Read today’s business technology headlines and you’ll see that cloud and software-as-a-service (SaaS) implementations are quickly replacing on-premises legacy management and accounting systems. Property management, construction and development organizations will soon have to join this trend or be left behind while their competitors adopt cloud-based software that can be maintained remotely and accessed 24/7 from anywhere via the internet. Those who move their management and accounting systems to the cloud will gain significant benefits.
Three Ways Cloud Accounting Systems Can Boost Your Business
- Basic Cloud Benefits
Scalability and flexibility. You can implement cloud solutions quickly and easily, and realize immediate operational improvements. You pay only for the resources you need at any given time, so you can scale up or down to meet business objectives with maximum cost efficiency.
Consistency. Your entire team can run the same application anytime, anywhere. This breaks down information silos, delivering consistent, up-to-date information with minimal effort. Out of the office and using a tablet? No problem. The software application functions on all devices using the same interface.
Automatic upgrades. Updates run unnoticed in the background, meaning you don’t have to remember to upgrade your accounting or management software or be concerned about disruptions that cause costly downtime.
Reliability and security. Leveraging SaaS can reduce IT costs and increase infrastructure security. Cloud-based solution providers go a step further, offering software plus value-added services such as security, business continuity and disaster recovery (BCDR) features.
Integration. What good is moving to the cloud without easy integration? With cloud-based software, you can easily integrate your accounting system with modern application program interface APIs, such as Smartsheet, Procore and Hyphen Solutions.
- Real-time Advantages
A cloud setup delivers real-time management functionality – a necessity in today’s business climate. For example, a cloud accounting system updates data immediately on entry and provides all system users with digestible, usable information for data-driven decision-making. As a result, your team becomes more agile, responsive and mobile. And that mobility permits remote and real-time collaboration with customers, suppliers and team members, who can access the same data and toolsets in the format best suited to their needs. These can include self-service reports, dashboards and portals. Leveraging up-to-date information for optimal decision-making helps improve your ROI and makes good business sense.
- High-value Applications
Property management, construction and development executives can choose from two types of cloud software solutions. A deep solution includes applications for financials, contracts, budgets and costs, while a broad solution covers a range of areas such as construction accounting, purchasing and customer relationship management (CRM). Cloud-based management solutions can help you and your employees enhance productivity by offering workflow, document management and Wiki resources. And you can find the right pricing structure for your business based on resources used rather than user-based licensing.
Cloud ERP: Your Solution for the Present and the Future
Cloud management and accounting systems continue to be smart investments. In fact, Gartner, the world’s top research and consulting firm, projects that “at least half of large enterprises will successfully implement a software-as-a-service strategy by 2025 and run their core ERP systems in the cloud.” If legacy systems and dated software are hindering your company’s growth and complicating everyday business tasks, consider upgrading to a cloud accounting system. Through accessibility, reliability and scalability, new systems designed for your industry and business can have a positive impact on you, your employees and your clients. Don’t let dated IT hold you back; step into the future of cloud-based management accounting solutions.