3 Benefits of Multi-Company Accounting Software
Unlock the perks of multi-entity accounting solutions that allow you to automate a bunch of micro and small clients while still staying profitable.
Learn how to streamline all your client accounts with cloud-based accounting software. Fast and without losing margins.
Subscription costs and lack of scalability of the popular cloud-based solutions are the two main reasons accounting firms hesitate about moving all their client accounts to the cloud. Do you relate? We've got a solution for you.
In this article
In today’s digital age, cloud-based software has become ubiquitous for businesses worldwide due to the growing demand for high-quality service and increased customer support. With the estimated annual growth for businesses using cloud automation at 15%, more companies will be empowered to leverage on the full range of capabilities offered by cloud solutions such as storage, management, security, mobility and analytics in the near future.
Cloud automation refers to automating processes within the cloud environment. This makes business operations easier with less human intervention, and enables employees to focus on real-time decisions instead of repetitive configuration work. For example, tasks such as data extraction from uploaded invoices and receipts which would otherwise require manual involvement.
To gain ground on your competition in an ever-changing market, it is imperative for businesses to adopt cloud computing technologies that offer advantages such as enhanced productivity, cost savings and data security. While cloud software has emerged as the main enabler of modern life and plays an essential role in our everyday work lives, there are still many accounting firms that are hesitant to migrate from legacy systems to advanced innovative solutions, mainly because of subscription costs.
Relatively new in the enterprise landscape, companies that are not driven by digital adoption might have not yet been made aware of the benefits cloud automation brings. Here are the four key advantages you need to know about:
Data security is vital for avoiding potential risks associated with breaches and malware attacks, especially when storing massive client accounting data. Beyond the obvious risk of losing sensitive data, poor data security practices could bring down an entire company’s reputation, causing major losses in terms of both money and market share.
Despite the common misperception, cloud automation offers businesses secure off-site storage facilities, enabling them to safely keep important files, including personal details, intellectual property and trade secrets. In-built encryption algorithms and advanced user authentication techniques ensure that only those who should access company data are authorised to do so; moreover, they allow users to securely log into web applications 24/7, wherever they are. And what is more important is that even if something happens to your computer, all the data will stay safe in the cloud.
Furthermore, an increasing number of businesses are choosing external service providers to manage their infrastructure, including database management, email services, server maintenance and backup tasks. With a service provider, you can expect faster access to added capabilities, such as enhanced security and disaster recovery options at a much cheaper rate.
One of the best things about cloud-based automation is arguably the inherent scalability it enables. Cloud scalability provides significant advantages over traditional on-premises solutions. With the flexibility of moving data between multiple physical servers, you can scale capacity according to your business demands. When needed, you can also add new resources such as memory and processing power for increased speed and efficiency. Scaling on-demand might have been nearly impossible in the past, but cloud solutions today give businesses the flexibility and freedom to do so with minimal to no disruptions and downtime.
The only thing you are limited to with cloud apps is the pricing plan. However, there are already cloud-based solutions like Eleven that don't paywall neither the number of transactions, nor features.
Remote and mobile working environments require agile, flexible infrastructure that ensures constant and reliable connectivity for accounting team members and clients. Cloud-based software offers these advantages through a single, secure platform that allows users to connect, access, and share information. Employees no longer need to worry about network outages, security breaches and device failures; they simply access their files and applications from anywhere and at any time.
Due to the fact that secure work information is stored and accessed off-premises in the cloud as well as outside of a company firewall, accountants are equipped with the ability to collaborate effectively without any friction, no matter where they are located.
A cloud platform provides all employees with instant access to the important information they require without having to stay in one place. As such, employees can log onto the system wherever they are and continue working uninterrupted because everything is accessed through a single interface. This means that they can remain connected to daily operations, which boosts productivity and operational efficiency. Cloud solutions also allow staff to communicate smoothly with each other, increasing collaboration across departments.
In fact, collaborative nature is one of the strongest points of the cloud apps: all the transactions and operations are broadcasted in real time, so that your team members can collaborate and clients see reports and dashboards with first-hand data.
At Eleven, we understand that the transition to a cloud-based workspace can be complex and stressful. That is why we place such a huge emphasis on taking the stress out of adapting to your cloud-based accounting software and cloud automation for you, so that you can better focus on your core business aspects.
Based in Singapore, Eleven’s cloud-based software and automation solutions are designed with accounting firms in mind, and we work relentlessly to support businesses in liberating accountants from their repetitive and low-value tasks. Speak to our team and discover how we can help you boost your overall business performance today.
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