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Cloud Accounting

Just Another Reason Why Your Accounting Should Be in the Cloud

There are multiple benefits to moving your accounting system to the cloud. Cloud software is making headway in the accounting world, and many industries are taking advantage of solutions like what FYIsoft provides.

Cloud software can provide faster period closes, easier consolidations, and 24/7 security from anywhere at any time.

Streamlining workflows, increasing data accuracy, reducing manual data entry, better collaboration among departments, and easier reporting are just a few more of the many benefits of cloud solutions.

The cloud driving Q2 growth for Google, Amazon, and Microsoft is just another reason why your accounting should be in the cloud. Cloud solutions have been a primary driver of revenue growth for companies like Amazon, Microsoft, and Alphabet (Google’s parent company), and revenue is expected to continue to grow.

Quick facts

  • Amazon is the current lead cloud computing provider
  • Microsoft comes in second in the market
  • Alphabet’s cloud business is behind both Amazon’s and Microsoft’s

According to Business Insider, artificial intelligence (AI) and machine learning (ML) will play a role in cloud computing processes in the future. Though the technology is still new, experts anticipate that AI and ML will shape cloud-based software solutions.

Leveraging AI and ML has allowed businesses to run complex computations remotely rather than utilizing local servers. This is anticipated to become a bigger draw as companies are faced with larger data sets.

In January 2017, software vendor SAP reported higher revenue in the Asia-Pacific region. SAP reported that its cloud and software revenue in this region climbed 9 percent and 5 percent, while cloud subscriptions grew 54 percent, and support revenue increased 48 percent.

The bottom line

Earning potential in the cloud computing market is huge. By developing software that rapidly evolves with the market, business customers can meet needs faster, cheaper, and more efficiently. Cloud software provides multiple benefits to users, including streamlining workflows, increasing data accuracy, reducing manual data entry, better collaboration among departments, and easier reporting.

What can FYIsoft do for you?

Contact FYIsoft today for your cloud accounting needs. FYIsoft develops the best financial reporting software available.

FYIsoft provides all the benefits of the cloud while also integrating with your general ledger and not compromising the security of your core financial data. Cloud software through FYIsoft provides faster period closes, easier consolidations, and 24/7 security from anywhere at any time. It also streamlines workflows, increases data accuracy, reduces manual data entry, allows for easier collaboration among departments, and simplifies reporting.

Set up a demo and see why 8,500 users rely on FYIsoft’s cloud financial reporting software.

accounting management finance marketing business concept

How the Cloud Allows Accounting Professionals to Grow

With such an emphasis on technology solutions in today’s accounting climate, accounting professionals’ roles are changing, largely due to the shift towards adopting cloud-based accounting software to handle traditional, manual accounting tasks. As our reliance on cloud-based solutions expands, accounting professionals’ roles are steadily adapting and evolving.

The current climate

Accounting firms are expected to work more efficiently than ever before. The rise of cloud accounting software has enabled accountants to work in new and interesting ways, including the ability for real-time, 24/7 collaboration with clients.

A study by AICPA found that 90 percent of CPAs believe that the delivery of digital business processes to clients will become imperative in the next five years. While this should not be surprising as technology continues to force all industries to evolve and reinvent the wheel, accounting—with all its complexities and intricacies—tends to be forgotten as one of the major fields being transformed by automated technology.

As the cloud is more and more relied upon as a source of automation of manual tasks, the demand increases for accountants to shift to advisory roles, as well as roles with much more focus on customer service.

Empowering and growing accounting professionals

By equipping accounting professionals with intuitive, easy-to-learn tools that enable them to complete their work without the costly and time-consuming intervention of IT staff, accounting professionals can be empowered in their modern roles. However, if the chosen software is too complex, the result will be lower adoption rates, decreased productivity, higher turnover, and the risk of revenue loss.

AccountingWeb suggests that cloud software will allow accounting professionals to perform daily tasks such as:

  • Setting up a shared folder for collaboration with clients
  • Sharing/granting access to documents
  • Accelerating onboarding processes with clients

By encouraging the use of cloud technology, accounting firms can afford to bring on new clients, increasing profit margins. Employee productivity also increases as the manual task load rests on the cloud-based solutions being implemented.

Moving forward

Solutions like those discussed above are an excellent start for any accounting firm, but deployment cannot come at the cost of security breaches or failure to comply with regulations.

