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How Accountants Can Take Full Advantage of Cloud-Based Accounting Software 

accounting

Written by Laura Schomaker

May 21, 2021

 

 

Cloud ERP solutions can have a transformational effect on both your business and your accounting department. More and more businesses have transitioned to the cloud and are leveraging holistic solutions such as cloud ERP. But outside of the recent need to be more flexible regarding remote work, what are the primary factors behind the shift to cloud-based accounting software 

 

Cloud Based Accounting Software Key Benefits 

Drive More Effective Business Insights via Reporting 

You may have already heard of the full audit trails available in cloud ERP solutions such as Acumatica, for example. Many of these solutions can even dial into industry-specific regulatory requirements. Consider this: Are you generating reports just to fulfill your regulatory reporting requirements? Instead of generating reports just to address your bare minimum requirements, cloud ERP allows you to to deliver in-depth insights that go far beyond basic compliance. In this way, your business office goes from checking boxes to driving high-level managerial decisions that affect the trajectory of a business.  

 

Automate and Enhance Productivity 

Accounting departments have long had a poor reputation for lagging behind the times in terms of technology. Everything from working in Excel sheets that don’t integrate with other solutions to manual entry makes business offices look as if they are slow and inept. The automation at the heart of cloud ERP can make a big difference to how accounting departments perform and how the rest of the company perceives them. When accounting is folded into a comprehensive ERP solution, processes are no longer misaligned from one department to the next. Your office productivity will skyrocket, as well as you automate tasks that were once manual. What are just some tasks you can automate with cloud ERP? You can automate: 

  • AP bill creation based on AR invoicing from the selling company 
  • repetitive tasks, including report generation and distribution 
  • imports from banks for the most up-to-date cash balance 
  • payment collection from customers 

And that’s just for starters. Folded within each of those is an array of additional automated tasks. For example, payment collection also involves automated customer notifications when credit cards expire and automated dunning letters for customers who are behind on payments. Imagine the work hours saved… and imagine how much more efficient your accounting department will be.  

Reduce Human Error 

An error in the accounting department is viewed differently than errors in other departments. The automation inherent in cloud based accounting software reduces the errors associated with manual entry. You will get data cohesion across departments and be able to track errors more efficiently if they happen. With a streamlined chart of accounts, you can ensure accuracy and drive better decision making at the C-level.  

Cloud based accounting software is positioned to make a big difference in the world of accounting and is the right choice for today’s accountants. How has it impacted you? Have you experienced resistance to it, or have you already taken the leap? Let us know about how you have used cloud ERP to transform your own accounting practice in the comments below.  

  

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