Why the Cloud is Impacting the Accounting World So Positively

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.

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