While some accounting professionals will be affected by the shift towards automation, the accounting profession is on track to grow, allowing its workforce to increase its skills to manage more clients at a time and focus on strategic and advisory roles.

Cloud Accounting

How Cloud Accounting is Changing Accounting Professionals’ Jobs

As technology evolves, so does the accounting industry and the jobs within it. Cloud pioneer Xero found that a staggering amount of accountants—83 percent—believe that an understanding of technology is as important as knowledge of the trade of accounting itself.

Cloud-based accounting solutions are changing the role of accountants as well as changing the expectations in the finance field. The following developments are changing the ways in which accountants work, as well as how data is accessed, used, and analyzed—leading to a future iteration of accounting professionals.

Blockchain

Blockchain is a digital ledger of economic transactions; it is completely transparent and it is also impossible to hack. Blockchain automatically and instantly records a transaction that cannot be altered, and because the transaction is shared in the open, there is no requirement for a third-party to audit for accuracy. This is one way in which both the field and the professions within it are changing, as traditional auditors are being replaced by automated processes.

AI

Artificial intelligence (AI) has been buzzed about quite a bit and is predicted to make some professions obsolete—but what about accounting? Cloud-based solutions are heavily automation-based, reducing the time spent on manual processes as well as ensuring quality and accuracy of data. The result of this is accounting reporting that will be clear and accurate. Period-end closing will be quicker and less prone to errors, and accounting professionals can focus more of their efforts on strategy and analysis.

Customer service

By reducing the amount of time spent on certain accounting processes, accountants can take on more clients than ever before. With time freed up from automation, this could be a boon for accounting professionals, allowing them more time to catch up with current clients, and allowing them to be more available in an advisory capacity.

Tech experts

More and more, accounting professionals are being looked at as technology experts. With so many emerging software options on the market, many of them cloud-based, accountants need to be familiar and comfortable discussing a variety of options with clients. This goes beyond promoting a favorite product, but rather entails describing the various legal advantages and disadvantages of a number of different accounting solutions.

The bottom line

More and more, the role of the traditional accountant is being phased out, and replaced with expectations of a malleable, well-rounded, and tech-savvy financial professional. Today’s accountant must be malleable, well-rounded, and tech-savvy. By familiarizing themselves with cloud-based solutions, accountants can transition into a more strategic advisory role, allowing modern technology to do what it was designed to: automate the most manual and tedious processes of yesterday to make way for improved efficiency, cost reduction, and accuracy.

How Cloud Accounting Can Help Eliminate Waste and Improve Efficiencies

How Cloud Accounting Can Help Eliminate Waste and Improve Inefficiencies

Cloud-based accounting software companies like FYIsoft are gaining popularity in the marketplace. Accounting professionals are finding that cloud-based accounting services can eliminate waste and improve inefficiencies, making for cleaner, more accurate financial records as well as significant cost savings for the organizations using these services.

Among the many benefits of cloud-based accounting that help eliminate waste and improve inefficiencies are automation, error minimization, and the ability to collaborate 24/7.

Automation of manual accounting processes

Arguably one of the biggest draws to implement cloud-based accounting software is the automation of processes that were once tedious and time consuming. By automating tasks that were once manual, accounting professionals can spend more of their time strategizing and less of their time on frustrating manual workflows. Organizations can benefit from automation in many ways, including cost savings, improved quality of data, and enhanced decision making.

Error minimization and improved data accuracy

One of the other key benefits of automation is improved data accuracy. Manual data entry tools are highly susceptible to human error, especially when data is manually keyed in from one system to another, but cloud-based technology solutions eliminate the need to manually input data. Not only does this lack of manual data entry save time, it also increases the quality and accuracy of data.

Collaboration among departments

You don’t need clunky software installed on your machine in order to access your financials. With cloud-based accounting solutions, data is available 24/7 from virtually any device with an internet connection. This allows team members to collaborate efficiently across departments with the assurance that the data all teams are accessing is the most current and most accurate data available.

In addition to automation, more accurate data, and collaboration, cloud-based solutions from FYIsoft also offer: faster period close, easier and more efficient report generation, and ROI in as little as eight weeks.

The bottom line

Financial reports provide the data and insight from which all business decisions are made.

