Many small businesses are looking forward to migrating to cloud accounting software due to increased automation and accuracy as well as faster closes and speedier report generation. In fact, a recent survey reports that over half of small businesses and accounting professionals are optimistic about the economy, with the shift to cloud accounting software among the leading reasons for this optimism.
Because small businesses have fewer resources, cloud accounting software—which eases some of the burden of managing expenses, invoices, and employee time—is a boon for these companies. Process automation leads to more accurate data, and cloud-based software makes this data easily accessible from any device with an internet connection—no need for software installation or reliance on the IT department.
With automation leading to faster closes and easier-to-generate reports, employees can shift their focus from manual processes to strategic and advisory services, making your small business’s reach stretch further than ever before.
In spite of the well-documented benefits of cloud accounting software, some small businesses are leary of the cost to implement cloud-based software. Others cite security concerns. When asked to list hurdles that interfere with the success of small businesses, respondents reported managing employee expenses, cash flow, and compliance with government regulations.
Benefits of cloud accounting software for small businesses
Although some small businesses aren’t ready to make the plunge to adopt cloud accounting software, software like FYIsoft can provide the following benefits to small businesses:
- Fast, accurate, and actionable financial reporting
- The ability to remain proactive and competitive amidst changing business, market, and regulatory demands
- Providing management with useful data to make well-informed and timely decisions
- Ease of data consolidation from different sources, locations, and currencies
- 24/7 security
What can FYIsoft do for you
There are growing pains with any new software product or data migration. FYIsoft has 8,500 users and counting, and the team is ready to help upgrade your software, process, and workflow.
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.