The advancements in technology have changed a lot of things in the way that many industries operate. One of the significant developments in the accounting field is cloud-based firm management software.
Anything cloud-based signifies less fretting, better security, and fewer papers. This is why it doesn’t come as a surprise that cloud-based firm management software has become the talk of the town. After all, facilitating a smooth accounting workflow is often thought to go hand-in-hand with paperwork.
With cloud technology, accounting firms all over the world have been able to make their lives a whole lot easier by completely cutting out the need for paperwork and five-minute meetings. Teams can work from wherever they are and business owners can monitor their workflow at any time, which makes it a whole lot easier to carry out key tasks.
Cloud-based systems solve the age-old issue of non-portability associated with administrative tasks by making important files accessible from anywhere at any given time. Accountants and business owners no longer have to pass a hard drive from person to person.
At the same time, cloud-based firm management software has also capitalized on the weakness of traditional processes by providing up-to-date information accurately. Instead of having to rely on one person to update each field and relay important information, any authorized person can make changes while working with other employees at the same time.
The benefits of cloud-based firm management software
Aside from significantly improving a firm’s workflow, cloud-based firm management software comes with an abundance of different benefits:
1. They’re much cheaper than the traditional route
When you have separate software for client management, billing, time tracking, and more, it’s easy for the costs to add up. Cloud-based firm management software is much easier on the wallet compared to going the traditional route. With a cloud-based firm management software, you won’t have to spend on multiple software or more manual work.
2. They don’t require paper
One of the key advantages of going cloud-based with your business’s workflow management software is that you’re essentially going paperless. You won’t have to struggle with keeping your paperwork in order or sifting through hundreds of folders and cabinets for one piece of information. Using a cloud-based firm management software makes it a whole lot easier to see results and access crucial pieces of data in a faster and more efficient way.
3. They give you more security assurance
A common cause for concern that most accountants or business have with their numbers has much to do with security because most of the information they need to store is highly-sensitive. Instead of putting your valuable financial data at risk by keeping it in one place that can be stolen, damaged, or destroyed, a cloud-based firm management software allows you to keep your information secure. Generally, cloud-based software has a security system that requires the use of login credentials, which means that you can control who will have access to all of your data.
4. They keep your data backed up
A major disadvantage of offline software is that once your information is gone, there’s no coming back. With cloud-based software, your data is always backed up. In the event of a disaster, whether you spill orange juice on your laptop or your office catches on fire, you’ll still be able to log in from another device and access your information with ease. Cloud-based firm management software allows you to rest assured, knowing that no matter what happens, your data will still be there.
Cloud-based firm management systems can make the lives of business owners a whole lot easier. If your accounting firm is looking to ease up your reporting, relationship management, invoicing, and workflow processes, then get in touch with My Firm 360 today to give our system a try!