Features to look for in cloud accounting software/solution
Cloud-based accounting solutions are changing the way businesses manage their financials. Cloud-savvy accountants are now offering services to small, medium, and large enterprises with ease by providing flexible solutions that take care of their needs.
Cloud accounting software can help businesses stay up-to-date with financial transactions by providing real-time data and instant access to reports without any hassle of installing software or hardware on your company’s network.
You should look for a solution that offers integrated cloud accounting software and has robust cloud-based security. Such solutions should be tackled with implementation support services to ensure your business can utilize all of its benefits efficiently. That’s the what. Now: the why!
Mobile access
One of the key features to look for in cloud accounting software is mobile access. This gives you real-time information about your business – allowing you to make decisions based on up-to-date information rather than waiting until you get back into the office.
Mobile access also makes remote and hybrid work a matter of course since employees can sign in from anywhere and do their job.
Cloud-ready security
Cloud-based security is one of the most essential features that you need to look for in a cloud accounting solution. The cloud offers a great way to reduce costs, but it needs to be secure.
Platforms should have multiple layers of security: Physical security and integrity of servers, application security protocols, data security and total system security. Most publishers will lay out the measures they take to stay secure. For example, cloud-based accounts software, Sage Intacct has market-leading, robust security measures that touch on all 4 of these aspects.
Cloud-based reporting
Cloud-based reporting is another key feature to look for in accounting software. An excellent cloud-based solution will allow you to access your financial reports anywhere, anytime, on any device.
Real-time dimensional reporting compiles all of your financial and business data in one place and outputs charts for you to drill down into, really getting clear insight into where your business is at, and where it’s going. Dimensional reporting with drill-down capability lets you operate at both a high and a granular level, with all your business info in one place. Platforms like Acumatica and Sage Intacct come with hundreds of reports out-of-the-box and are user-friendly enough that employees can create their own reports in a few clicks.
Integration capabilities
Integration is key to a high-performing tech stack. You should look for accounting software that’s ready and able to connect to other applications. For example, you can integrate your accounting application with MRP, CRM, eCommerce solutions, and HR management. This will help make your cloud accounting solution more flexible, efficient, and easy to use — a best-in-class solution.
Many modern cloud-based accounting systems are built on open API architecture, meaning that creating a winning tech stack with financials at the core is easier than ever. Platforms like Sage Intacct, the AICPA’s only preferred solution, uses REST API infrastructure to integrate with hundreds of segment-leading solutions, like Salesforce and Shopify.
Implementation support
Implementation support is a crucial element of your cloud accounting software solution. An exemplary implementation partner can help you get your new system set up, manage data migration, and help with training to make sure that everyone in your organization knows how to use it properly.
With so many options and features on the market today, it’s crucial that you find one that meets all of your needs without costing an arm and a leg. Implementation support can be an excellent way for potential users to determine whether or not they want one provider over another — if only because so many factors are involved in making such a significant purchase!
The Answer Company has been helping businesses for nearly 30 years to select the ideal product for their company. We are also Certified Digital Advisors and can help you determine your eligibility for a $15,000 Digital Transformation grant allotted by the Canadian government!
Cloud accounting software is a tool that will help you stay on top of your business and make better decisions. It is a great way to keep track of all your expenses, income, and other financial information to make informed decisions about how to run your business. Cloud accounting solutions are also secure because they are hosted online and do not require any installation or maintenance costs on your part. Choosing the right one for your company can be difficult, butthis is where an experienced implementation partner comes in.
Ready to see what you can do with the power of cloud accounting? Reach out to our team today.