For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice. FYIsoft’s cloud-based accounting solutions offer these key benefits and many more.

FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.

FYIsoft cloud-based solutions also offer:

  • Multiple GL systems – FYIsoft standardizes data so you can integrate with as many GL systems as needed, saving weeks if not months of time.
  • Currency conversions – For multi-national companies, FYIsoft automates currency conversions, greatly simplifying the consolidation of global financials.
  • Multiple entities (companies, branches, divisions, franchises) – Companies that generate 100+ reports every month find huge relief with FYIsoft. Our software can slice and dice any distributions needed, giving you confidence that you’re delivering the right data to the right people.

 

Cloud Accounting

5 Benefits to Moving Your Accounting to the Cloud

As cloud-based accounting solutions emerge in the marketplace, more and more benefits are being realized for accounting firms and accounting professionals. Cloud-based solutions allow for faster, more efficient work to be completed, and the implementation of cloud technology also lends itself to growth for both individuals as well as within the industry.

Improves data accuracy and workflows

Cloud-based solutions tend to automate error-prone manual tasks, making for improved data quality and accuracy. While many traditional accounting systems relied on Microsoft Excel and similar programs for the housing and maintenance of data as well as complicated formulas, cloud-based services offer automation to pull data in from a variety of sources as well as accurately calculate complex formulas. Additionally, as cloud-based services are accessible from any device configured with an internet connection, data accessed by all users is always the most current and accurate.

Frees time to focus on advisory and strategic work

By reducing the amount of time accounting professionals must spend on tedious, manual tasks, accountants’ time is freed up to focus on more strategic work, including advisory services. Your staff can now be used at its full capacity, leaving the most time-consuming calculations to the computers. As individuals’ skill sets grow, so does the accounting team and company.

Decreases dependence on IT staff

Traditional accounting systems require a lot of upkeep. Software is installed locally on all users’ machines, and maintenance is provided by the organization’s IT team. On the contrary, cloud-based services are not stored or installed locally because they are web-based services. They can be accessed remotely from any device with an internet connection, meaning the IT staff is less burdened to support the software. Many cloud services provide support packages to users of the software, further relieving the organization’s IT team.

Increases productivity and profitability

By reducing the time spent on manual tasks, accounting professionals are able to increase productivity towards more strategic goals. And, by consistently accessing error-free reports, organizations are able to quickly analyze data to lead to increased revenue generation. Similarly, staff time is no longer devoted to hunting down manual errors in Excel formulas, reducing time waste across the board.

Reduces costs

The final benefit to moving your accounting to a cloud-based provider is cost reduction. Less resources are required to support cloud-based systems, meaning a cost savings in the areas of infrastructure and staff time. Additionally, cloud-based services lead to a world of financial reports absent of costly errors.

What FYIsoft can do for you

FYIsoft develops the best financial reporting software available. Integrated with your general ledger, FYIsoft provides all the benefits of the cloud, without compromising the security of your core financial data. By moving your accounting services to a cloud-based provider like FYIsoft, you can enjoy improved data accuracy, a focus on strategic and advisory roles, decreased dependence on IT, increased productivity and profitability, and a reduction in costs.

Reducing Financial Reporting Time

Why Reducing Financial Reporting Time Can Lead to an Increase in ROI

Reducing financial reporting time is one of the benefits of cloud-based accounting services such as those provided by FYIsoft.

Cloud accounting systems improve efficiency and productivity, as well as offering the ability to access data remotely, improving collaboration, and providing automation features. By reducing financial reporting time by improving processes, increasing collaboration, and automating certain tasks, organizations can see an increase in ROI.

Additionally, the fees to power cloud-based services are very often less than the cost of traditional accounting software. This is because space is not required to house the software or data—which means your IT team will need fewer servers and fewer hours spent on supporting and troubleshooting the software in-house.

A slow close

Many organizations are accustomed to slower closing processes than they’d like. With traditional accounting systems, many of the closing tasks to be completed are manual. Cloud-based services offer automation for many of these manual tasks, speeding up the closing process considerably.

Likewise, with the added ability to access data remotely, information is always at users’ fingertips regardless of whether they are in the office or not.

With a centralized hub of data that all employees are accessing, the data that is utilized for certain reports is always the most current and most accurate. Not having a centralized data hub can be extremely problematic when departments are using different numbers to generate their reports.

