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.