REMOTE WORKING SHOULDN’T MEAN A COMPROMISE IN GOOD ACCOUNTING SOFTWARE

Source: Finance Derivative

o be bylined to Simon Kearsley, CEO of bluQube

The increase in remote working has meant that reliable accountancy software has become more important than ever to keep businesses working to their full ability. If your business is still relying on manual, paper-based systems for its accounting needs, now is the time to re-evaluate and modernise its accountancy system.

This may also be true if a business’ existing accountancy software is not up to modern standards and falling behind crucial technological developments. Traditional accountancy systems rely on finite capacity for data and are often inflexible. They can also make accounting more difficult when they are not designed to handle multiple users at a time from different networks and locations. Increasing levels of access needs mean that less-modern systems can become slow and overworked, making it difficult for teams to access and slowing processes down.

Updating accounting systems alongside the progression of software is key to ensuring that a business is performing its best and increasing productivity where possible. If a company is not up to date, they risk falling behind competitors that are turning to automated, cloud-based accounting systems.

How to assess if your accounting system is working for you

Below are some integral functions for accountancy software which must be considered.

Reliable reporting: It is vital that you are able to access data whenever it is needed. Whilst excel is commonly used for manipulating and reporting on financial data, it puts that data at risk of mistakes and makes confidential information more at risk of comprise. Having reliable means for accessing information and reporting on it reduces the chances of these issues occurring and ensures you’re able to utilise that data for informed decision making.

No unnecessary costs or overspending: With reliable access to data comes productivity. As members of a team across a company have instant access to the necessary data, such as budgets and spending reports, it means that there is full transparency of up to the minute costs. This ensures that there is no risk of employees being unaware of the current financial status of the business.

Improved performance levels: Implementing efficient cloud-based accounting software will ensure your business performs more efficiently and productively than before. Heavy traffic on databases is easily managed, keeping your system running quickly and saving you time extracting the necessary data.

Scalable and adaptable: Modern systems are structured in a way to be adaptable and scalable alongside business growth. As your business grows, the volume of accountancy items your system will need to process will change and the way in which you need to report on that data will also evolve. With the right system in place, you can add additional modules, users or data storage in line with your business needs.

The right cloud-based software reduces the risks of your company being held back by a legacy system that is behind the curve.

How cloud-based systems can help businesses with productivity

Growth comes with obstacles, but your accounting system should not add to them. Up to date systems should help with business productivity, ensuring that time and money is spent on the most important things. This reduces the risk of businesses being phased out by higher performing competitors utilising modern, and often cloud powered systems.

Modern, cloud-based software is more flexible than ever before. Modern web-service data links will improve the ease of sharing real-time data across business systems, which in turn allows finance staff to direct their attention away from manual processes and toward more commercial objectives.

These modernised systems can also provide specific employee by employee access to varying data sets and varying areas of the software. Tailored access ensures staff aren’t overwhelmed with information they don’t need, or information you don’t want them to see, enabling them to login and help themselves to real-time figures. This makes it quicker for people to access the data they need and reduces workloads for financial teams who previously had to run and collate endless reports for budget holders and management teams. Highly tailored access to your accounting software is also a safer choice, as only those who really need the information can see it.

Another advantage of an effective, modern accounting system is the ability for data to be updated at any time, from anywhere. Again, this can speed up financial processes and ensures that decisions are always being made with real-time figures. With remote working becoming increasingly common, this is an integral feature that can help with financial efficiency.

In order for your company on to fulfil its potential in terms of efficiency and productivity, it’s essential you have the right software in place to support it. The core finance team in particular will be able to free up time to focus on strategic tasks, and decision makers around the business will have access to financial data like never before.

However, if your accounting system is falling behind in terms of these modern features, they may be holding your business back.

What to look for in an accounting software provider

Firstly, if you’re looking for a cloud-based system, find out where your data will actually be housed and what security protocols are in place. Not all cloud systems are created equal, and the level of security your data receives can vary tremendously.

Once you’ve ensured it’s secure, it is good to make a judgement on whether it is utilising the best technology available in the market. This will include secure data handling, as well as having user-friendly interface, making it accessible to users throughout the business, not just your core finance department.

It is also significant that the system is reliable and not underperforming when you need it most. For it to be reliable it needs to also be scalable, as your business grows your cloud system should be able to support it, no matter the size of your business. A great cloud supplier will also be constantly investing in new technology behind the scenes, ensuring your software remains at the forefront of modern tech and leaving you to simply focus on the day job.

Finally, if you feel confident in your choice, it is always good to check current client reviews on how the system has positively affected their company. This will help to figure out the potential cloud journey you may undertake and it’s always reassuring to know you’re in the right hands.

Final thoughts

If you want to keep up with digital evolutions, changing your accountancy software to a future-proof solution could be a critical step towards maximising your company’s efficiency and productivity, allowing more time and room for your business to grow.