Automation and digitization are more than just trendy buzzwords – they epitomize the most transformative changes that a business can make in their approach to tackling daily operations. One such area where both words apply is accounting. Many of the tasks and processes involved in this important part of business are menial at best.
In the past, organizations had to allocate countless man-hours to carrying out these essential but time-consuming duties. The recent marriage between cloud technology and accounting software has almost completely eliminated this problem, facilitating astronomical leaps in productivity and data accuracy.
But how does this work? Is cloud-based accounting software really worth the investment? Take a look at these 5 reasons to switch to cloud-based accounting software and discover why it’s most definitely something your business should use.
Think about how easy it is to log into one of your social media accounts. You can do it at any time, in any location and from just about any device. Cloud-based accounting tools are no different. They eliminate the need to be in the office, allowing you and your staff to keep your business’s finances in check no matter when, where, or how.
Insights and Analytics
With the press of a button, you can use cloud-based accounting software to generate reports, graphs, charts and other useful insights into the financial health of your business. These analytics tools are highly customizable. Utilizing them can help you discover valuable information about how your business earns and spends its money.
Amid skyrocketing demand, the number of cloud-based software solutions continues to grow, pushing developers to do everything they can to offer a superior user experience for a lower price.
Today, the market is largely dominated by Xero and QuickBooks. While equally impressive, one might be more suitable for your business than the other. This detailed comparison on the PieSync blog will help you identify which cloud-based accounting tool you should use.
Piesync itself is another great example of what cloud solutions are capable of. The software serves as a platform through which you can integrate the applications you use at work and configure them to your preferences, saving you time, money and effort.
Thanks to the cloud, the days of manual data entry are long gone. Cloud-based accounting software is capable of pulling data from sources such as your bank accounts, before automatically compiling and storing the information. The number of tasks that cloud-based solutions can automate will only grow as AI and machine learning technologies improve.
Cloud-based accounting solutions are significantly more secure than traditional software. Not only is your sensitive information safer from criminals, it’s also safer from natural disasters, human error and other common causes of data loss. If a computer fails, or an employee accidentally deletes something, your files will remain available in the cloud.
These aren’t the only ways that cloud-based accounting software can benefit your business, but they are compelling reasons on their own. Making the switch today will help you gain a competitive edge that may otherwise be lost to your competitors.