In this blog the TouchstoneFMS team will identify what we believe are the very best cloud-based accounting solutions on the market today, but in addition to this we’ll also explore the need for cloud-based accounting solutions, the benefits of using them, and the challenges of implementation. Read on to learn about some of your best options for efficient financial management, and get ready to take your multi-location business to new heights.
The Need for Cloud-Based Accounting Solutions
Managing multiple business locations can be a nightmare for any business owner or accountant. Even when using more traditional ‘local’ accounting software the processes involved can be time-consuming, error-prone and lead to a lot of frustration. That’s where cloud-based accounting solutions come into play. With a cloud-based accounting service, you can manage all your various business locations’ bookkeeping needs from one central location over the internet, saving you time and money.
Typically using the SaaS model (‘software as a service’), these platforms are easily accessed from almost anywhere in the modern world – if you’re on a desktop or laptop PC all you need is an internet connection and a browser, while on mobile devices access is typically handled through apps.
The best cloud-based accounting solutions offer various benefits to the businesses that can use them effectively – including real-time financial insights, centralised financial management, enhanced security, and disaster recovery. Additionally, they provide increased collaboration and accessibility and improved scalability. With cloud accounting, businesses can monitor their finances in real-time, and make their decisions faster.
The Best Cloud-Based Accounting Solutions Available Today
As businesses expand and operate in multiple locations, managing finances can become increasingly complex. In the digital age, cloud-based accounting solutions offer an efficient and effective solution to streamline financial management. Here are the best cloud-based accounting solutions for multi-location businesses:
SunSystems Cloud is the cloud-based version of the well-known SunSystems accounting software from Infor – a platform that’s trusted by thousands of businesses across the globe. SunSystems Cloud can help you to keep accurate records of company income, expenses and purchases, manage your cash book and other general accounting tasks. Even better, there’s no need for users to update the software – because it’s in the cloud the platform is updated automatically there – so users get the peace of mind of knowing that their accounting system is always up to date and as protected as possible from cyber threats, without having to lift a finger.
TouchstoneCloud is our very own cloud-based solution, aimed at helping those who want all the benefits of today’s best cloud-based accounting solutions, but without the hassle that can be associated with setting them up and maintaining them. TouchstoneCloud can be used with SunSystems too, as well as software from providers such as Proactis, PA, and systems@work – delivering all of the great tools and functionalities that can be had with a local installation of those programs, with the added benefits that come with a cloud-based solution too.
When choosing the best cloud-based accounting solution for your multi-location business and its unique circumstances, it’s important to also consider that business’ individual needs, and your budget. Decision makers looking into cloud-based accounting solutions should conduct thorough research and compare the features and pricing of each option before making a decision.
With the right software, you can streamline your financial management processes in a highly effective way, and increase the overall efficiency of your business. If you’d like some personalised expert advice on the right platform for your business, feel free to contact the TouchstoneFMS team, or even arrange an insight review with us.
Benefits of Cloud-Based Accounting Solutions for Multi-Location Businesses
Cloud-based accounting solutions can help multi-location businesses succeed in a number of ways – however, some of the most common ways in which they can help include the following:
Real-time financial insights
Having access to real-time financial insights helps businesses make informed decisions quickly and accurately. With the ability to access financial data from anywhere, anytime, management can quickly monitor performance, identify trends and make strategic decisions – no matter how many physical locations a business has or where they are.
Centralised financial management
Cloud based accounting solutions streamline the accounting process by eliminating data silos and integrating financial information from multiple locations. This helps increase the efficiency of accounting processes and reduce error rates, all while providing management with a comprehensive view of financial performance across the business at the same time.
The enhanced security features available with the best cloud-based accounting solutions ensure that critical information regarding your business and its activities areis always in a ‘secure yet accessible’ state. Because cloud-based accounting solutions also offer backup and recovery features, businesses can have peace of mind, knowing that their financial data is safe from cyber threats at all times.
Greater scope for collaboration
Because multiple users are able to access information and work on accounting tasks simultaneously. cloud-based accounting solutions also offer increased accessibility and scope for collaboration. These capabilities help businesses to maintain consistency and speed up the accounting process, even when working remotely.
Lastly, improved scalability capability makes them more suitable for multi-location businesses that are growing. The best cloud-based accounting solutions can easily be scaled to meet the evolving needs of the business, eliminating the need for costly software replacement, updates or infrastructure investments.
Lastly, to learn more about the benefits that the best cloud-based accounting solutions can bring to your business, click this link to view another TouchstoneFMS blog on that particular topic.
Challenges of Implementing Cloud-Based Accounting Solutions
Implementing cloud-based accounting solutions isn’t without its challenges. Data security concerns are rightfully a top priority, as sensitive financial information needs to be safeguarded – however, this isn’t the only concern that should be addressed. Integration with existing systems can be another challenge, and it’s one that must be overcome as compatibility issues between these financial systems and your existing IT setup can cause even the best cloud-based accounting solutions to underperform. Lastly, good-quality staff training is essential to ensure that the new cloud-based system is used correctly, and that user adoption at your company is high.
In summary, the best cloud-based accounting solutions offer a plethora of benefits that make them increasingly indispensable for businesses with multiple locations. With real-time financial insights, centralised financial management, and enhanced security, businesses can maximise their efficiency and productivity with ease. However, challenges such as data security concerns, integration with existing systems and staff training must be overcome for successful implementation.
What’s the Next Step?
The TouchstoneFMS team truly believe that the best way to get started with cloud-based accounting is to become a TouchstoneFMS client. We are amongst the leading providers of financial software support in the UK, with decades of experience under our belt. Our team of FMS experts have the skills and knowledge necessary to help business owners identify the best cloud-based accounting solutions for them, set it up properly so that it’s ready to meet their needs, and maintain it once it’s in use as part of our package of support services – and this holds true for companies from all kinds of industries and sectors of the economy, ranging from small businesses to large household names. To learn more about how we can help you use the cloud to stay on top of your business’ finances, contact TouchstoneFMS today.