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Cloud Accounting

Why the Cloud is Impacting the Accounting World So Positively

Cloud accounting software has taken the accounting world by storm, impacting accounting processes and standard operating procedures in positive ways. Cloud-based software affords users the opportunity for enhanced data accuracy, security, 24/7 access, automation, and improved cross-departmental communication.

Data accuracy

By employing cloud-based software, data accuracy rapidly improves. Gone are the days of manual spreadsheet manipulation. With cloud-based software, much of the manual data entry is automated, reducing or even eliminating data errors. Likewise, these enhanced checks and balances ensure that one slip in one equation in one line on a spreadsheet won’t cause devastating ripples (and countless hours searching for the error in order to correct it).

Security

Though questions about cloud software security often percolate, cloud-based accounting software is actually extremely secure. Since the only users that can access the software are authorized users, data is kept in the hands of trusted staff who have adequate permissions. System backups are also automated. Additionally, data is stored on off-site servers.

24/7 access

Because cloud-based software is web-based, it can be accessed any time, any place…as long as the user has an internet connection. This means current data and reports are at your fingertips around the clock, from any device, be it a mobile phone, tablet, laptop, or computer.

Automation

Another huge perk to cloud-based accounting systems is that they automate so many manual processes. This not only improves data accuracy, but it also frees up staff time and thereby reduces expenses. Team members can focus their energy on analysis and strategy rather than poring over equations in a spreadsheet to determine the origin of a formula error.

Improved cross-departmental communication

Lastly, cross-departmental communication improves through the use of cloud-based software systems. All users with adequate rights and permissions can view the same information at the same time, meaning everyone in the company is always viewing accurate, current data. And, all users have the ability to pull and save reports, eliminating the back-and-forth between departments.

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.

accounting in the cloud

Why So Many Accountants Love Handling their Accounting in the Cloud

Cloud-based accounting solutions provide multiple benefits to accountants, and as cloud-based solutions gain momentum in the marketplace, accountants are finding certain tasks more streamlined, making room for more strategy- and advisory-based roles.

Beyond the evolution to advisory roles, what is it about cloud accounting solutions that accountants love?

Cloud accounting can increase revenue

Perhaps one of the biggest draw of cloud-based solutions is that moving accounting practices to the cloud can increase revenue. As business processes become more efficient through automation, accounting staff can spend more time in advisory services, consulting, and business development.

Data backup is automatic

Another selling point of cloud-based solutions is that data backup is automatic. Data is not stored on a local server, but instead is stored on secure, remote servers. Limitations on IT staffing and infrastructure no longer stand in the way of the most effective way of managing accounting data.

Data is real time

Accountants also tend to be impressed by the ability to access data in real time. Data discrepancies between departments or specific users are a thing of the past, as are redundant data files.

Mobility for the remote workplace

As increasing numbers of employees are working remotely, cloud-based technology is more and more of a draw. Cloud solutions can be accessed from any web browser from any device, as long as the device is connected to the internet. This means data is always at your fingertips, no matter where you are accessing it from.

Better decision making

With increased data accuracy and easy-to-obtain financial reports, executives become more adept at decision making. Manual bookkeeping always provides a snapshot of the recent past, not the present, and businesses need current information to make informed decisions. Simply put, there is more time to spend on analysis, strategy, and forecasting—and the analysis, strategy, and forecasting is done using the most current data, immediately making it a more accurate process.

FYIsoft offers cloud accounting software

FYIsoft, which develops the best financial reporting software available, can help your business with its accounting needs.

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.

The bottom line

It’s easy to see why accountants love handling their accounting in the cloud. Though implementation can take time and test patience, the new accounting solution will perform better and allow your organization to work smarter. Set up a demo and see why 8,500 users rely on FYIsoft’s cloud financial reporting software.

Efficient Accounting

Why FYIsoft is the Answer to More Efficient Accounting

FYIsoft provides cloud-based solutions that help businesses more efficiently manage accounting processes. By utilizing cloud-based solutions, FYIsoft can provide faster period closes, easier consolidations, 24/7 security from anywhere at any time, as well as streamline workflows, increase data accuracy, reduce manual data entry, promote better collaboration among departments, and provide easier reporting.

Financial reporting software from FYIsoft

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.

Faster period close

FYIsoft’s solutions cut 2-5 days off period close processes—time that can now be spent on more value-added activities.

Easier report generation

FYIsoft’s component-based cloud architecture simplifies consolidations, even for complex multi-company entities.

Efficient report distribution

Secure, web-based distribution processes ensure 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

With FYIsoft’s 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.

Additional benefits Financial Reporting

FYIsoft enables not only fast, accurate and actionable financial reporting, but also the ability to remain proactive and competitive amidst changing business, market and regulatory demands.

Management Reporting

FYIsoft understands your crucial role in providing management with the useful data they need to make well-informed and timely decisions to achieve business goals and objectives.

Financial Consolidation

FYIsoft makes consolidating data from different sources, locations and currencies quick and easy.

Close Management and Reconciliation

Business needs are getting more complex yet the time allotment for period closes and reconciliation is shrinking. FYIsoft enables you to automate close and reconciliation processes, and deliver accurate, timely financial reports.

Report Distribution

FYIsoft provides secure financial report distribution that saves your team hours, days, even weeks. Users can access and analyze reports 24/7 but cannot change the data, protecting the integrity of your financials.

The bottom line

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.

 

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.