Finance teams that have moved away from traditional accounting systems have become liberated from rigid data structures, time-consuming manual tasks and outdated legacy processes. CFOs and Finance Directors no longer have to compromise on task completion, face uncertainty in decision-making, or deal with underperformance as a result of diminished workplace productivity.
An effective Cloud accounting software solution boosts employee morale by simplifying visibility and access to data and enhances overall user experience - all of which contribute to higher levels of workplace productivity.
Using software is an established practice for finance and accounting teams. As the tech options for finance departments continue to proliferate, the days of doing everything manually are long behind us.
The programs and processes you can access through the Cloud are usually more advanced and efficient than those you could afford on your own. As a result, with the right vendor, your programs will be more reliable and always up-to-date, which ultimately leads to increased workplace productivity.
Although the idea of moving from traditional accounting software to the Cloud may seem overwhelming at first, the benefits quickly become apparent as the short-term pain of setting up a powerful program pays off in the long run. Now is the time to start exploring the Cloud and evaluating how it can help your finance team grow and prosper.
The risks of bottlenecks
System failures, human error, insufficient resources, or inefficient time management are all process bottlenecks that represent a key source of frustration for many CFOs and finance leaders. Amongst the monumental data processing effort of creating reports manually are low-visibility tasks that can also become bottlenecks. They can result in missed deadlines and stressed or overworked staff.
The past two years have seen the role of finance and the CFO evolve with greater focus on strategy, analysis and insights. Finance teams must be refocused on their new roles so they can grow. CFOs need to address bottlenecks to allow this growth to happen.
When traditional accounting software systems are not integrated, further delays can result in other areas if extra work is needed to resolve existing bottlenecks. If your team does not have an intuitive and user-friendly finance system, productivity can suffer and become costly. And if your competitors are using Cloud accounting software, they could be stealing a march on you in terms of competitive edge and workplace productivity.
One of the defining characteristics of finance in the age of big data, the internet of things, and artificial intelligence is its capability to make data-driven decisions in real-time. By leveraging the power of Cloud accounting software, CFOs can see the bigger picture of the finance function, enabling them to reallocate work in real-time to avoid bottlenecks in workflow.
What processes can be optimised using financial software
Using powerful Cloud accounting software can help across the various critical pinch points within the finance department, including:
- Financial statements
Finance teams are typically tasked with invoicing, but if done inefficiently, invoicing can create all kinds of problems for other departments within a business. In the event that invoices aren't accurate, they will need to be drawn up again, with payment terms extended accordingly. Moreover, if they are sent late, this poses another threat to the company's cash flow.
Having easy-to-use software that generates invoices automatically will help you stay organized as your business grows. You'll save time, as well as ensure greater efficiency and accuracy. This naturally leads to the benefits of using financial software for cash flow management.
Even if you have a robust production line and a healthy order book, if money is not coming into the business on time, you could be in trouble. Similarly, if you aren't paying your suppliers on time - or if lack of funding means you don't have enough cash to settle your bills - it can negatively impact your productivity. Cloud accounting software can help prevent problems from happening in the future. Having clear visibility into incoming and outgoing data allows you to flag issues at either end of the process immediately.
You can also boost productivity by being able to see finance metrics and projections at a press of a button. Insights into your financial situation can be provided at any given time. This information can be used for things like pricing, stock ordering, investment and recruitment. The laborious manual work required to complete this process without Cloud accounting software would slow business operations and make decision-making more difficult.
Accurate financial statements serve two purposes: they provide useful insight into the state of the business, but they are also a regulatory requirement. Ensuring they're accurate is made far easier by Cloud accounting software. Having all the data inputted in real-time and without the bottlenecks and last-minute panic caused by manual systems, financial statements can be produced on time and with far less stress.
How does the Cloud improve productivity?
Opting for a Cloud-based system comes with numerous benefits that will further boost workplace productivity within your finance function.
Here are our top five ways in which productivity can be achieved with Cloud technology:
- Immediate access allows your team to collaborate in real-time, no matter where they are located
- Streamline and automate manual tasks so your team can focus on high-value responsibilities
- Powerful reporting capabilities to help with internal, statutory and regulatory compliance
- Visibility on real-time data analysis for agile decision making
- Access to business-wide data for more accurate, actionable insight to improve forecasting
All these factors ultimately have a positive impact across the business. Your Cloud provider is responsible for the performance and maintenance of the software, saving you time and money.
You don’t need to worry about keeping your in-house IT department’s training up to date as the software evolves, which saves the organisation time and money. Updates are automatic, and this also has a positive impact on time management and your bottom line – you don’t need to waste time keeping an eye on the software market and deciding when you need to order in replacement software.
Your team can access the system at any time and from anywhere, whether it’s in multiple business locations or working from home. With a single system in place across your entire operations, you won’t suffer the issues that arise when different systems aren’t properly integrated and fail to sync or “talk to each other” properly.
Your finance and accounting requirements will change as you grow, but good cloud-based financial software scales up alongside you.
Finance is more than balancing books
Finance teams and leaders can benefit from easy access to core finance functionality through Advanced Financials on MyWorkplace. This can be checking expenses, approving an invoice, or viewing a dashboard or report plus much more. By focusing on strategy and performance, finance teams can become more empowered rather than just balancing the books.
Using a powerful Cloud accounting software reduces the chances of manual errors, enables you to get a snapshot of what is in the pipeline, helps monitor cashflow and gives you a clear view of the assets you have on hand at any given time. As well as being a cost-effective option, it gives flexibility to members of the team to work anywhere while remaining in touch with the rest of the business, and it can adapt as your business grows.
Advanced Financials accounting software from Advanced was designed to serve these types of scenarios. As a result, you'll always have the right technology at your fingertips, and your business productivity will always be scalable.