The days where desktop accounting software applications dominated the industry are over. In fact, according to a study conducted by Viewpost, 80% of organizations use some form of accounting software. One-third of that 80% use online, cloud-based accounting tools and there is an industry-wide trend towards these tools. But why is the industry shifting? What benefits do cloud-based solutions offer over desktop programs? We've listed 6 benefits to cloud-based accounting tools below.
1. VERIFY DISCREPANCIES
The vendor, client relationship is a top priority for many businesses. However, we've all been in situations where there are discrepancies that put that relationship at risk. Cloud-based accounting tools make it easier to verify and locate exactly where discrepancies take place through easy-to-use, advanced searching capabilities. No longer do corporate accountants have to spend hours searching through old invoices.
2. MAINTAIN RELATIONSHIPS
When an invoice or accounting discrepancy is located through cloud-based accounting software, it can be quickly brought the vendor's attention. This process makes it easier to maintain relationships with vendors because, rather than being upset with how long it took to find the discrepancy, they will be impressed by how quickly it brought to them and resolved.
We live in an era of technology where time is an extremely importance resource. People are now connected to the internet practically 100% of their workday and there is an increasing trend towards mobile usage. Cloud-based accounting software can be accessed from anywhere and at any time. All they require is an internet connection.
4. DATA VISUALIZATION IN REAL-TIME
When your accounting information and data is stored in a cloud-based accounting platform you can view the most up-to-date data in real-time. This allows both you and your team to make important financial decisions quickly rather than having to scroll through endless pages of old and outdated information.
If your office, cubical or workspace is cluttered with endless stacks of receipts, statements, and invoices then this one's for you. Cloud-based accounting software completely eliminates the need to keep any form of paperwork. Did you get a paper invoice? Simply add the information where it needs to go and throw it away, it's that easy.
This is an obvious one. Since your accounting information will be stored in the cloud there's no need to worry about backing up your data. Cloud-based storage is the way of the future, stop buying those expensive backup hard drives and carrying them around in your bag. Eliminate the need to worry about where you store your data and use the cloud.
It's apparent that cloud-based accounting software is the way of the future. It's important to keep up with industry-wide trends in order to stay relevant and ahead of your competition. A/R Insite allows you to manage your accounts receivable in real-time. At the click of a button, you'll be able to see exactly how your receivables are aging, what has been done to collect them, and locate hindering bottlenecks that could be diminishing your revenue stream.