Why reducing financial reporting time leads to increased ROI

So if it takes less time and manpower to run reports and close the books, and the cost to run the software in the cloud is less than what it would take for your IT team to support it internally, then what can your employees be doing with their time instead?

By reducing the time it takes to run reports and close, team members can pour their efforts into business development, financial analysis, consulting services, and advisory services—ultimately leading to an increase in ROI. With simple accounting tasks being automated and simplified, there is less room for error and more time gifted back to employees to work on more pressing tasks.

How FYIsoft can help

Financial reports provide the data and insight from which all business decisions are made.

For today’s finance teams, it is crucial that those reports be accurate, easy to produce, and board-ready at a moment’s notice. The report applications found in most ERP systems just don’t cut it.

FYIsoft is committed to delivering the best available cloud financial reporting software, specifically designed to integrate with your GL system and dramatically improve reporting processes, even in the most complex financial environments.

By fulfilling these promises, FYIsoft can help your business’s accounting needs succeed by reducing the time spent on financial reporting so your team can focus on other revenue-generating efforts, ultimately leading to an increase in ROI.

Accounting Processes Cloud

Why More and More Accounting Processes are Moving to the Cloud

Many organizations are moving their accounting processes to the cloud, but to new users, the “cloud” can seem elusive and mysterious. The trend toward moving services to the cloud has certainly gained momentum and cloud-based service subscribers have increased rapidly, but what exactly is the cloud, and why are so many accounting processes moving to it?

The Cloud

The cloud is a system that allows you to save and access data remotely. You already use many cloud-based systems, but you may not even realize it. Common cloud systems that millions of users access daily include Dropbox, ShareFile, Google Apps, and Microsoft Office 365. To use these systems, you simply log in to your account. You have access to any and all of your saved data from any location—as long as you have an internet connection—including your laptop, iPad or tablet, or smartphone.

When using a cloud-based accounting system, your data is not saved locally on your own computer or server. Instead, it is stored on secure, remote servers, where it can’t be lost, stolen, deleted, or otherwise compromised.

For many organizations, cloud-based services make good business sense. Gone are the days of physical limitations to on-site infrastructure. Instead, processes can be streamlined and data can be saved remotely and securely—often much more cheaply as compared to traditional systems.

The benefits

Besides cost savings, there are many other benefits to cloud-based accounting systems. Some of the many benefits include:

  • Mobility

You can access your data anywhere, anytime, as long as you’re connected to the internet.

  • Easy collaboration

Everyone in your organization with sufficient privileges will be able to access real-time, current data. Gone are the days of working off different reports with different numbers!

  • Productivity and Efficiency

Once your organization is onboarded with cloud-based technology, you’ll notice significant increases in productivity and efficiency compared to older systems.

  • Revenue

With increased efficiency comes the opportunity for increased revenue. Staff can spend more of their valuable time on business development, consulting services, and other revenue-generating tasks.

  • Customization

Not all businesses work the same way or have the same processes, and cloud-based system providers like FYIsoft realize that. Customization is easier than ever with cloud-based tools.

Migrating to cloud-based services

With the many benefits associated with cloud-based accounting software, making the transition is a no-brainer. Still, it is a decision that should be well-researched and made carefully. Some concerns regarding the move to the cloud include privacy concerns, service availability, reputational risk, and cost. While there is risk involved with any business transition, when done correctly cloud systems will help your accounting team in myriad ways, making the benefits of migration well worth the risk.

Enterprise accounting software, FYIsoft, provides comprehensive cloud-based and on-premises financial reporting solutions. FYIsoft’s easy-to-use accounting analysis software solutions simplify even the most complex financial reporting demands by automating manual processes and enabling you to get the right information to the right people.

complex accounting software

Is the Complex Accounting Industry Pushing More Firms Towards the Cloud?

As an accounting professional, you know how even the most minute detail can affect the accuracy of your reporting. Add on layer upon layer of complex accounting practices, and it is easy to see why assuring that your reports are free of errors is of the utmost importance.

According to a survey by Capterra, 61 percent of users have locally installed accounting software rather than cloud-based software. But, 52 percent of users who had moved to the cloud saw a decrease in financial errors. And, as of the summer of 2015, 39 percent of businesses surveyed had begun using the online cloud version of their preferred accounting program—and that number is steadily increasing.

