How Cloud Accounting Saves You Money
Budgets are among the key considerations when upgrading to a new accounting system. Of course they are! If there’s one thing accounting professionals know about, it’s a budget: how to make one, keep one, and stretch one. With a cloud-based accounting software, making the most of the budget is a breeze—with cost-saving benefits that any growing company can try out for size.
Let’s take a look at the various ways cloud accounting solutions can help you save:
Start-up and Maintenance = Savings
With traditional software that your company installs on workers’ computers, you have to pay for the hardware itself (if your existing machines don’t support your new software) as well as software licenses for each user. You’ll also need to pay IT staff—which might require new hires—to implement and maintain your software. Managing upgrades, troubleshooting problems, fixing bugs…it all adds up.
If you’re using Intacct’s software, all of your company’s data and functionality “live” in Intacct’s secure cloud. That means users simply log-in to access their tools from any internet-connected computer or device—you don’t need to buy new hardware. And since you’re paying a subscription rate that’s much more affordable than a license, welcoming new users to the software is easier on the budget. Finally, cloud-based Intacct is hosted by Intacct. Their team handles all software updates, security and backup, and support issues.
Automation = Savings
Manual processes cost time and effort—and money. You may already be experiencing the trouble with making the same entries into multiple systems, or cutting and pasting data to use between spreadsheets. Human errors are inevitable, and mistakes can be costly. And what about the time your staff is spending recording and reconciling expenses, issuing and following up on invoices, and closing the books at the end of each month? Could they be doing other, more strategic projects, which enable your business to get to the next level, faster?
Cloud-based accounting software like Intacct is built for automation. It’s made to do the heavy lifting, simplifying complex processes and greatly reducing the need to spend time on the mundane. By taking data off of paper and out of spreadsheets and into the cloud, where it can be efficiently tracked and evaluated and put to use answering mission-critical questions, cloud-based software streamlines your teams’ once-manual workflows, eliminates inherent errors, and frees your employees up to focus on more strategic initiatives that make money for your business.
For more on team efficiency and productivity, see Your 24/7 Financial System: Empowering your Team to Work Remotely.
Scalability = Savings
Growing companies’ finance and accounting needs are usually a moving target—and that’s a sign of fast growth. As you add new entities, onboard new employees, and enter new markets, your day to day accounting, reporting, and compliance requirements become more sophisticated—and you need your accounting system to do more. If it’s not functioning the way you need it to, you may find it implement inefficient (and ultimately, costly) workarounds. And when you need to buy new software licenses for outdated software, your costs continue to rise.
If you need to accommodate growth, it makes sense to invest in a solution that’s powerful enough to do what you need it to do today with the flexibility to expand with you. When you upgrade to Intacct’s cloud-based accounting software, you can start with a set of core financial applications and easily plug into additional modules as your needs evolve. Today, you might struggle to keep your accounts up to date, but tomorrow? The sky is the limit, so be prepared. Learn more about how Intacct is built for growth.
Better Data = Savings
You risk data hygiene issues when manual data-entry and numbers-crunching leads to costly errors. What’s more, consider the opportunity costs associated with decision-makers not having the real-time data they need to make decisions. Or of not having the type of data—or data presented in the right way.
Intacct’s cloud-based accounting software automates data handling and gives you access to insights that impact the bottom line. Information is available on-demand and in real time, exactly when your accounting team member or decision-maker needs it. Ask yourself: Is Your Business Ready for More Powerful Reporting?
Uncover more insights in 3 Benefits of Intacct Cloud Accounting.