Balancing the books may seem like a daunting and exhausting task, but it’s actually crucial for businesses of all sizes. When your accounts are balanced, you have a solid foundation to make informed decisions about expanding, incurring expenses, and hiring new employees.
Accounting software allows you to manage finances. The application of such software is vast. It can assist you with basic bookkeeping or handle all the financial operations of a large enterprise.
Companies reduce accounting errors and effectively utilize their accounting department’s resources. Many businesses implement software for cash flow management. Enterprises adopt accounting systems to help them tackle accounting tasks and bookkeeping challenges.
The growing need for accounting systems
The market size of business accounting software is growing at a CAGR (compound annual growth rate) of over 6%. It will reach $4.10 billion by 2021, up from $3.06 billion in 2016. Investing in an accounting system has become a popular trend among businesses and customers. Currently, 41% of businesses are using accounting software, and 25% of customers consider it a must-have.
As your competitors automate and streamline their accounting processes, it’s important for you to do the same. Don’t let them gain an advantage over you. Wouldn’t it be more convenient to have all your information in one place instead of dealing with countless spreadsheets, receipts, and expenses?
The pandemic really shook things up for the 9-5 office. Finance teams had to act fast to enable remote work and boost productivity by embracing cloud technology. Today, with the help of cloud technology, finance teams have a much better handle on cash flow, a clear view of business activity, real-time reporting, and the automation of low-value tasks that are used to slow them down.
The automation and digitalization of everyday mundane tasks have opened up avenues for finance teams to focus on more impactful projects. For instance, they can now engage in scenario planning to ensure business stability and continuity. As a result, agility and efficiency have been significantly improved without any compromise in the delivery of work from the finance function.
Digital transformation in the workplace was bound to happen, and then the pandemic came and accelerated everything. Suddenly, what was supposed to be a year-long IT integration plan turned into a one-month rush to implement cloud software.
According to the results of the Workforce Trends survey, nearly half of finance professionals (44%) confirmed that the cloud helped them with remote work. Additionally, 48% of them experienced increased flexibility throughout their working day. It’s clear that the cloud has played a significant role in shaping the way we work from home.
How useful are cloud technologies in integrated systems?
Constant communication in the team
Regular feedback and highlighting the positive impact of completed projects help team members realize their value and contribution. The SaaS platform ensures that employees stay engaged, supports their well-being, and enhances their performance at work.
The financial management team was able to create and monitor precise short-term targets thanks to linked systems. They streamline regularly planned discussions on each person’s goals and aspirations for professional advancement. You can replace the customary yearly personal development review with regular catch-ups and the formulation of monthly or quarterly goals. Because it has given everyone on the team a clear purpose and direction, this transformation has greatly inspired them.
Of course, additional tools are also needed for effective financial management. In particular – sending faxes to exchange physical documents. Among the budgeting solutions, your team should have a fax application. It’s time to try FAX from iPhone and you will refuse landline faxes. Digital fax on a smartphone is capable of everything that a regular fax can do, but it is much more convenient to use.
The survey results also showed that nearly half of finance professionals felt that the introduction of new software platforms and apps has been hindering their productivity. Some of the contributing factors they mentioned were the excessive notifications from messaging tools like Microsoft Teams and Skype (32%) and the inability to disconnect (75%).
Technology plays a crucial role in boosting workplace productivity. However, having multiple applications for everyday tasks can actually work against this goal.
When employees use a single sign-on platform, they can access all the information they need from one place. Plus, it cuts down on the number of notifications they get from different apps, which can be hard to keep up with. By making sure employees only get notified about what’s relevant to them, their focus improves and they have more time to work on tasks that add value, without constant interruptions.
It has indeed been a challenging journey, but the adoption of cloud accounting software has empowered finance teams to quickly adapt and become more agile, efficient, and productive. The current technology revolution has blessed us with powerful tools that simplify our work. Now, it’s our responsibility to explore effective ways to utilize them, ensuring that everyone experiences a fulfilling work environment.