Do you ever wonder if people have over-hyped the benefits of cloud accounting solutions and the future of accounting?
Among the cited reasons for shifting to cloud accounting solutions are added functionality, mobile device access/ease of accessibility, co-working opportunities, scalability, sped up processing, quickly manipulated databases, automation features, and robust reporting.
Needless to say, many of these functions have pros and cons. Only you will know how these functions will impact on your business. The overall finding, however, is that cloud accounting solutions are by far the best for the modern business.
A quote written by Andrew Marder: “The tectonic shift of all the data we generate is also undergoing automation. We talk about removing double-entry issues to cut down on errors, but let’s be honest – this is data that was sometimes being entered into five different places anyway. Manual entry is the bane of clean data and we’re basically eradicating it from the process.”
That last phrase “the bane of clean data” so aptly describes why a business should automate and why automation of accounting processes acts as a tool that enhances the abilities of the finance professional. Processes like revenue recognition, to which one client referred to as ‘donkey work,’ are plagues on clean data. Cloud accounting solutions allow for those added functionalities such as automated revenue recognition to integrate with your current accounting software so that clean data is a promise and not a goal.