3 reasons why you should adopt true cloud accounting software

Legacy and on-premise finance systems are a drag… but we don’t need to tell you that.

Built long before the rise of cloud technology (where on-demand computing services are delivered over the internet), many legacy systems have tried to keep up with the pace of change – but with limited success.

Bolted together with ‘connected’ add-ons and lurching through the workday, retrofitted legacy systems attempt to take on the guise of a cloud solution because that’s what the provider knows you should be using. However, it’s no more than an adaption of the same, archaic software that used to be right at home next to a fax machine.

These old legacy systems are blighted with excessive costs and poor performance. You need a real cloud finance solution – not one with the internet merely shoehorned in as an afterthought.

So, what’s stopping you?

Gartner predicts that the cloud will become the dominant deployment model across all areas of financial management applications by 2025.

You know that your current finance software isn’t working for you because you’re grappling with it every day – and you hear the complaints of your exhausted team, too.

The lack of integration with other front- and back-office business systems, absence of off-site access, labour-intensive reporting and primarily manual processes have been affecting your productivity for years.

Maybe you’re waiting for exactly the right moment to take the plunge (but there’s always another cost, another distraction, another fear of commercial uncertainty). Perhaps the choice of potential solutions is overwhelming you. Or maybe you worry that the disruption of a new system would kick your team’s stress levels into overdrive.

For every day that you use a legacy system, your organisation is being held back – but it doesn’t need to grind on like this, and we can prove it.

Let’s take a look at three big reasons why adopting a cloud finance system is exactly what’s needed to free you from the pain of your legacy software.

1. Flexibility

Cloud software is yours – anytime, anywhere, any way you want it.

By implementing a true cloud accounting solution, you can empower your staff to work remotely – and it isn’t just about the day job. It’s about quality of life.

Home offices, coffee shops, even the poolside abroad… wherever you want to work, cloud software makes it possible (Wi-Fi not included, of course).

The details really matter in accountancy, and it can be a stressful job. That’s why we recruit highly skilled staff to do it.

By giving your team the comfort of being able to work wherever’s best for them, their wellbeing can be better managed – and all the while, you offer a tangible employment benefit that can help you to attract the best talent.

It’s not just about your location, of course. With cloud software, organisations have greater visibility and control, which simply can't be achieved with on-premise systems. In addition, you’re able to collaborate easily, making teamwork easier and more effective than ever.

With iplicit cloud accounting software, the benefits go a step further. It includes…

• An app for mobile accounting on-the-go
• Complete control of what each user can see and do, with assigned roles and permissions
• Approval workflows which enabling the right level of management to be maintained, irrespective of how disparate the resources may be
• Data backups available 7 days a week, with assets recoverable to the right level even in the event of disruption to critical IT services, or damage to IT equipment.

2. Adaptability

Finance teams, as well as professionals throughout your operation, are time-poor.

Twisting around technology to make it suit your needs is inefficient. It wastes even more of your valuable working day.

Cloud software, however, is built to be dynamic. It’s configurable around the needs of the user. The software can scale up or down rapidly, including tasks like adding new features, legal entities, or additional users. This takes the burden away from your IT department and gives you the ability to self-serve, quickly and easily.

In addition, the vendor of your solution can take care of its maintenance with cloud-based tools; so, your IT team needn’t spend hours rolling out updates and patches.

iplicit’s cloud finance software adds even more benefits, including…

• Real-time reporting
• Easy integration
• Rapid implementation
• Unlimited levels of analysis
• Multi-legal entity & consolidation

Imagine finance software, moulded exactly how you like it. That’s the DNA of iplicit.

3. Automation, integrated

As we’ve mentioned previously, your finance team is a skilled bunch. You want to take care of them and make the most of them.

Cloud accounting software includes automated solutions that will not only provide essential data but control those tasks. It helps professionals to focus on critical decision-making and practical actions, rather than humdrum jobs that don’t necessarily require their expertise.

API integration enables businesses to automate processes by seamlessly connecting different software systems together. Rather than having to import and export data between systems for example, updating customer data in your CRM with information from the finance system regarding what they’ve purchased, an accounting API connection enables the data to be passed automatically as if it was in just one system.

The advantages of this are many:

• No rekeying of data or import/export which saves large swathes of time and eliminates the possibility of error.
• One version of the truth between all connected systems, in real time, rather than having to check different sources to be sure that the information you are receiving is indeed timely and accurate.
• Real time reporting across the entire organisation, rather than siloes of information within each separate system.

Virtually all true cloud systems have open APIs to enable other systems to connect to them, and them to other systems – think of it like a universal plug that enables the right amount of data to be passed between all departments, securely and instantly, with no need for manual intervention.

With iplicit’s advanced functionality…

• You aren’t restricted in how you want to work. From bank statement feeds to your company’s payroll, you can keep any existing systems you want to run alongside the software. We don’t need to replace your processes, but we can improve them significantly.
• There is no building from scratch. A fully functioning test environment can be ready in hours, allowing you to be up and running in days, with assistance and training from our dedicated team.
  
  

Intrigued? Find out more about true cloud accounting software

Let’s arrange a 10-minute chat and demo iplicit’s one-of-a-kind cloud finance software, tailor-made for growing multi-entity organisations.

We think you’ll like what you see.