Many business owners have attempted to manage the impact of the pandemic by adapting the way they use technology. From using video conferencing software such as Microsoft Teams, to transferring internal systems onto cloud hosting so staff can access everything they need from their own homes.
IDC’s 2021 Cloud Pulse Survey recently concluded that more than half (60%) of SMEs say they planned to increase their IT budgets during 2022, with 32% significantly increasing their cloud budget. If you are in charge of your business’ finance team, now is the time to think about spending money on cloud technology (if you aren’t already).
Problems With Manual Accounting
Often it is easier for businesses to hold back on investing in financial management business software, particularly when budgets are tight. It usually comes down to the ‘if it ain’t broke don’t fix it’ attitude. Teams become so used to using legacy software that can perform basic functions, that change is often daunting.
Outdated accounting software can lead to a range of problems though:
- Inaccurate data – with no real-time reporting, and manual data entry, there is lots of room for error.
- Inefficient processes – manual retyping and rekeying data from one spreadsheet to another takes a lot of time.
- Lost data – as businesses grow, it can be very difficult to keep on top of the mass of documents & data that need to be stored.
- Poor visibility – it is incredibly hard to identify trends and make accurate financial projections if you can’t see what is going on with company finances at a glance.
Using Automation Within Your Finance Team
Automation prevents people from spending large amounts of time on repetitive, low-value tasks, which could be costing your business thousands of pounds each year. Moving your finance software to the cloud can help automate those dull accounting tasks, and take care of things like producing reports for you. It is all about taking advantage of new technology to give you that strategic edge against your competitors.
If you are serious about moving your business to the cloud, here are a few tips for you:
- Develop a business case – explain the benefit of a cloud accounting system to your finance team.
- Ensure you have IT support.
- Look at your financial management business goals, and how moving to the cloud will help you reach them.
- Create a clear roadmap for implementing the move of your finances to the cloud – make sure you have training in place for your staff.
- Communicate the changes with your team
By moving your business finance management to the cloud, this could play a huge part in digitizing the business. Using the data provided, you can make educated decisions in order to propel your business forward. Even if you are using an on-premise finance solution such as Sage 200 Professional, here at Reality Solutions we can integrate this with our Reality Cloud hosting, allowing you to access your finances easily from the cloud.
If you are looking for more information on how a Sage partner like Reality Solutions can help, then get in touch today.
