Cloud-based software has opened up a slew of opportunities for accountants, so it is no surprise that accountants are rapidly taking advantage of the cloud. Along with the gift of time, the cloud offers accountants a number of other benefits worth taking advantage of.
Why are accountants taking advantage of the cloud?
The gift of time
Cloud accounting software thrives on automation, which eliminates a lot of the manual data entry that accountants are so accustomed to. By reducing the amount of time spent entering data, accountants find themselves with much more time on their hands, time that can be better utilized for analysis, strategy, and advisory services. Additionally, this automation makes for faster period closes.
The accuracy and flexibility of reports
With the reduction of manual data entry comes an increase in accuracy. When data is housed in Excel spreadsheets, an error in one formula can lead to a laundry list of mistakes. With automation in the cloud, data is more accurate, and reports are more flexible and streamlined. Any updates to data are made in real time, meaning all users are always accessing the most current financial information. And, reports are automatically formatted correctly to your specifications, every time.
The accessibility
The traditional 9-5 is being replaced by a more mobile, more remote workplace. Traditional accounting software is installed on each individual’s desktop; however, cloud-based services are web-based, making them accessible from any device (whether it be a computer, tablet, or smartphone) with an internet connection. With 24/7 access, the accessibility factor is a huge boon for today’s accountants.
The security
Security is incredibly important when dealing with classified financial data, and the cloud stores information on secure, remote servers, protecting you from on-site security breaches. While some accountants don’t feel comfortable knowing that their data is stored elsewhere rather than within the company’s own infrastructure, the security of the data is not at an increased risk due to its location.
What FYIsoft can do for executives
FYIsoft is an industry leader in cloud-based accounting software and offers solutions that fulfill the busy executive’s needs. FYIsoft’s easy-to-use cloud solutions simplify even the most complex financial reporting demands by automating manual processes and enabling users to get the right information to the right people.
FYIsoft solutions help users with financial reporting, management reporting, financial consolidation, close management and reconciliation, report distribution, and more.
To start reaping the positive benefits of cloud software, including improved data accuracy, security, 24/7 access, automation, and improved communication, contact FYIsoft for a demo today.