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Is Technology One of the Biggest Challenges for Accountants?

Technology disruption is a buzzword across industries right now–especially in the accounting realm. Yet a recent survey cited by Pymnts.com shows that accountants understand technology disruption as a major challenge but very few are actually addressing it.

The numbers

Workflow management is an area of specific concern, yet 43 percent of respondents do not yet use workflow management software. Additional tech concerns for small businesses are the rates in which they are adopting new technology, with only 33 percent of sole practitioners and 26 percent of small firms having updated their tax software in the past 5 years.

Even more telling, only 12 percent of sole practitioners consider themselves “very likely” to embrace cloud-based accounting; the number climbs to 33 percent for accounting firms with over 11 or more partners. While a sizable chunk (nearly 30 percent) report that their technology and training budgets exceed 3 percent of their annual revenue, 25 percent reported having no budget for technology and training at all.

The reasons

While it is unclear on a holistic level why accountants are seemingly not prioritizing technology training in an environment that is gearing up for disruption, there are a few possibilities. Among them: cost and fear.

Implementing new technology is a costly and time consuming endeavor. While the overall cost of implementing and maintaining cloud software provides a significant decrease in IT and infrastructure costs, there are upfront costs associated with making the switch. For companies without robust budgets, it may not seem cost-effective to scrap a system that still works in favor of a new, riskier system–even if it will save money in the long run.

And that brings us to fear. Cloud accounting software isn’t “new,” but it hasn’t been around long enough to prove itself–from some accountants’ perspectives, anyway. Before jumping head first, decision makers want to be sure they are making a sound investment with demonstrable ROI.

Many accountants are naturally inclined to risk aversion, which could explain why technology is less widely embraced in this industry compared to others.

The bottom line

One thing is clear: staying safe and adhering to your comfort zone isn’t going to give your business the edge in this market. A step towards embracing new technology could be the saving grace for your organization or firm as traditional accountants are losing their appeal. To stay relevant in the industry, embracing and learning technology is just as important as capitalizing on strategic and advisory services that can be provided as value-adds to loyal customers.

FYIsoft can help get you there

Technology disruption is coming. Don’t be on the wrong side of it. Contact FYIsoft today to learn how a move to the cloud can benefit you.

Accountants Are Adjusting to the Changes in the Industry

Since the mid-1980s, accountants have relied heavily on spreadsheets–a technology that was never intended nor designed for the complicated multi-entity work common in accounting today. As technology evolves, so does the accounting and finance industry, and with the advent of automation and artificial intelligence (AI), accountants are gearing to adjust to a changing industry.

While some have warned that automation and AI will lead to the end of accounting as we know it, savvy accountants know that embracing the changing tide and allowing the industry to undergo this seachange will leave opportunity aplenty–as long as they remain as versatile and open to change as the industry.

How accountants must adjust

Remaining relevant in today’s accounting sphere requires adaptability. Crunching numbers in Excel spreadsheets and otherwise completing tasks in the same manner and cadence as before will not propel future-thinking accountants forward. Instead, embracing technology and capitalizing on strategic and advisory services is necessary.

Where do you stand?

According to AccountingWeb, people can be divided into five segments based on how willing they are to adopt new, innovative technology: innovators, early adopters, early majorities, late majorities, and laggards. Innovators and early adopters only comprise 16 percent of the population, but they highly influence the next subgroups: the early and late majorities. The graph follows a bell curve, with the final 16 percent being laggards. Laggards refuse to adopt new technologies until their existing, tried and true technologies are no longer available.

Adopt cloud technology

Don’t fear automation: you will not be replaced by robots if you can learn to work with advanced technology. Technology can never replace the human component of processing, analyzing, and strategizing–but it can buy you time to do those things. In the past, manual number crunching and hunting for errors was a necessary evil of the job. Now, by implementing cloud-based technology, much of the bulk of your hours of work can be automated. This frees your time and mind to sit with the data and reflect upon it. And this leads to better, stronger business decisions.

Learn

We’re never done learning. As technology changes, it is imperative that you keep up with the change. There are courses, webinars, and even networking opportunities to connect with the latest technology–and its users.

