age-related hardware deterioration, fire, and viruses, all of which can result in massive data loss. In contrast, cloud-based services provide quick data recovery for all kinds of emergencies, from power outages to natural disasters.

Increased insight and collaboration

In the digital age, knowledge is power and data is money. Leading cloud-based accounting solutions allow you to easily build customised reports to analyse your information across your business. From these insights, you can construct a clearer picture of every aspect of your business’s finances, increase efficiencies and create action plans to meet your business goals. These insights are aided and enhanced by the improved collaboration that takes place with all employees using a single source of information rather than managing information in silos.

Take your business to the next level

The EA Group specialises in the very latest cloud-accounting solutions and our established reputation for service excellence ensures we can offer our clients a tailor-made cloud-accounting solution that meets their business objectives. For more information, contact us today.