These numbers show that a mass exodus from traditional accounting software to the much-anticipated cloud-based future is already in progress. What’s driving the surge? According to Capterra, the most commonly cited reason for switching software packages is that their previous software didn’t have the right features.

To keep up with the wave of the future, accounting processes continue to become more and more complex. Is it this complexity that is pushing so many accounting firms towards the cloud?

The future of accounting

While most accounting professionals admit that the future is in the cloud, fewer are ready to make the leap. Migrating systems comes with risk, and the transition can be quite the undertaking. But, with statistics to support that accuracy improves with the use of cloud-based services, the cloud is rapidly gaining momentum.

Accounting tasks are tedious work, and with so much manual work and a reliance on spreadsheets to house that work, errors are bound to happen. One tiny error in one formula can snowball, and backtracking to find where the formula went wrong eats up a lot of hours of your best and brightest.

The tedium and complexities are arguably what is driving the wave toward cloud-based programs like those offered by FYIsoft. It is estimated that cloud programs will really take off within the next 5 years, but software companies like FYIsoft have beat the curve and started producing just the software that can reduce the time and complexity associated with accounting tasks.

FYIsoft and you

With over 8,500 finance professionals around the world relying on FYIsoft’s cloud financial reporting software, the company is quickly emerging as a leading force in the Financial Corporate Performance Management (FCPM) space. FYIsoft has the tools, team, and expertise to help your organization succeed with cloud technology. Don’t let accounting complexities slow you down—embrace the change and move forward with the cloud-based future.

 

Financial Cloud Reporting

Why Cloud Financial Reporting is the Future

Traditional methods of obtaining analytics have been historically problematic for employees in corporate finance. Fortunately, these methods are being replaced by a new wave of data acquisition and analysis: cloud-based reporting. Pain points with traditional reporting have included:

  • Data silos with frequent disagreement on the accuracy of data
  • Discrepancies with data requirements among teams
  • Dependence on IT staff
  • Rigid constraints with data formatting
  • Restrictions on report generation
  • Exhaustive amount of time, effort, and cost to maintain

Cloud reporting is essential to the future of data analytics, bringing real-time updates and improved usability to financial reports and the finance employees who use them. Cloud reporting is a comprehensive reporting option that streamlines the design, integration, and distribution of corporate financial information. Cloud reporting is such a boon for the finance industry because it is secure, it increases productivity, and it lowers costs.

Cloud reporting is secure

Cloud reporting is extremely secure, which is a necessity when working with classified information like corporate finances. Cloud reporting uses HTTPS encrypted transmissions and secures data with daily back-ups. The software is also securely monitored 24/7.

Cloud reporting increases productivity

Cloud reporting can also increase productivity, making the production of financial statements exceedingly quick. Cloud reporting can be instantly accessed from any device with an internet connection, meaning data is always at your fingertips. Cloud report users no longer require long hours to pull and analyze weekly, monthly, or annual reports.

Cloud reporting lowers costs

Cloud reporting also lowers costs by projecting accurate subscription costs that include support, maintenance, and upgrades. Additionally, cloud reporting often does not require upfront purchases of software licenses or IT infrastructure.

Cloud reporting from FYIsoft

FYIsoft (formerly Renovo Corporation) provides browser-based solutions that assist complex financial environments by enabling on-demand reporting. FYIsoft’s cloud-based solutions also easily integrate with virtually all general ledger systems.

ReportFYI is a cloud-based financial solution offered by FYIsoft. ReportFYI offers the following benefits:

  • Integrates with Excel and all major general ledger systems
  • Dynamically pulls in data from multiple sources and formats
  • Auditing component ensures general ledger accounts are not duplicated or missing
  • Permission controls secure user access to data, report components, and organizational trees
  • Reports use familiar concepts like rows, columns, and organizational trees
  • Centralized templates provide uniformly branded reports
  • Point-and-click access to summaries, account details, and transactional data
  • Automated bursting to schedule run times, formats, and recipients
  • Multi-company consolidations (different currencies, account numbers, and calendars)

The bottom line

Cloud reporting promises improvements that traditional, archaic data models cannot achieve. Cloud reporting offers real-time data sharing across organizations, ease of use, security, an increase in productivity, and lower costs. By decreasing dependence on IT staff and infrastructure, employees can be more efficient and accurate with their reporting needs.