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Small Business Cloud Accounting

Small Businesses Are Actually Looking Forward to Cloud Accounting

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.

SMBs Outsourcing Accounting

More and More SMBs Turning to the Cloud (And Outsourcing) for Accounting

As more and more small-to-medium size businesses (SMBs) turn to the cloud for accounting, an interesting phenomenon is also taking place. As legacy accountants are retrained to learn skills specific to the cloud environment, these accountants also become upwardly mobile, as the skills are in high-demand in the marketplace.

With traditional, legacy accounting systems, the struggle was finding qualified accountants to run these systems, but when that goal was accomplished, it meant a stable, large accounting department. In contrast, by adopting cloud-based accounting software, the accounting department is smaller with more frequent turnover—the stable environment is suddenly very competitive, leaving the company vulnerable.

The solution

Many companies are turning to outsourcing their finance and accounting work. Although SMBs do not require a large accounting team in this new environment, they do require the support of a larger team to mitigate the higher turnover.

The SMB market was previously not a productive area for outsource service providers to focus on, but as people and technology both disrupt the industry, the market has become more attractive, and more and more opportunities are arising. Ultimately, companies who would have never previously considered outsourcing their finance and accounting and turning to this option as a solution to the risks of adopting cloud-based software.

Where does FYIsoft come in

Adopting cloud-based software can seem risky, and it is a big investment. That’s why it is so important to partner with a software provider that understands the risks and works with you to make the transition seamless so your accounting practice can be more productive. 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.

ERP System

How FYIsoft Helps Companies Transition to a New ERP System

At FYIsoft, we work with a number of partners who handle several different ERP systems. In our discussions, there is always a common question that comes up: “How can we help our clients make a smooth transition from one ERP system to another?”

Before I answer that question, let me first provide some context. The focus on corporate growth and the need for finance departments to keep up with increasingly aggressive growth goals is creating a number of challenges. Companies may need to consider changing their ERP system as a way to face these challenges and keep up with their rapidly changing corporate structures, product offerings, and so on. However, neglecting to properly plan for the required and ongoing financial reporting requirements of a company can stall the implementation process or put the project on hold indefinitely.

The Critical Financial Close Process

I want to focus on the importance of the close cycle, and the extreme importance of the finance department to continue to produce financial statements monthly, quarterly, and annually in contemplation of any change. This is a big hurdle that may not be fully understood by ERP vendors. There could be any number of good reasons for a company to consider upgrading their ERP system, but if this critical area is not addressed in the planning process, then the entire project may be shelved, and the company will continue to limp along with inefficiencies until they are left with no choice but to make a change. (Financial reporting has to be a “mandatory” component of planning any ERP transition if the company is publicly traded.)

Fortunately, FYIsoft can help eliminate this challenge, and allow the ERP vendor and the company to focus on the actual financial system implementation itself.  FYIsoft’s financial reporting software connects to over 30 ERP systems, which means that we can pull the numbers directly from the company’s Chart of Accounts to generate reports in our system. Assuming that we offer a connector for the company’s current ERP system and their future ERP system (it could be different providers or different versions from the same provider), we can address the company’s major need of continuing to be able to produce financial statements throughout the transition process – and beyond.

Produce Accurate Financial Statements Throughout the Transition Process

How do we do this?  Leaving aside the countless other reasons a company would want to use our report writer, a company can quickly and easily set up their financial reports in FYIsoft pulling from their current system. We only need to add a connector for the new ERP system and the company can continue to generate their reports and meet their close deadlines. FYIsoft solutions are able to read data from the old system and the new system to generate the company’s financial statements. When the company completes the migration to the new system, we simply eliminate the other connector from the old system. (There are additional planning steps that may need to be discussed should there be differences in the Chart of Accounts between the two systems, but this can be also be handled by FYIsoft’s report writer.)

Contact us today to learn more about how FYIsoft can help make the transition to a new ERP system much easier.

Author

bob amey
Bob Amey
Regional Account Executive, West
bamey@fyisoft.com
 

Cloud Accounting Talent

How the Growth of Cloud Accounting is Calling for New Talent

With the advent of cloud accounting software, the role of the traditional accountant is becoming obsolete. Accountants, now more than ever before, are tasked with wearing various hats and the most successful in the next decade will be those who embrace this sea change and expand their skillset.

As such, accounting firms and departments are calling for new talent to fulfill a growing need that, a decade or so ago, didn’t exist.

Accounting: the new frontier

As the automation features that come with the shift to cloud-based software limit the need for number-crunching and manual data entry, accountants are less spreadsheet-focused and more strategy-minded. Many firms are expanding their offerings to provide more facetime to clients, developing strategies and providing advisory services.

Additionally, accountants are becoming more and more tech-focused, as part of providing advisory services includes software knowledge and background. While traditional accountants once feared that robots would replace people, now technology offers a variety of opportunities to accounting professionals to better serve clients’ needs. Innovation and flexibility are necessary qualities for the accounting professional of 2017 and beyond.

As individuals change, so do organizations

Today’s organizations are beefing up their accounting staff with individuals that carry a wider range of skills. An aptitude for financial analysis and knowledge of tax laws and government regulations are no longer the sole skills required of a versatile accountant. Organizations are looking to their new accounting hires to stay abreast of changing technologies in the accounting sphere, including the best and brightest of the cloud-based software solutions.

By staffing accounting firms with individuals who have an eye towards continuous learning and career growth, accountants are equipped to manage the changing industry as new technology emerges.

