How Cloud Accounting Enables Remote and Hybrid Workforces
Cloud accounting solutions are a great way for companies to save money and increase productivity. It is also a great tool for a remote workforce and distributed teams who need access to financial data without being tied to the office. Here are some of the ways that cloud accounting software supports remote employees.
Oversee your accounts in real-time
Cloud-based technologies allow you to oversee your accounts in real-time. It means that, as an owner, you don’t need to be physically present at the office all day long. You can work from anywhere in the world and still have access to everything that matters most: your financials.
Fast and easy access to data
Modern tech allows employees in multiple locations and time zones to access critical information at any time. This eliminates the need for employees to travel back and forth between offices or wait for a courier with important documents, speeding up business processes in general.
Your data is displayed in secure web portals that can be accessed anywhere, anytime from any device (desktop/laptop computer, tablet, smartphone). In addition, cloud solutions use less bandwidth than traditional applications that need dedicated connections to on-site servers before accessing financial records.
Remote access & less downtime
When you’re in the office, your team can use any computer connected to the cloud to access the software they need. No need to install it on each individual machine, upgrade it regularly, back it up, or worry about compatibility issues or security patches and updates. And if there are data loss issues or other problems with individual machines? No worries! The software licenses are stored securely in the cloud so any employee can log in from another machine easily.
Your remote workforce doesn’t need a heavy hardware footprint either: just connect via browser or mobile app (depending on how much support you want) or conduct video-based meetings using tools like Zoom or Google Hangouts for Business; no commutes required!
No need for expensive hardware
Cloud accounting software is also an attractive option for small and mid-size businesses that may not have the budget to invest in their own hardware. Cloud services are typically cheaper than purchasing a server, storage devices, backup systems and other hardware that would be required to host your own accounting software. Cloud hosting companies can also provide 24/7 support and security features that help keep your data safe.
However, there’s also a strong argument for using cloud services even if you can afford to buy all of these things yourself — because subscription cloud services take much of the hassle out of day-to-day operation.
No time wasted on manual work
You’ll also free up time spent on manual work. Rather than having to manually process invoices or enter expenses, you can focus on higher-level tasks such as analyzing the data from your accounting system.
Automation frees up human resources for creative tasks that machines cannot do as well — or at all! For example, humans are better at identifying trends within their organization’s financial information while a computer program would not have any idea what a trend looks like without being told by an expert user (which would take up hours upon hours of manual work).
The information they need, when they need it
Making sure your accounting team is always up to date with the latest technology, and that they can easily access information when they need it, makes it easier for them to work remotely or in a hybrid environment. The fact that these tools are more cost effective than traditional solutions is also an added benefit.
Cloud-based accounting tools help make your company agile because they allow teams to collaborate on projects and stay up to date with the latest information available. If you have an employee who works remotely or travels frequently, cloud-based accounting software provides a way for them to access the information necessary for their job without having to rely on physical files being sent back and forth by mail or email.
We hope we’ve given you some ideas on how cloud accounting like Sage Intacct can help make your remote and hybrid workforce more efficient. At The Answer Company, a long-time hybrid work company, we rely on Sage Intacct to run our own practice!
Want to know more? Reach out to our tech stack experts today for a personalized demo!