Staff members in today’s associations are often part-time or pulled in many different directions, making it tough to have everyone in the office together for collaboration. When you have cloud-based accounting software, your employees and volunteers are able to quickly and easily manage their expenses — and the operations — when, where and how they need to.
Over the years, accounting has evolved from paper ledgers to software that is used with onsite computers. The next generation accounting software offers not only exceptional functionality and security, but the flexibility to allow your staff members to work from home or other remote locations. This is particularly important with organizations that are either permanently remote or have a split of onsite and remote work days.
Nearly all accounting operations involve tax, payroll, and spreadsheets that can now be accessed anytime, any place from remote servers.
What Is Cloud Accounting Software?
Cloud accounting software, also known as online accounting software, is accounting software that is hosted on a remote server rather than on a personal computer. Accounting tasks such as managing and balancing books are performed in the cloud. Users can access data and accounting tools through the internet regardless of their physical location. In 2022, 94% of US companies used cloud software, a figure that has increased progressively over the years.
9 Benefits of Cloud Accounting Software Your Association is Missing
Cloud-based accounting software increases accuracy by eliminating many of the error-prone manual steps that are required when using spreadsheets. In addition to automatically categorizing transactions and calculating taxes, cloud software can match received invoices to payments and shipments and even automate reconciliation processes, matching internal transactions to bank records and flagging errors.
With cloud software, there is no need to purchase new hardware or make other adjustments when you want to expand your membership base and operations. Instead, you can simply add users, modules and other additional features as you scale your association.
3. Reduced Cost and Administration
With cloud accounting software, association leaders typically spend less than those who manage their tech in-house. You do not need to buy servers or employ IT staff to run upgrades or maintenance.
Cloud accounting software can automatically import bank and credit card transactions, produce recurring invoices, schedule reports, pay subscriptions and post transactions to the correct ledger. Also, it can calculate discounts and taxes and flag exceptions where invoices don’t match purchase orders. Some cloud accounting software programs are particularly useful for international sales, automatically handling tax calculations for many different countries.
5. Data Security
Cloud software applies multiple levels of security, including advanced encryption and access control, to ensure that only authorized users can access your data. They also automatically back up your data to servers in multiple locations, reducing the risk of losing vital financial records.
6. Accessibility and Availability
With online accounting software, authorized users can log in from any location at any time through a web browser or mobile app — provided there is an internet connection. They can approve payments or send invoices without having to be on a specific computer or office.
7. Real-Time Reporting and Data Visualization
Cloud accounting systems provide real-time access to centralized financial data. Instead of waiting for historical reports, users always have an up-to-date view of the company’s current financial position. Dashboards and other built-in analytics tools translate complex data into easy-to-understand charts and key performance indicators.
8. Integration Possibilities
Some providers of cloud accounting solutions, such as Intuitive Business Concepts, offer broad suites of integrated business applications that share the same central database. As your company grows, you can add modules that cover almost every aspect of your organization’s operations, from payroll to inventory management, marketing, and e-commerce.
Because all accounting data is stored online in a single database, team members can access the same system and carry out operations with their unique passwords. This encourages collaboration and teamwork.
Let Intuitive Business Concepts Help You Make the Move to Cloud Accounting Software
If your company still uses desktop software or spreadsheets for accounting, this is the time to switch to cloud-based accounting software. Intuitive Business Concepts implements Sage Intacct’s full array of accounting products across a wide range of member-based associations and organizations. These web-based applications include accounts payable, accounts receivable, cash management, collaboration, general ledger, order management, purchasing and reporting and dashboards. See how Intuitive Business Concepts can leverage these powerful tools from Sage Intacct to help improve your association’s operations and tighten your overall accounting processes.
About IBC: At IBC, we have a deep understanding of the critical business needs and processes specific to associations, non-profits, and unions. We ‘get’ your culture, your goals, and what drives you, too. Focused exclusively on and dedicated to delivering the most effective AMS, LMS, and Cloud Financial Software for our clients, we’re well-versed in identifying and applying the integration techniques that will save you time and money. Since 2001, our cutting-edge products, unparalleled responsiveness, and award-winning services have helped organizations like yours increase their operational and financial performance by leveraging best practices and proven solutions. For more information about IBC, please visit the website at www.ibconcepts.com or call 443.603.0215