Consider FYIsoft

FYIsoft can help you propel your business forward. Stay relevant by embracing this tectonic shift and stay on the right side of accounting so you don’t lose credibility as your competitors capitalize on new technology. Contact FYIsoft today to learn how a move to the cloud can benefit you.

Is Your Period Close Time Exhausting? Tips On How to Reduce the Crazy

Closing the books is a stressful process for any organization, and added pressure often comes from the executive team to close the books as quickly–and accurately–as possible. Fortunately there are some ways to reduce the chaos and craziness of the period close, such as adopting a “continuous accounting” model and implementing a cloud-based solution.

Adopt a “continuous accounting” model

By working some of the tasks of a period close into your staff’s daily accounting activities, the period close can be in turn speedier and more efficient. Working reconciliations into daily activities can not only speed up your next period close, but can also enable real-time reporting which allows for faster, better business decisions. Your executive team will surely appreciate the added bonus of accurate and timely reports available at a moment’s notice.

Utilize a cloud-based approach

Continuous accounting is made easier by the implementation and use of a cloud-based accounting solution. When all teams can access the same system and data, the period close is made that much easier. Automation of many processes can be added to the daily accounting workload, meaning your accounting team will spend far less time crunching numbers during the period close. Easy browser-based solutions mean your team, regardless of location or time zone, can access data and reports on the go at just a click of a button.

FYIsoft helps reduce the crazy

Implementation of FYIsoft’s financial reporting software can help your period close be the fastest and most efficient it can possibly be.

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. That is FYIsoft’s focus.

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.

Among many other benefits, FYIsoft can cut down the chaos of your period close. FYIsoft customers routinely see 2-5 days–and up to 10+ days–cut off their period close processes, which affords accounting staff time and energy for strategy, advisory services, and business growth.

Request a demo today and learn how FYIsoft can help your period close run as smoothly as possible.

The Awesome Benefits to Cloud Accounting

As an accounting professional, you want your ship to run smoothly. You have increasing demands from other departments to close the books fast and provide accurate, timely reports to the executive board, and you want your staff to focus their time on the most important tasks.

Cloud accounting software provides multiple benefits to the businesses that implement it. Cloud solutions are truly the way of the future, and by onboarding now, your business can start to reap the many benefits for a stronger, more profitable business in the future. Start appeasing your executive board today through the implementation of a cloud-based accounting solution.

Benefits of cloud accounting for your business

The many benefits of cloud-based solutions include:

Faster Period Close

Customers utilizing cloud-based software can cut days off their period close processes–time your staff can now spend on more value-added activities like strategic and advisory services. Spend valuable staff time on growing the business, not fixing errors caused by broken processes.

Easier Report Generation

Component-based cloud architecture simplifies consolidations, even for complex multi-company entities.

Efficient Report Distribution

Secure, web-based distribution process ensures you get the right data to the right people, whenever they need it.

MobileAccess

Access to financial reports 24/7, through any device with an internet connection, ensures you’re always ready with accurate, reliable data.

Data Integrity

With cloud reports, users can drill down and analyze their own expenses without the ability to change the data.

ROI Within Weeks

A low total cost of ownership, combined with increases in productivity, will deliver ROI in as little as eight weeks.

Other benefits

Users can also enjoy automation, enhanced security, real-time reporting, and low costs. Because data is stored on the cloud rather than locally, your company can save money not just on equipment but also on IT staff time. And, data is far more secure and far less vulnerable to cyber attack or physical theft.

FYIsoft provides awesome benefits to your business

At FYIsoft, we focus on one thing: developing 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.

Our easy to use, cloud 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, exactly when they need it.

Request a demo today and learn how FYIsoft can help your business succeed.

Top Five Reasons to Upgrade to FYIsoft Version 7.0 NOW

FYIsoft helps your accounting team look good every time by focusing on developing the best financial reporting software available. Integrating with your general ledger, FYIsoft provides all the benefits of the cloud without compromising the security of your core financial data.

