Cloud accounting is making waves in the accounting world, but are you fully aware of the benefits cloud-based systems bring to the table? Studies show that small businesses and those that are self-employed fear that they don’t know the best industry standards when it comes to accounting. With a little research, anyone can learn how cloud-based software can benefit their business.

What are the major benefits of cloud-based systems?

When an organization or individual has been using a certain accounting system for a long enough period of time, it may feel risky to switch over to a cloud-based solution. However, there are many benefits of making such a switch.

Cloud-based accounting solutions:

…can be accessed from anywhere

One of the biggest perks of cloud accounting is that it doesn’t require on-site software installation. In fact, anyone with a device with an internet connection can access the cloud via their web browser. The data is stored on remote servers rather than on-site servers. This makes accessibility even easier for the team players that regularly access this data.

…offer current data and updates in real time

Another excellent feature of cloud accounting solutions is that updates take place in real time. When a user accesses financial data through the cloud, all information is the most current, and all users, regardless of department or location, are seeing the same numbers. This eliminates the need for redundant reporting and also minimizes risk of error.

…help manage relationships

Business relationships are important, and the ability to look up pertinent account information at a moment’s notice certainly helps to maintain those relationships. If a vendor is wondering whether or not a bill has been paid, users of the cloud-based system can easily search for this information–rather than sending the request to another department or another staff member.

…save time

All in all, cloud accounting solutions help companies and individuals save time. Information is more accurate, reporting is quicker and easier, and accountants’ time is freed up for more strategic initiatives, like advisory services.

What can FYIsoft do for you

The accounting world is being positively impacted by cloud-based software, and FYIsoft is an industry leader in cloud-based accounting software. 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.