Be it any business, small, medium to large, finance management plays a key role in driving overall business performance and success. Pen and paper are gone, Excel and Google spreadsheets are no more being widely used for accounting and bookkeeping tasks — then how are businesses managing the finance and accounting process?
It is various accounting solutions that are being used by companies to manage diverse financial tasks. Advanced accounting solutions are designed with proven business models and technologically enhanced tools that support business firms in increasing efficiency and accuracy in of every single accounting task. Moreover, it implements various measures that help in reducing overall operational costs and driving complete business performance.
Unlike traditions standard practice of bookkeeping and accounting, many of advanced financial solutions offer the cloud service. With the help of Internet-of-Things (IOT), accounting practice and standards have also unprecedentedly changed. Advanced accounting solution, for instance – VCA Finance, saves every single data pertaining to finance in the cloud.
Benefits of Implementing a Cloud-Based Accounting Solution
Cloud services have changed everything. With a set of benefits, cloud services have helped businesses across the world is growing substantially. Let us check — how cloud services have transformed the way businesses manage the financial process and other related activities.
1. Keeps Entire Financial Data Protected
Business organizations must implement accounting solutions that offer cloud services as it can ensure complete data security. With the cloud, advanced accounting solutions such as VCA Finance, Outright, and many others, companies do not have to bother about safeguarding the financial data. Data pertaining to diverse financial tasks such as managing cash-flow, reconciling bank transactions, generating invoices online to customers and suppliers, account payables and receivables, asset and payroll management and all other such tasks are integrated into one platform and saved in the cloud. With this, businesses do not have to fear any data-loss either. Moreover, when data, reports and other financial statements are saved in the cloud, it significantly supports Owners, Directors and finance executives in tax compilation and auditing.
Other than this, the cloud provides high security to entire financial data. For instance, if your laptop is stolen or it is destroyed in some accident, you do not have to worry about data loss. The cloud keeps entire data secured for you. Moreover, you don’t have to show entire data, in case you invite users to view your financial data. You can always have complete control on the limit of access being given to such users.
2. Cloud Saves Time and Money for the Company
Traditional accounting solutions required too many of software and hardware to be installed. Moreover, finding a transaction detail from the pile of files and papers took a lot of time. But as the data remains integrated into the cloud, business leaders can instantly get any data or financial statement whenever they need. With cloud services, businesses don’t even need to install software and run applications to maintain and manage finance related activities. And, these factors immensely help companies in saving much of the time and money.
3. Access Complete Financial Data Anytime Anywhere
The best thing about cloud services is that it helps in performing financial operations 24 x 7. With the data available on the cloud, Directors and Owners can have instant access to financial reports even when they are on the go. For instance, accounting solutions such as VCA Finance supports both mobile and desktop platform. It means Owners, as well as other finance team executives, can operate financial tasks such as receiving payments and generating invoices from anywhere and anytime through mobile phones and tablets.
4. Keeps Data Up-to-Date in Real-Time
Another great feature that cloud services consist of is that it records and reports real-time update on every single business transaction. Real-time status of financial data helps companies in multiple ways. Business leaders can have all the reports and statements updated, which proves imperative for business leaders as it supports them in quick and effective decision-making. Moreover, real-time data update prevents from any time-lag and ensures no transaction is missed-out from the records.
5. Gives Access to Stakeholders at the Same Time
Allowing access to authorized persons at the same time is another great way, the cloud helps businesses in establishing a smooth workflow. With traditional financial practices, accounting books were accessed by Owners and accountants or any other finance team member at different times. But with entire financial data saved on the cloud, various authorized stakeholders can view and have access to them at the same time, on their mobile phones and tablets anywhere and anytime. This plays a significant role in eliminating any sort of financial bottlenecks.
How Can the Cloud and Accounting Together Do Wonders?
When it is about managing business finance, Owners and Directors want every single transaction detail on their fingertips; They want to keep themselves updated in real-time; They want everything visible infant of their eyes. The cloud does exactly this.
Every single financial report can be pulled out, whenever required. Owners and Directors can keep themselves aware of the invoices generated and payments received. All these factors support the business leaders in taking effective decisions pertaining to overall business growth.
The complete financial process runs online through the cloud. With automatic updates, businesses do not have to bother about updating ledger books, the human workforce, thus, gets much time to perform in other core areas of the business. Even more, with the implementation of a cloud-based accounting solution businesses do not have to even bother about system upgradation, maintenance, server failures and other such operational tasks. Most importantly, the cloud makes everything visible and hence it becomes easy for the Owners and Directors to control the entire finance process.