With FYIsoft, you’ll enjoy:

A faster period close, saving up to five days and allowing more time for analysis
Easier consolidations, even for complex multi-company entities
Streamlined, accurate report distributions – automatically formatted every time
Secure, 24/7 access to transactional data, from anywhere, anytime

Here are the top five reasons to upgrade to FYIsoft version 7.0:

Save Hours of Time

The reporting process is perhaps the most undervalued of all accounting tasks, but FYIsoft knows the truth: you invest hours of time creating and ensuring all your reports are accurate and timely – in fact, your career depends on it. Version 7.0 is all about saving time with less clicks, faster run times, and features like advanced copy/paste and search functions.

Increase Productivity

Because software should never remain complacent, FYIsoft is continually working to make your job easier. FYIsoft has given its database processing engine a tune-up and modified its report generation service. FYIsoft’s latest release will bring increased efficiency with improved report performance.

Reveal a Better YOU!

Better software means better functionality – which means you can create better reports. Don’t get left behind with outdated software. Let your inner-superstar shine with the ability to create faster reports and get them to the right people, without missing a deadline!

Up Your Game with Advanced Analysis

Version 7.0 includes powerful drill down capabilities. With just a click you can do a deep dive into any transaction, viewing the journal entries and scanned documents. You also have the ability to add on FYIsoft’s newest product, FYIAnalytics, which will basically put your analytical skills on steroids with data visualization to easily spot trends and variances. So as they’re firing off all those questions, you’ll be ready for anything.

Evaluate the Cloud

If you haven’t yet moved to the cloud, FYIsoft gives you a great first look – without rushing into big software investments. You can move your reporting software to the cloud, without the costs of replacing your entire ERP. And when you’re ready for all the benefits of the cloud, you won’t have to change your reporting software.

See more benefits and request a demo to implement FYIsoft version 7.0 today.

The Power of FYIsoft’s Financial Analytics Software

Pulling accurate and timely analytics is of key importance to finance executives. It is imperative that reports be accurate and trustworthy, and that they can be run at the click of a button to appease executives. Fortunately, FYIsoft has a solution: FYIAnalytics.

Finance professionals know that with the advent of FYIAnalytics, FYIsoft continues as a force to be reckoned with in the industry. FYIAnalytics complements FYIsoft’s core financial reporting solution, providing CFOs and finance leaders with the ability to visualize data through interactive dashboards, closely monitor trends, and easily run “what if” scenarios instantly.

Because FYIsoft provides cloud-based software, FYIAnalytics is secure and accessible 24/7 from any device with an internet connection. All users can access the same data and reports (pending specific user permissions), meaning the data is always current–which is not always the case with organizations depend on manual solutions like Excel.

Among other things, FYIAnalytics provides:

Easy on-demand analysis of data that always ties back to financial statements
Customizable data visualization tools, including dashboards focused on the KPIs and trends most important to finance executives
Flexibility to easily slice and dice data any way needed
Dynamic charts and graphics that are easily manipulated
Interactive financial presentations, making it easy to run “what if” scenarios at the click of a button

FYIsoft products also provide finance executives with:

Reliability
Accuracy
Ease
Relevance
Speed

Data is pulled directly from the GL without the risk of manual error. Revisions and updates are immediate with just a click of a button. Dashboards reflect the metrics most important to your business. And, real-time reporting is a breeze–even during spur of the moment meetings! This makes FYIAnalytics an excellent choice for finance teams.

FYIsoft can help

While excel-based analytics remain a viable option for small businesses, Excel was never designed to handle the complex needs of today’s financial professionals. As finance needs evolve, so does an organization’s software needs. FYIsoft’s FYIAnalytics is an affordable complement to the other FYIsoft cloud reporting products. Reporting and analytics have never been easier!

FYIAnalytics can have you prepared for anything. You’ll have the tools you need to proactively communicate strategic business insights and be ready with the financial intelligence needed to answer any question that comes your way.

Request a demo today and learn how FYIsoft can help your business succeed. Never question your reporting or analytics again by implementing FYIsoft’s suite of products.

FYIsoft’s 3 Accounting Reseller Partnerships That Can Help YOU Grow

FYIsoft brings three exciting accounting reseller partnerships to the table that can help your business grow. Read on to learn about the benefits of becoming a strategic partner, alliance partner, and referral partner.

