80% of businesses have already saved money by implementing cloud software. What’s more and of those utilising cloud technologies, 26% grew faster and saw 21% higher profits than businesses that are yet to adopt it.
Selecting Accounting Software that’s right for your Business
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Now, do we have your attention?
Cloud software is revolutionary, it’s allowing businesses to bring processes in house and streamline on all fronts. Fundamentally, cloud-based systems are a gamechanger when it comes to productivity. However, choosing the wrong system can also be a huge impediment to success, and a costly mistake that it is hard to recover from.
Use our handy checklist to avoid any calamitous mistakes when selecting your cloud accounting software:
- Does it provide access anywhere?
There’s no such thing as an office-based job. Not anymore. So, it is crucial that your system allow access from anywhere, on any device at any time. It can allow you to obtain information and raise invoices at the push of a button, which can significantly increase the effectiveness of your sales process.
- Is it user-friendly?
Your software should be an invisible maiden that makes everyone’s lives easier, allowing you to focus on annual objectives instead of lamenting another crashed spreadsheet. Look out for a system that provides a single point of access with a consistent UI for an improved user experience.
- Can it integrate with other applications you use?
Aggregating disparate data is an unnecessary drain on resources and can result in a 40% drop in employee productivity, so a solution that connects to all your existing databases and brings information together under one roof could be the answer you’ve been waiting for.
- Are there various security features as standard?
No one wants to hit the headlines for the wrong reasons, so the product must prioritise security. Features such as two-factor authentication and impenetrable data warehouses must come as standard.
- Is it compliant with relevant regulations?
A hidden risk to many businesses is their ability to adapt to a rapidly changing digital world. As compliance regulation shifts to incorporate new online considerations, does your solution guarantee swift updates that keep you in-line with industry standards? The cloud sure does.
- Does it provide dynamic reporting?
Data is useless without analysis. Choose a system that is flexible, with configurable dashboards that visualise your KPI’s in an easy-to-understand manner so that executives don’t need a PhD in statistics before making that crucial call.
- Does it provide the option for client access?
No-one likes to be greeted by a dinosaur and clients may raise an eyebrow at your outdated software. Make the right first impression with a modern solution that allows client visibility so that any finance-related issues are quickly rectified.
- Is your chosen solution available via a reputable supplier and partner?
With so many reputable suppliers out there, we should always be able to find at least one reliable partner who just gets us. Be sure to do your research, trust in references from peers in your industry and follow up with those who shine out from the crowd.
- Is it scalable?
This one’s a no-brainer. Choosing a solution that doesn’t cost the earth and can handle your growth will be pivotal to your success. There is no point in software that will topple over at the first signs of progress, so be sure to choose one that is in it for the long haul.
- Can you have a demo?
Whether it’s a free trial or a video demonstration performed by a specialist consultant, you need to try before you buy. Be sure to ask for references and read plenty of reviews before going all in.
With 90% of small and medium businesses expected to move their accounts to the cloud by 2020, there’s no time like the present to jump on board. By moving your accounts to the cloud, you’ll have access to real-time data that will enable you to make informed decisions when it comes to business strategy. What’s more, your cloud accounting partner is just that – A partner. Open communication with them is key to you making the most out of the system they provide.
Cloud-based solutions can resolve so many productivity issues when properly implemented. By securing a system that matches your unique business requirements, you will experience what a world is like when you reach the heavens – rather than just having your head in the clouds.
Change is good, embrace it – but appreciate the time it takes. Constantly monitor morale, organise refresher sessions and encourage adoption over the course of a few weeks.