At a Glance
Main Takeaway
Cloud-based technologies and outsourced finance and accounting professionals are becoming increasingly popular bookkeeping solutions for companies as the workforce becomes more remote. From 2019 and 2021, the percentage of Americans working primarily from home increased from 5.7% to 17.9%, according to the U.S. Census Bureau.
Using cloud-based accounting technologies allows you to address your company’s fiscal responsibilities without geographical restrictions. Digital accounting tools can help you review areas in your financial documents that need improvement and streamline critical business operations.
Next Step
Learn how outsourced accounting services and digital bookkeeping technologies can help your business create efficient operations in a hybrid or remote work environment.
Remote Work Accounting Operation Challenges
As your business adapts to new working arrangements like hybrid and remote positions, you may face challenges with accounting operations. These difficulties can include process inefficiencies and collaboration issues when remote employees use multiple systems, have different schedules, or struggle to communicate essential tasks.
Process Inefficiencies
Businesses may need help meeting the demands of their busy executives and managers when staff members work remotely. Without an efficient accounting system, executives or bookkeeping staff may have trouble managing accounts payable and receivable, preparing taxes, and handling payroll.
Miscommunication, delays, and cash flow errors can occur if your company uses multiple locally hosted programs.
Collaboration Issues
Your organization may experience reduced efficiency with outdated accounting processes and remote workers. When staff members work in different time zones or have flexible schedules, they may struggle to schedule meetings to discuss important accounting issues. There may also be misinterpretations about the company’s in-house accounting procedures or inventory programs, leading to miscommunication and bookkeeping errors. Waiting for responses or updates from workers separated by geographic or time differences can cause delays in operations and negatively affect your business.
Benefits of Cloud-Based Accounting Technologies
Cloud-based accounting technologies offer multiple benefits to your business’s financial operations. These applications can be logged into from anywhere, making them ideal for remote work teams. They also update your finances in real-time, allowing you to see immediate feedback on your company’s cash flow no matter who enters data, from where, or when.
When you use cloud-based software, your business can experience the following benefits:
Time and Expense Reduction
A cloud-based tool allows you to enjoy access to the latest technologies while eliminating expenses for hardware, software, and office supplies. With digital tools, you do not need to supply paper, pens, folders, or storage for accounting documents. Instead, all essential reports and processes are handled through cloud servers, eliminating the need for extra expenses.
These tools also offer seamless integration of multiple functions, reducing the time you or your staff spend on daily tasks. For example, sending invoices may take minutes versus hours with cloud-based accounting tools. You can generate an invoice, send it through a digital platform, and receive payment on the same day instead of waiting and interrupting your cash flow.
Ease of Integration with Banking Systems
Integrating your existing bank account into the cloud-based system eliminates disruption to your current business processes. It also shortens your time to switch between bank accounts and accounting software.
Cloud accounting services also allow you to connect to your general ledger, including journal entries, income statements, and reports, enabling you to execute financial transactions with ease. As a result, you receive more accurate data without going through additional software, which improves your operations and saves you money.
Cash Flow Visibility
Cloud-based accounting tools can help your company manage cash flow because they allow you to see the big picture of what is happening in your business. You can easily integrate with other systems, such as payroll services and inventory management software, so all your information stays in one location.
Cloud accounting software automatically calculates your cash flow by analyzing the data from your bank account, allowing you to see a summary of money moving in and out. It will tell you when your bills are due and what you owe. It saves you time and eliminates the possibility of human error in calculating cash flow.
Efficient Implementation
With an outsourced accounting firm like Windes, your company can benefit from the quick implementation of a cloud-based system. Our team of highly qualified outsourced bookkeeping professionals ensures the accuracy and security of your data by using the latest technology and tools. Our services can keep your financial records accurate and up-to-date while preventing errors, mistakes, omissions, and oversights.
Using Cloud-Based Tools with Outsourced Accounting
Outsourced finance and accounting services are a practical solution to complement cloud-based tools and changing business operations. When performed by accounting professionals, these services ensure timely accounting and bookkeeping transactions for payroll, invoicing, and accounts payable, as well as CFO and Controller responsibilities.
Outsourced accounting services from an advisory firm like Windes can help you focus on managing your business while delegating time-consuming aspects of accounting to trained professionals. We can adapt our services to your company’s needs or complement your current tools and processes.
When you use outsourced accounting services from Windes, your company can experience the following benefits:
Streamlined Operations
Outsourced accounting services use modern digital bookkeeping tools that enable you to perform forecasting, budgeting, and reporting functions efficiently. With cloud-based outsourced accounting, your business can experience seamless accounting and booking operations, whether they take place on-site or remotely.
Better Compliance
Outsourcing your accounting services can reduce liability risks related to payroll errors or business tax returns, resulting in heavy penalties. As a result, you remain compliant with any new tax or accounting requirements and potential changes.
Lower Expenses
When you use outsourced accounting services, you typically pay one monthly fee for full-service bookkeeping. You do not have to buy expensive software licenses and updates, train staff on new programs, or spend hours on the phone with a help center employee.
You can also reduce staffing expenses with outsourced accounting. Efficient outsourced accounting can eliminate the need for bookkeeping staff, lowering overhead costs. With outsourced accounting services, you do not have to pay employee salaries and benefits such as retirement, vacation, and health insurance to in-house accountants.
Streamline Your Bookkeeping with Windes’ Professional Outsourced Accounting Services
Windes uses cloud-based tools to help you prepare financial records, resolve accounts payable and receivable issues, and other critical accounting functions.
When you work with our outsourced accounting professionals, we help you save time and money. We will identify areas of your business where cloud-based tools can help you bridge the gaps to meet your business’s changing needs.
Contact us today, and find out how we can help your business grow with a cloud-based accounting system and outsourced services.