Strategic Partners

Strategic partners become certified to sell, implement, and support FYIsoft products. Full support, a partner portal rich in resources, and an attractive revenue share model ensure sustainable success. Strategic partners gain:

Expertise in financial reporting through FYIsoft’s certification program.
Full support and access to FYIsoft’s partner portal and demo sites.
Generous revenue share on closed deals, along with the ability to drive unlimited revenue through professional services such as consulting, implementation, training, support, and report creation.
A competitive edge that strengthens customer loyalty and provides sustainable growth opportunities.

Alliance Partners

Alliance partners market and sell FYIsoft products to their customers and prospects. FYIsoft works closely with our alliance partners to uncover opportunities and cultivate new deals together. Alliance partners gain:

Support throughout the sales process.
Access to FYIsoft’s marketing materials to help increase brand awareness and the sales pipeline.
Attractive revenue share from closed deals.
The ability to further penetrate larger accounts by offering a best-in-class financial reporting solution that nearly every growing company needs.

Referral Partners

Referral partners assist with lead referral introductions and relationship development while FYIsoft provides the expertise on our products and technology. Referral partners gain:

Reliance on FYIsoft’s sales professionals to close the deals.
Revenue through commissions on closed deals.
Loyalty from clients who will appreciate your advice and referral to FYIsoft for a powerful financial reporting solution.

Accounting Partnership Benefits

No matter which partnership option you choose, the benefits of partnership are numerous.

Superior Product

Provide clients with superior financial reporting capabilities that will positively impact their bottom-line. FYIsoft is proven to save 10+ days during an otherwise-stressful financial close time. How much could that be worth to your clients?

Flexible Growth

FYIsoft was designed to integrate with any GL, which means that as a reseller, your business can thrive no matter which GL(s) you represent and with a single reporting engine, you’ll have more time to offer wrap-around services if desired.

Cloud Software

When clients may be reluctant to move to the cloud, FYIsoft is a low cost/low risk entry. We integrate with existing GLs (including on-premise) and deliver all the benefits of the cloud – without replacing your client’s core system or forcing costly upgrades.

Partner with FYIsoft today

Complete the request form and a member of our partner team will show you how your company can benefit from a partnership with FYIsoft. Together we can help your clients dramatically speed their financial close processes with stronger reporting capabilities.

Are You Missing Life Events Due to Stressful Financial Closes?

Accountants know that financial closes are stressful and time consuming as is, but with added pressure from the executive team, the financial close can become a hellish landscape.

The majority of accountants must trade in vacation or family time during financial close time, missing important life moments like family weddings, little leagues games, dance recitals, and more.

You don’t have to be one of them.

Stop missing life events and regain a work/life balance

FYIsoft has helped its customers get their lives back. One is quoted as saying: “We have locations in many states. If we did not have FYIsoft, life would be miserable.”

With FYIsoft’s cloud-based accounting software, you’ll get:

Easy multi-company or multi-location consolidations
Simple report setup with an intuitive ‘building block’ approach
Perfectly formatted, board-ready reports
Automated report distribution, guaranteed to get the right data to the right people with just a click of a button
Powerful drilldown capability so users can analyze their statements and answer their own questions
Built-in multi-currency conversions
Anywhere/anytime access so reports can be shared and viewed on-demand

Nearly 90% of finance professionals work overtime during financial close–and much of this time is spent scrubbing data, running reports, formatting reports, and then manually distributing them via email.

FYIsoft knows that these processes can be taken care of through the click of a button.

Much of the reporting process can be automated, and secure, 24/7 access via any device with an internet connection means that executives can run the reports locally. The data any user accesses will always be the most current, and security permissions and parameters can be set to protect the integrity of your data.

FYIsoft customers boast of financial closes that consistently save 10+ days–putting time back on customers’ calendars. Now you have time to manage new responsibilities in your role, as well as participate in your personal life again to maintain a stronger work/life balance than accountants ever thought possible.

FYIsoft can help

Accountants are expected to produce accurate reports at a moment’s notice, and those reports can involve multiple entities, general ledger systems, account codes, locations, and currencies. It can be painful. But at FYIsoft, financial reporting software is the focus. With a simple integration into your GL, FYIsoft is a powerful add-on that delivers faster, easier, and more accurate financial reporting–giving you time back and lightening your mood to boot.

Request a demo today and learn how FYIsoft can help you regain control of your life, both at work and at home.

