4 Opportunities Mid-Size Companies are Missing Out by Overlooking Cloud Accounting

Richard Tan for Outsourcing Insider writes:  Major organizations and government agencies around the world have already bid farewell to old school accounting software and are now leveraging the cloud to manage their financial data. But some are still refusing to embrace the advancement.

A new study from mid-tier accounting and advisory firm William Buck shows that Australian mid-market businesses are missing out a lot of opportunities by continuing to overlook cloud accounting technology.

According to the CFO Pulse survey, which seeks the views of more than 400 Chief Financial Officers (CFOs) in mid-market businesses, just 12% had made the transition to cloud accounting. Moreover, only 25% of the CFOs surveyed contemplated to move to cloud accounting in the next five years.

Cloud accounting generally serves up numerous benefits to businesses that implement it. These are the opportunities which companies that don’t utilize it are apparently letting slip:

1.      Cost-saving opportunity

Cloud accounting eliminates the need of purchasing hardware or accounting software and hiring an accountant or bookkeeper. Overhead costs, version upgrades, maintenance, system administration costs, and server failures will no longer be issues for all these are managed by a cloud accounting service provider.

2.      Advancement opportunity

When you take your accounting to the cloud, you’ll get advanced features. One of these is a multi-company feature. If you need to maintain records of several organizations, being a multi-company is going to come in handy. It will allow you to customize each organization as you please while maintaining the ability for them to work together in one system.

3.      Performance growth opportunity

Cloud accounting gives an organization the scope to respond to changing business conditions. It also helps generate real-time financial reports and dashboards while allowing a shift of focus to more strategic initiatives.

4.      Ease of access opportunity

Cloud accounting applications enable users worldwide to access their company’s financial data (like expenses, payroll, inventory, and more) from anywhere, at any time without having to download and install anything in their desktop. The only thing needed is an Internet connection!

With these opportunities, it really is a high time to take advantage of modern accounting software to streamline business processes. Get better reporting and insights and ensure you are always compliant by switching to cloud accounting.