Why Now’s the Time to Move Your Accounting to the Cloud

1. Why Now’s the Time to Move Your Accounting to the Cloud Technology is changing the way we do things in big ways, but is your business keeping up? There are many reasons to take the plunge and adopt a cloud-based accounting solution if modernizing your business model, boosting revenue, and cutting costs are goals your company aspires to. Even financial reporting is moving to the cloud. How to know when it’s time to move to the cloud Manual processes take up much of your staff’s time. Automation is an attractive tool, and it will free up a lot of your staff’s time that they currently spend on manual processes, which lend themselves to errors and inaccurate data. Examples of manual processes that can be mitigated or even eliminated completely by the use of cloud-based accounting solutions are paper approvals, check signatures, and Excel-based financial reporting. Fraud and theft are looming threats. Legacy systems don’t always offer the same level of security and encryption that cloud-based solutions do. Modern cloud solutions allow a hierarchy of user roles that can be managed by administrators to ensure that staff members have the user settings most pertinent to their role. This can reduce the threat of fraud and theft. You’re over-reliant on Microsoft Excel. Excel can be an adequate tool in some accounting scenarios, but many businesses are better served by cloud-based solutions that address complex, multi-entity scenarios. Manual Excel spreadsheets are susceptible to faulty formulas and other errors, and can be an enormous time suck that makes less and less sense when cloud-based solutions offer automation and promises of data integrity. You’re having trouble staying compliant. Regulations change often, and if you’re using outdated accounting software, your system may not be compliant or may have a weak audit trail. Cloud-based accounting solutions have compliance updates built into the framework, making it easy to stay abreast of current regulatory law. On-premise server maintenance is weighing down your IT staff. Maintaining your own servers is costly and takes up valuable office real estate, not to mention requiring your IT staff’s attention. When switching to the cloud, you can promote cost savings by freeing up staff time and office space. Your office is embracing a remote work culture. Cloud-based solutions don’t require your staff to commute to a physical office each day because they can access the system on any device with an internet connection. This empowers your staff to work from home or while they are traveling for business. Legacy systems can’t provide that when they’re tied to a desktop computer at an office downtown.

2. FYIsoft is ready to move you to the cloud For these reasons and many more, it may be time for your business to consider the switch to cloud-based accounting. Schedule a brief demo today to see how FYIsoft can address these concerns and more by propelling you into the future.