Business owners often get bogged down spending precious time and resources on time-consuming administrative functions when they should be focused on growing their business and servicing their customers. More and more owners are taking advantage of cloud-based technology to outsource their accounting needs. Not only is this a value-solution but also a cost-effective business strategy.
Cloud-based accounting services can provide your organization with many benefits, including cost savings, access to real-time data, strengthening of internal controls and strategic analysis.
Outsourcing accounting services will save money by allowing you to pay for only the services needed and also reduce costs and overhead associated with current in-house accounting staff. However, you will have access to the accounting professionals necessary to the success of your business.
Access to real-time data
Cloud-based technology gives access to real-time data to provide the financial information necessary to make informed business decisions. This up-to-date information will provide timely and accurate financial reporting to help improve profitability and better manage cash flow.
Strengthen internal controls
Businesses are continually faced with the challenge of segregating duties to safeguard assets. Automating bill management services reduces the risk of fraud by paying vendors electronically, masking account information, reducing risk of information theft, routing bills electronically to designated approvers and preventing improperly mailed checks.
Year-round communication with your accountant will improve the quality of advice and allow for proactive versus reactive decision making. Leveraging the use of real-time data will also provide the financial insight to benchmark and to analyze key performance indices within the industry.
If you are interested in learning more about the advantages your business can experience from moving to cloud-based accounting services, contact Nicole Eshnaur, Margo Hoegler or your MarksNelson professional today.