Looking For a Faster Financial Close? How Does An Extra 10 Days Sound?

Accountants and finance professionals can unanimously agree that a faster financial close is the ultimate goal. And with FYIsoft, businesses consistently report saving 10+ days with their financial close.

Rather than running reports, formatting reports, and manually distributing them through email, FYIsoft automates much of the financial close process, freeing up time to analyze, strategize, and implement best practices to impress and maintain your clientbase.

What is FYIsoft

Founded in 2012, FYIsoft is focused on simplifying even the most complex financial environments with innovative software designed to enable fast, accurate, perfectly formatted financial reports–accessible 24/7 wherever, whenever business needs dictate.

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’s solutions can be deployed directly or through strategic partners and include an innovative financial report writer, a flexible general ledger integration tool, and a currency translation module for multi-national companies.

The talented team behind FYIsoft has decades of experience in areas including enterprise resource planning, finance and accounting, and information technology.

FYIsoft software and the cloud

The report applications found in most ERP systems just don’t cut it. That is FYIsoft’s focus.

Cloud-based systems like FYIsoft introduce automation, user-friendly interfaces, and impressive tools–making modern accounting faster than ever; perfect for the tight deadlines your executive team imposes.

FYIsoft for a faster financial close

With FYIsoft, your business gets:

Easy multi-company or multi-location consolidations
Simple report setup with an intuitive ‘building block’ approach
Perfectly formatted, board-ready reports
Automated report distribution, guaranteed to get the right data to the right people with just a click of a button
Powerful drilldown capability so users can analyze their statements and answer their own questions
Built-in multi-currency conversions
Anywhere/anytime access so reports can be shared and viewed on-demand

Request a demo today and learn how FYIsoft can cut 10+ days off your next period close.

Looking for an Accounting Partner With Many GL Connections?

FYIsoft’s partner program helps your business simplify reporting and cut 10+ days off your financial close period.

With all the complexities of today’s accounting environments, arguably the most important feature is reporting. The ability to quickly create accurate financial statements and distribute them to the right people is a key success factor for any finance executive.

But, as an accounting professional, you realize that many accountants in the industry still rely on Excel or limited features found in other report writers. Through a reseller or ISV partnership with FYIsoft, you can transform the way your clients create and distribute financial reports, saving them days or weeks during every close.

One partner, multiple GLs

One of the many benefits of working with FYIsoft is that FYIsoft supports a multitude of GL systems. For your business, this means that you (or your clients) can rely on the power of FYIsoft’s cloud financial reporting software no matter which GL or ERP you represent.

FYIsoft’s growing list of GL integrations includes: Acumatica, Apprise, Ellucian, Flexi, Microsoft, NetSuite, Plex, Sage, and many more. And, the list is growing.

FYIsoft’s partner programs are designed around partner profitability, ease of doing business, and FYIsoft’s ability to assist partners with uncovering opportunities to cultivate new deals. FYIsoft’s programs include training, technical support, sales and marketing tools, and a range of benefits relevant to each partnership level.

ISV/Technology partners

Independent software vendors provide technology such as GL or ERP systems that directly integrate with FYIsoft. ISVs may also offer extensions to complementary technology that enhances our financial reporting software and adds value to their clients.

Value-added resellers

Value-added resellers and distributors bring FYIsoft to their customer base, with the ability to drive additional revenue through implementation, training and ongoing support. Multiple program options are available based upon your desired commitment and reward.

What a partnership with FYIsoft means to you

FYIsoft is committed to providing mutually beneficial partnership opportunities that will grow both of our businesses. You’ll experience all these benefits and more through a partnership with FYIsoft:

Empower your clients to automate: Keep your clients happy and create loyalty when you bring them an industry-leading solution proven to save 10+ days with every period close.
Create new revenue stream: All FYIsoft partnership models offer attractive revenue-share opportunities for our partners.
Expand your offerings: FYIsoft enables you to capitalize on the growing need for cloud financial reporting solutions that can greatly simplify complex reporting needs.
Introduce new services: FYIsoft’s partnership models provide the opportunity to earn additional revenue through ancillary services, such as report setup, generation or distribution services.

Contact FYIsoft today to learn how a partnership can benefit your business.