When you have a large portion of the US workforce suddenly working remote, you might be asking how you can execute and record financial transactions when access to systems, facilities, and approvers isn’t convenient or even possible.
Whether it’s payables, payroll, employee expense reimbursements or customer invoices, cloud-based accounting technologies can help you keep critical business operations functioning during uncertain times as well as greatly increase efficiency in normal times.
Most accounting processes rely on a collaboration between company personnel for properly executing financial transactions.
Even in the best of times, it can be challenging to have busy people collaborate on different schedules, possibly from different locations and usually with different forms of communication and documentation. With many businesses now forced to make due with a remote workforce, those challenges only increase.
How do you make it easy for busy people to make approvals that allow for the timely execution of financial transactions? How are those communications made and documented effectively?
How do you execute, document, and account for financial transactions without direct real-time access to the people, on-premise systems, and facilities you may need?
Benefits of Cloud-Based Systems
Cloud-based accounting technology, tailored to your needs, can either be a replacement, alternative, or enhancement to your existing tools and processes. The goal is to have a system that helps you:
- Execute financial transactions timely
- Perform accounting functions efficiently
- Transition seamlessly whether you’re working on-site or remotely
You don’t have to upend your current system—there may be cloud-based solutions that can help to provide relief now if you need it.
These systems can be set up in as little as a day because there isn’t any on-premise installation required.
While implementation can be fast, it’s important to set up the functionality of these tools to match or even enhance your existing procedures and business needs.
Although quick to implement, there’s a short but real learning curve when using such a different approach. With the proper guidance, most can overcome that learning curve and enjoy increased efficiency in a week or two.
These cloud-based systems execute transactions using any existing US bank account, therefore eliminating disruption to your current business processes and shortening integration timelines.
The addition of cloud-based tools can help you execute financial transactions by collaborating with your existing general ledger. To be clear, these tools don’t replace your general ledger system, but instead work with it to share information. Most cloud-based tools also integrate with each other for additional efficiency.
Cash Flow Visibility
Cloud-based tools can help you have better visibility into your cash flow by consolidating your payables, payroll, and receivables activity into one place for better planning.
Even in normal times, cloud-based systems provide other benefits.
Time and Expense Reduction
True paperless and integrated processes have fewer touch points, so efficiency may be improved in some accounting functions. Embedded artificial intelligence increases accuracy while further increasing efficiency. Time savings can be used to reduce workforce or free up existing personnel for higher and better uses.
Expanded Talent Pool
Cloud-based tools allow for greater flexibility in your existing workforce as well as additional options to augment, back up, or replace that workforce as your business needs change.
We’re Here to Help
To learn more about how a customized approach might work for your organization, contact your Moss Adams professional.
For regulatory updates, strategies to help cope with subsequent risk, and possible steps to bolster your workforce and organization, please see the following resources: