How agile is your cloud based accounting software?
Every day, more and more businesses are making the switch to a cloud based accounting software. They recognize all the benefits, from increased operational efficiencies to significantly reduced overhead. And chances are, if you’re still in the honeymoon implementation stage, you’re loving that new solution. But is it performing and doing everything as advertised: automatic upgrades and updates, and strong software support, increased overall efficiency, and much more?
Is it flexible and agile? The hallmark of a successful business of any size is the ability to adapt and adjust based on changing circumstances. When selecting a new accounting solution, you have to look two to five years out for potential growth and change in operations. Will your new system have just the right amount of horsepower to support this?
In short, does your business have true cloud agility?
So, what is cloud agility? Assuming you’ve already said ‘so long’ to that on-site server taking up space in your supply closet, and jumped into a cloud accounting software, it’s time to take a closer look to gauge the extent of its agility. From one cloud accounting solution to another, you’ll find many similarities, and just as many differences. Most are capable of producing the same reports and providing the same information and answers. The difference lies in the rate of efficiency and ease of adaptability.
"The benefits of the cloud have become difficult to ignore, and firms without a mature cloud capability risk being left behind by more agile competitors," according to Mark Schlesinger, CIO of Broadridge Financial Solutions. "While the cloud brings new risks that firms must manage, the flexibility and scalability the cloud offers can add huge value during times of disruption and rapid change."
Need for speed
In most cases, any two cloud accounting solutions can extract the same information if you look hard enough. But how fast can your system perform without forcing the user to perform a bunch of tedious steps? Is your solution set up to drill down to the detailed information when you need it? Can you enter a search query and get results in a matter of seconds? Is tracking inventory a matter of a few clicks? Is it intuitive? Or, do you need to be a programmer to navigate the software?
Many cloud solutions can boast powerful capabilities and warp speed, but many are like a MACK truck: sure, it’s powerful and can eventually speed up, but can it make a sharp turn without flying off the rails? Often, the ability to adjust and adapt will outweigh sheer power. Sometimes it’s better to trade in that big MACK truck of an accounting solution for a nimble and yes, agile car that can handle the sudden twists and turns that a business can throw your way. Ask yourself, “Can your accounting solution stop on a dime and continue operating without a major meltdown?”
Whether it’s simple and steady growth, more customers, a new location or a whole new department, you need to discern the ease or difficulty of implementing change to accommodate growth. Suppose you’re growing well enough that you need to open a small subsidiary office in the next city. It’s a smaller set up than your main HQ so you don’t need nearly as many users. Can your cloud accounting software grow with you so that you only need to purchase enough for that new location? Or do you need to bite the bullet and subscribe to an enterprise (and unnecessary expensive) application?
Financial success for your business
Optimizing your business processes is key. A solution like Gravity Software® (Gravity) allows you to that by providing best in class accounting automation functionality. Besides the core financial features, there are enhancements that can help boost efficiency and productivity. Here are just a few:
Financial reporting: Better financial reporting tools allow you to compare companies and analyze trends within one company or across companies. The ability to easily create your own personalized financial reports allows you to make better informed decisions with real-time insights to improve your bottom line.
Real-time analysis: Built on the Microsoft Power Platform, Gravity provides you with integrated analytics capabilities of Microsoft’s Power BI, you can quickly create meaningful dashboards to prevent issues from becoming major problems.
Data security: With Gravity, you can setup security access for your team based on the locations and companies you want them to see down to the field attribute level. You can implement varying degrees of security measures so each team member can access the information they need and prevent access to sensitive information.
Ready to optimize your accounting operations with a robust cloud based accounting software app? Learn how you can apply Gravity's accounting technology for your growing business and schedule an online demo today.
Better. Smarter. Accounting.
This article was originally published in December 2016 and has been updated and edited for clarity.