Posts tagged with "accounting"

Why Accountants Should No Longer Be Scared of the Cloud

Cloud accounting software provides several benefits to accounting professionals, yet some accountants are still wary of embracing the cloud. While cloud-based systems introduce a certain amount of unfamiliarity and risk, the rewards make the leap of faith worth it.

Why should your organization embrace the cloud?

Cloud-based accounting solutions provide several benefits. Among the multitude of benefits are improved access and mobility, increased security, intuitive interfaces and enhanced ease of use, and faster period closes.

Improved access and mobility

Cloud-based solutions are easy to access. Rather than relying on software locally installed on your hard drive, you can access the solution from any web browser of any device with an active internet connection. In today’s remote workplace, this on-the-go functionality keeps everyone current with the latest and most significant data and reporting–from the office, from the airport, and even from the beach. And, when everyone is working off of the same data, there is less chance of data discrepancy between departments, leading to enhanced data integrity.

Increased security

Additionally, browser access rather than local installation leads to increased security. One aspect of this security is redundancy. If an on-site server crashes, you may lose critical data. Cloud data, however, is backed up. Many accountants falsely believe that local hardware is more secure than cloud software when in actuality data that is stored on remote servers is less prone to attack than local data. The lack of physical, on-premises access makes it much more difficult for third parties to locate and tap into data. Additionally, multi-tiered levels of defense and encryption are implemented by cloud service providers.

Intuitive interfaces and enhanced ease of use

Cloud systems are built with the user in mind. Many cloud-based accounting solution providers use drag-and-drop report builders, making it easier than ever to run reports–and save them for future use. In fact, with mobile access, the data is always just a few clicks away, and permissions can be set to protect data and users. It’s easier than ever to gain access to exactly the information you’re seeking.

Faster period closes

Closing the books is stressful, but it doesn’t have to be. With automation, enhanced reporting capabilities, and easier report distribution, it’s easier–and faster–than ever to close. This not only gains your team access to critical data days ahead of time, but also gives time back to the accounting team to focus on analysis, strategy, and advisory services. When your accountants have time back to do more, your firm stays relevant in this competitive marketplace.

Consider FYIsoft for your cloud accounting needs

FYIsoft can help you transition to the cloud. Realize faster period closes, easier consolidations, streamlined reports, and secure 24/7 access. Contact FYIsoft today to learn how a move to the cloud can benefit you.

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 Changing

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.

 

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.

Blockchain and Accounting

How Blockchain and Accounting Work Together

Blockchain is a technology trend that is gaining more and more momentum in the accounting sphere, meaning accountants who wish to remain relevant in the accounting field can’t afford to overlook or ignore it any longer.

Blockchain is a digital ledger of economic transactions; it is completely transparent and it is also impossible to hack. Blockchain technology is defined as an open, distributed ledger. Blockchain technology works by establishing a continuous record of “blocks” containing a timestamp, resistant to modification or retroactive alteration, to record and verify transactions without any trusted central authority.

Blockchain and accounting

While we tend to associate blockchain with Bitcoin, the impact blockchain technology can have is much more far-reaching. Rather than companies keeping and reconciling records of a transaction in their own private databases, both sides of the transaction can be recorded simultaneously in a shared ledger—making it easy to see how traditional methods of invoicing, contracting, payment processing, and other documentation could undergo a sea change.

For the first time in history, business transactions can occur between entities that don’t know or trust each other, resulting in a significant cost savings in both office and staffing costs.

Like with any emerging technology, some are threatened by blockchain technology. Some accounting professionals are concerned that auditing professionals could be put out of business as a result of blockchain technology, making education about the technology exceedingly important for accounting professionals. LIkewise, some argue that blockchain will completely transform accounting. Others aren’t convinced either way.

It is important to remember that past technology developments, such as ERP systems and cloud computing, simply changed the role of the accountant, rather than making the profession obsolete.

According to the Journal of Accountancy, the following truths, among others, are important to keep in mind regarding emerging blockchain technology:

1. Blockchain is secure and cannot be hacked

2. Blockchain data can create new business opportunities

3. Educating yourself on blockchain will pay off

How FYIsoft can help you

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.

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.

Accountants Slow to Adopt Innovative Technologies

Are Accountants Slow to Adopt Innovative Technologies?

With so much talk about the cloud in recent years, people on the outside of the accounting industry looking in might assume the cloud is the “new normal.” In fact, 57% of accountants surveyed by AccountantsWorld still use the desktop version of QuickBooks. Accountants as a whole are far from migrating to and embracing the cloud.

According to PaymentWeek, accountants not taking the cloud seriously will be out of a trade come 2020.

So what’s holding accountants back from embracing the sea change happening in tech?

Old habits die hard

For some accountants, migrating to a new platform seems inherently risky. Many accountants have spent years perfecting their current workflow, and the trauma of migrating data and modifying a brand new system seems nonsensical. “If it isn’t broke, don’t fix it” applies in these cases: why change something that seems to be working?

Another factor is fear. The cloud is new, and the idea of data being stored remotely raises a few flags for some. What if the data is unsecure? There is a perceived security blanket when the data is stored on-site on in-house servers, even though cloud systems are often more secure than traditional accounting software.

Resisting change is not the answer

The cloud is up and coming, whether or not everyone in the industry is on board. Those who resist the change and refuse to learn new ways of working will not survive in the industry. Competition against firms who are using the latest and greatest technology will be fierce, and eventually, insurmountable.


Additionally, implementation of the cloud brings many benefits to today’s accountants. Data entry is minimized, errors and data inaccuracy are less common, value is increased, and relationships are strengthened for clients. The cloud is the future.

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.

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.