CPA Practice Advisor wrote a fascinating article on the applicability of big data in the accounting field. The article showed that the increasing supply of data is making it easier for companies to handle many core accounting functions.
Big data is playing an important role in everything from auditing to custom service. There are a lot of benefits of using big data to simplify the accounting process.
New cloud technology has made big data even more versatile. Cloud applications are changing the accounting profession in exciting ways.
The Dynamic Role of Cloud Technology in Accounting
Cloud computing has been around for a few years. Cloud solutions have made it possible for businesses to complete a range of important business tasks online.
Businesses operating in New Zealand can now hire people based in different parts of the world and build a remote dream team for their business. Businesses can use online marketing tools and access big data to find new and exciting opportunities both at home and abroad. It’s possible to use cloud-based technologies to share important documents, have meetings, purchase materials and carry out a host of other important business processes more effectively than before.
Unfortunately, they are not using cloud technology to its full effectiveness. One poll showed that 52% of executives discounted data they did not understand.
With so many different areas of business now operating online and the cloud, it should be no surprise that many businesses have moved their accounting to the cloud too. Cloud accounting software has not only made the logistics of bookkeeping less cumbersome but it has also reduced business costs and given business owners easier access to their financial information. More and more businesses are choosing to move their accounting processes online due to the convenience and easy integration with other online tools, as well as the multiple cost-cutting benefits.
Let’s take a closer look at just some of the cost-effective benefits your business can expect from cloud accounting software.
Cloud accounting programs are designed to be very user-friendly and easy to use. With their intuitive design, the different tools and processes are easy to understand and to get to grips with. Should you have any difficulty with using these tools, you will find a host of tutorial videos, blog posts and excellent support from the providers to help you out. This ease of use means that businesses save money on training and having to hire skilled staff.
Access From Any Device
Cloud technologies can be accessed from anywhere in the world and cloud accounting software is no different. Users do not have to be at their office computer to gain access to the information, as they can simply log in and access the information they need from any device as long as they have a reliable internet connection. For businesses who operate in multiple locations or have a remote team in place, cloud accounting offers a lot of advantages over traditional bookkeeping. As long as the person has access, they can log in to the system and find what they need, making your operations more efficient, saving you time and money.
With cloud accounting, businesses have the opportunity to lower their carbon footprint and move towards a paperless format. With a paperless office, businesses can significantly reduce the amount of printer ink and paper that they need to use each month, which can result in significant savings for the business. With cloud accounting, all the business accounts and financial data are stored in the cloud, so there is no need for your office to file away hard copies of your reports. This will help you to save on office space that can be allocated to more important things like meeting rooms and break areas for staff.
Access To Updates In Real Time
The old adage “time is money” is more relevant now than it has ever been. Cloud accounting can provide your business with information in real time, which allows business owners to make important business decisions quickly. With access to real-time financial information, business owners are always informed as to the financial position of the company and can make changes to company processes accordingly. For example, if the business is spending a lot in a particular area with little ROI this can be identified quickly to stop unnecessary spending.
Save Money With Cloud Accounting
Cloud accounting is one of the most cost-effective and efficient ways to handle business finances. With financial information that can be accessed from anywhere in the world and at any time of the day, businesses can be more flexible and make important business decisions quickly. Businesses can also reduce costs by not having to invest heavily in skilled staff, training, and they can also save money on office supplies each month, which can be almost eliminated completely. With cloud accounting, businesses can cut back on their costs while improving productivity and operating more efficiently, giving them the opportunity to grow into a real player in their industry.
Cloud Technology Will Permanently Change the Future of Accounting
The accounting profession is changing rapidly, due to the implications of big data and cloud technology. Smart decision makers should embrace the cloud to enhance accounting functions.