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.

Financial Reporting Software - Period Close

How FYIsoft’s Financial Reporting Software Can Cut 5+ Days Off Your Period Close

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.

FYIsoft’s financial reporting software solves even the toughest accounting challenges your organization faces:

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.

And, FYIsoft’s financial reporting software can cut 5+ days off your period close.

Other perks of FYIsoft financial reporting software:

    • Easier report generation – Flexi’s 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

  • Mobile access – Access to financial reports 24/7, through any device, ensures you’re always ready with accurate, reliable data.
  • Data integrity – 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.

 

How FYIsoft can help you

Closing the books quickly and accurately is the ultimate goal, and FYIsoft can help accomplish that by cutting 5+ days off your period close. 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.

Jennie Cheng FYIsoft

Jennifer Cheng Appointed President and CEO of FYIsoft

FYIsoft is pleased to welcome Jennifer (Jennie) Cheng as President and CEO of FYIsoft. An original investor of our predecessor company, Renovo, Jennie’s appointment comes at the ideal time to lead FYIsoft’s next evolution. She brings a unique mix of proven experience and competencies that will enable the company to transition from startup to growth mode.

For the past 18 years, Jennie has been General Partner of an investment partnership specializing in emerging growth companies. From her earlier career as an analyst on Wall Street to her role as President and COO of a software company – and a multitude of successful entrepreneurial ventures along the way – Jennie’s career has been marked by a keen eye for identifying and leading companies to achieve their potential. Her successful track record includes providing the operational expertise to drive smart growth and shareholder value, raising capital including VC funding, and positioning companies for IPO.

Jennie is a CFA (Chartered Financial Analyst) and earned her MBA from Columbia University. As we prepare to kick off a strong 2018, we are thrilled to welcome Jennie to FYIsoft.

Cloud Accounting & Reporting

Why Top Execs Use Cloud Accounting – Here’s a Hint: It’s Reporting

Executives are busy people. Between meetings, appointments, managing their staff, and managing their inbox, not much time is left in the day. This means pertinent financial information about budgets, revenue, and more needs to travel and be digested fast.

This lack of time is one of the key reasons top executives use cloud-based systems: getting to the meat of the matter is quick, easy, and accurate when it comes to the reporting function of cloud software.

What makes cloud-based systems so executive-friendly?

Recent studies show that executives are overall impressed with cloud accounting solutions—in fact, 76 percent believe that a solid cloud strategy will be imperative to their company’s success in the next year.

The major benefits executives are finding are:

  • Timing is everything

With traditional accounting systems, financial reporting can take a while to reach the hands of those who need it. With cloud accounting systems, all users can access the most current data available instantaneously. Executives are therefore able to access the data when and where they need it most—a cloud-based system can be accessed on any device with an internet connection, as data is stored in remote servers rather than on-site.

  • Accuracy increases

What good is a fast report if the information is inaccurate? With cloud-based systems, manual data entry is minimized, and much of the accounting processes are automated, reducing much of the element of human error. And, all users from all departments are getting the same numbers, which reduces the likelihood of creating redundant reports (especially redundant reports with different numbers).

  • IT is off the hook

One important factor to executives is the alleviation of managing the software in house. The IT team can be freed up to work on other initiatives, and users of the cloud solution can instead access support directly from the software provider. IT teams are stretched thin and very little time and money is reserved for managing users for specific applications. Data from cloud systems is stored on secure, remote servers, giving the IT team one less application to worry about.

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.

Cloud Accounting Advantages

Why Accountants are Taking Advantage of the Cloud Now

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.

accounting for startups

How Startups are Taking Advantage of Cloud Accounting

There are many moving parts to consider when launching a startup, but having a good handle on accounting is arguably one of the most important features of a thriving startup. Poor handling on the accounting side can lead to serious issues, unhappy customers, and failure to thrive in the competitive market.

Fortunately, many startups are taking advantage of cloud accounting, allowing them to keep cleaner books with more accurate financial data—and saving time for juggling other aspects of launching a startup.

What are the major benefits of cloud accounting for startups?

There are a few ways cloud-based solutions help startups manage their accounting practices better than traditional on-site accounting software.

  • More accessibility

 

One of cloud accounting’s biggest draws is the accessibility factor. Rather than relying on software installed on each user’s desktop, any user can access the cloud (as long as they have an internet connection). It can be accessed from all devices, including phones and tablets. And, the data is always current and updated in real time, meaning all users are working off the same numbers and the same reports. With a centralized data hub like this, errors are reduced and the reliance on manual data entry is minimized.

  • Increased security

 

Security is always a factor wherever confidential financial data is concerned, and startups often don’t have robust or developed systems to protect this data. Furthermore, it may feel risky to have data stored off-premises on remote servers rather than in-house, but in fact, cloud-based solutions are often more secure than traditional solutions. Cloud-based accounting services provide automatic backup, encrypted data storage, firewalls, and customer support.

  • The gift of time

 

Startups often have a lean crew, with fewer dedicated resources for managing the books. By automating so many accounting processes with cloud-based solutions, more of your team’s focus can be spent on your startup’s goals—like customer growth and retention. Cloud-based solutions like FYIsoft help your business close the books faster and run quicker, more accurate reports, offering your team the gift of time.

What can FYIsoft do for you

FYIsoft is an industry leader in cloud-based accounting software and can help your startup wrangle its finances. 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.

Cloud Accounting Benefits

Benefits of Cloud Accounting You Should Know

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.