Engaging in accounting duties for companies was a strenuous task before the advancements brought by technology.
However, with the current development of accounting software and cloud nowadays, the execution of complex tasks such as those relating to the company’s Accounts Payable and Accounts Receivable is made simpler. These developments are most beneficial to use during the pandemic, wherein most jobs involved working remotely in the comforts of our home.
According to a recent study, 69% of businesses have already incorporated cloud technology in one aspect or another, and 18% are planning to implement cloud-computing solutions in the future.
To get a better understanding as to how cloud accounting can be helpful to your business this pandemic, read on:
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Cloud accounting is easy and safe to use
By being centralized storage, the cloud can provide members of a team with a convenient and secure means to view the files regarding the company’s accounting needs and other related tasks. These files can be accessed virtually anywhere, making it an advantage for those who work remotely. With the cloud’s use, you can effectively carry out tasks such as approving payments or sending out invoices to your customers.
As compared to the manual method, the use of the cloud can eliminate the risk of an unsafe, slow, and unreliable transfer of documents. Managers can keep track of records, trace its movement, and restrict access to selected members. This allows the staff to collaborate easily and saves time on complex and routine tasks.
Cloud accounting as a modern solution
Cloud accounting provides a dynamic method to give access to your accounting processes. Aside from this, the need for the traditional use of paper files and hard drives has been eliminated, proving to be more effective in terms of convenience and organization of tasks. This also saves on filing space and storage costs.
Lending expert Shane Perry notes, “Automating manual accounting and bookkeeping processes have allowed the accountants and their clients to focus more time on business growth.”
Online accounting allows ease of collaboration within the staff.
Despite the sudden switch of most businesses to the work-from-home set-up during the pandemic, bringing accounting processes to the cloud helped facilitate the accountants’ tasks.
Members of the team do not need to email each other back and forth. This is due to the ease of collaboration provided by online accounting, wherein files and other accounting processes can be accessed by concerned individuals anytime and anywhere.
Moreover, the amount of paperwork that needs to be done is significantly reduced, and the tedious task of manual bookkeeping is eliminated. By bringing accounting into cloud solutions, repetitive tasks, including the writing of checks, stamping documents, and approval of payments, can be done by businesses in only just a few clicks.
For a company’s accounts payable and accounts receivable as examples, cloud payment services like bill.com can be of great help. These cloud services help to integrate and share financial data into advanced accounting systems.
To help businesses set this up, a process to align with the business’s workflows and collaborative documentation is designed by companies like Furey. This process then powers the operations regarding the Accounts Payable and Accounts Receivable.
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