6 Key Benefits of Cloud Accounting/Financial to Know
Do you have any ideas of what a cloud accounting/financial system can do?
If your company still uses desktop software or spreadsheets for accounting, it may be time to consider upgrading to a cloud-based accounting system.
What is legacy/traditional (on-premise) accounting/financial software?
For centuries, accounting software has been run on-premise, meaning the software and database is stored on a local server that people within the organisation can access and manipulate inside the premise. Like many businesses, you’re probably suffering from the following if you are using legacy on-premise accounting software:
- Metrics based on unreliable data.
- Duplicative and manual processes.
- Lack of flexibility resulting in an inability to scale.
What are the 6 Benefits of Cloud Accounting/Financial Software Over On-Premise Accounting Software?
1. Single Data Source
True cloud accounting/financial system like what Oracle NetSuite provides, store all financial information in a single database, so everyone in the organization works from exactly the same information. There’s no more wasted time while teams try to figure out which version of a spreadsheet is correct. Every authorized ones can review a single, central, authoritative data set ensures consistency across all accounting processes and financial reports.
2. Planning and Budgeting
Planning and Budgeting function facilitates both company-wide and departmental planning with modeling capabilities, approval workflows and reporting within one collaborative scalable solution.
All financial data is stored online in a single database, team members can collaborate more easily. Neither multiple versions of the same file are needed anymore nor copy data onto thumb drives to share it with others. Employees can work together from anywhere.
Cloud-based accounting platforms can set automations in many accounting and banking tasks, to reduce manual work. For example, the software can automatically import sales order, bank and credit card transactions, produce recurring invoices, schedule regular financial reports, handle payments to the correct ledger, etc. It can also calculate discounts and taxes automatically.
5. Multi-Currency ManagementSays NetSuite ERP, its multi-currency management supports 190+ currencies and exchange rates enabling you to do business with both customers and vendors globally as well as a wide variety of payment options. It provides real-time currency conversion and financial consolidation for all your global operations. You can completely manage an international business by restating currencies and consolidating financial reporting across business units.
Primarily, cloud accounting software can better scale with a company’s growth. If you’re a startup with expansion plans, for example, you don’t want to be stuck with a system you’ll outgrow in a year. Comprehensive cloud-based accounting software can scale and flex to match your business needs; you can start with basic accounting functions and add features and users as your business grows.
Make the Move to Cloud Accounting
To ensure employees don’t skip steps in workflows, overlook details, repeat tasks unnecessarily or abandon tasks before completion, businesses need to establish standardised processes. Whether you’re a growing business or a global corporation, moving to a cloud-based accounting software system can increase efficiency and provide real-time visibility into financial performance.
NetSuite financial management software integrates with all NetSuite order management, inventory, CRM and ecommerce functions, providing a unified suite of ERP applications to run the entire business for all companies in all sizes and in all industries.
If you are leading a growing business, and are concerned that the pain and complexity imposed by an application hairball that is limiting your business, get in touch with us now. Let us listen to your pain points and we will design the best system for you to grow your business.