How Cloud Accounting Can Help With Client Communication

There are an exceptional amount of benefits to adopting cloud-based accounting software for your organization, one of which being that cloud accounting vastly improves communication—both internally and externally—for your business. Download our 4 Powerful Reason to Move to the Cloud Benefits to Cloud Financial Reporting Cloud accounting can help with client communication first and foremost by making financial reporting easier, quicker, and more accurate. 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. Enhanced reporting capabilities empower you to generate, package, and distribute reports faster, allowing additional time for review and analysis. It also increases the relevance and value of your financial reports. Staff are enabled to gain insight needed to run the business more efficiently, and users are also enabled to drill down into transaction details and perform their own analysis. How does it help communication? Cloud accounting also helps with client communication by offering secure, 24/7 access to data, from anywhere with an internet connection. This includes secure financial report distribution that saves your team hours, days, weeks—even months. Users can access and analyze reports 24/7 but cannot change the data, protecting the integrity of your financials. Distribution lists are easy to setup and maintain, speeding the process to distribute based on any number of parameters such as permissions, departments, locations. Additionally, interactive cloud reports can be delivered via URL link, enabling users to drill down and see transaction details. Lastly, cloud accounting offers flexibility to slice and dice reports fitting your unique needs. Cloud software can also be considered a gateway to other new and improved technology, and embracing new technology can help you keep in touch with clients. Accountex Report suggests keeping in touch with clients through text message [...]

By |2019-02-13T13:01:24-04:00February 28th, 2018|FYIsoft|Comments Off on How Cloud Accounting Can Help With Client Communication

The Cloud Accounting Revolution is Happening Right Now!

Cloud accounting software is gaining momentum, some considering it revolutionary to the way small business owners, accountants, and contractors alike do business. And for good reason: cloud accounting software is changing every aspect of the accounting process, shifting roles and opening up new possibilities. Download our 4 Powerful Reason to Move to the Cloud Running a business is easier than ever There are lots of nuts and bolts to running a business, and cloud software makes it easier than ever to efficiently manage processes with less manpower. Managing accounting in the cloud means that accounts are always current and data is globally accessible. Discrepancies in data are less common in the cloud as compared to spreadsheet bookkeeping, which requires manual manipulation of data. How the landscape is changing Cloud accounting can improve and fine-tune business practices in the following revolutionary ways:   Data accuracy: Data in the cloud is often much more accurate than data that lives in a spreadsheet requiring manual manipulation. Secure, 24/7 access: Data is accessible to any user with an internet connection, meaning data can be accessed at the office, at home, or on the road—and anywhere in between. Streamlined reporting: Reports can be individually customized. From one consolidated report, you can separate information by department, region, geography, management level, etc., and only share the specific data that is needed. This minimizes risk and enables you to streamline the close process knowing your data is accurate. Faster period close: Save up to five days on your close, allowing more time for important analysis. Time gifted back to employees: By reducing the manual work required of your workforce, your staff can focus their efforts on strategic or advisory roles, helping to grow your business by providing more value to customers—and by growing your clientbase!   How FYIsoft [...]

By |2019-02-13T13:05:09-04:00February 1st, 2018|FYIsoft|Comments Off on The Cloud Accounting Revolution is Happening Right Now!

Are Accountants Becoming Technology Leaders?

As cloud accounting software takes hold of the market, accounting professionals are seeing their roles in the workplace change. One of the ways the traditional role of the accountant is changing is that accountants in 2017 are being widely regarded as technology leaders—and are expected to carry the breadth of knowledge that was once typically reserved for IT professionals. Accounting professionals as technology leaders Accountants are finding that their roles today require less traditional number-crunching than in years past, thanks to the automation provided by cloud technology. And with this change, in order to remain relevant and marketable in an industry that some fear is being reduced to elimination by automation, many accountants are taking on strategic or advisory roles in order to continue to provide value to existing clients and to win new clients. Accountants can lead the charge in helping their clients remove current inefficiencies to help drive productivity and growth. This requires today’s accountant to have a breadth of knowledge on the leading accounting platforms, including cloud-based software and artificial intelligence (AI), in order to advise clients on the best, most far-reaching technology investments for their individual business needs. Today’s accountant Today’s accountant needs to carry a wider range of skills in order to keep up in this changing industry. Skills and knowledge in financial analysis and tax laws are no longer the sole skills required of this profession. Organizations are looking to their new accounting hires to stay abreast of changing technologies, especially as far as cloud technologies go. By staffing with individuals who have an eye towards continuous learning and career growth, accountants are equipped to manage the changing industry as new technology emerges, winning them a seat at the table even as cloud software chips away at tasks that were once the essence of [...]

By |2019-02-13T13:09:37-04:00January 4th, 2018|FYIsoft|Comments Off on Are Accountants Becoming Technology Leaders?

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 [...]

By |2019-02-13T13:11:58-04:00December 13th, 2017|FYIsoft|Comments Off on Small Businesses Are Actually Looking Forward to Cloud Accounting

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 [...]

By |2019-02-13T13:21:46-04:00November 28th, 2017|FYIsoft|Comments Off on How the Growth of Cloud Accounting is Calling for New Talent

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 [...]

By |2019-02-13T13:24:16-04:00November 15th, 2017|FYIsoft|Comments Off on Why Top Execs Use Cloud Accounting – Here’s a Hint: It’s Reporting

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 [...]

By |2019-02-13T13:26:20-04:00November 6th, 2017|FYIsoft|Comments Off on Why Accountants are Taking Advantage of the Cloud Now

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, [...]

By |2019-02-13T13:26:31-04:00November 1st, 2017|FYIsoft|Comments Off on How Startups are Taking Advantage of Cloud Accounting

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. 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 [...]

By |2019-02-13T13:28:20-04:00October 26th, 2017|FYIsoft|Comments Off on Benefits of Cloud Accounting You Should Know

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 [...]

By |2019-02-13T13:31:40-04:00October 19th, 2017|FYIsoft|Comments Off on Are Accountants Slow to Adopt Innovative Technologies?