Every company’s accounting team seeks to work smarter, faster, and more efficiently in the sense that they can minimize the time it takes to deliver on-time financial statements. One basic ingredient in being proactive and being on the lead is to always be aware of financial records and to be proficient in using the company’s accounting system.
Real-time accounting software is the one responsible for this. It simplifies this process and makes sure that you are implementing the most accurate accounting procedures in your business. Do you want to be on the same page and view the same figures with your team simultaneously? Real-time accounting ensures the entire team makes the most viable financial strategies based on real-time data. It also gives your employees open-door access to valuable insights that can change the course of your business.
The quickest way to get real-time data is through cloud accounting. Nothing else can provide this. It gives the company the edge to look into financial records more efficiently, and helps your company maneuver and stay ahead of its game.
With the rising pressure on companies to be leaner and more efficient, the ability to know your financial standing is more important than ever. Hence, cloud accounting through real-time accounting comes into play even more. What used to be the tedious task of browsing through piles of records, and meticulously listing down profit, loss, and other expenses is now vital information accessed by many.
What is real-time accounting, anyway?
Real-time accounting primarily moves on cloud computing technology. Your accounting team can promptly check financial data online wherever they may be at any given time. As long as there is a strong connection to the internet, real-time accounting acts as an access point for increased agility and flexibility.
What does real-time accounting do to the business?
Instead of waiting until month’s end to have the data, cloud accounting software can immediately deliver financial results in real time as needed.
It can also scale, save time and reduce costs by getting rid of manual data entries and spreadsheets and totally eradicating errors caused by outdated accounting methods.
On the other hand, the metrics and analytics help create actionable insights. The company has complete control over the reports which is essential for the business and it can control who it gives access to the reports. In fact, team members across your organization can view these metrics and understand the reasoning behind the strategy you chose to employ. Yes, they definitely can have access and can specifically tailor the reports to their needs.
Aside from useful analytics, your cloud accounting software can also work on notices, taxes, and anything tax-related. With options such as a single-view portal, your accountants can drastically reduce the time they take to research this information.
Because of the huge amount of information, real-time cloud accounting helps increase investor returns and can enhance investment opportunities. It widens the financial horizon in order to maximize opportunities for investment.
Are you always on the run to produce your profit and loss statements? Well with real-time accounting, your profit and loss statements are available whenever you need them. You can access these reports at the click of a button. They also let you check different channels to see how they compare.
With the data at your reach, you can have an idea of the direction as to where to drive your business with accurate stock and inventory evaluations. Having these types of metrics provided for by your cloud accounting software facilitates more anticipation in stocking and inventory.
And are you growing increasingly wary of data theft and fraudulent activities? Real-time accounting continuously makes up-to-date reports for and enhances the accuracy of financial information so you never have to worry about fraud or data theft and pilferage.
Aside from cost reduction, scalability, and real-time reports that promote investment opportunities, profit and loss statements, inventory tracking, and safety of information, real-time accounting software heavily strengthens accessibility, flexibility, and collaboration.
Having readily-available data and metrics at your fingertips ensures you can preemptively respond to concerns that arise out of nowhere. Instead of just letting things come as they are that can outrightly affect the business, you can see the signs of coming and try to turn around your figures.
With all these mentioned above, are you searching for real-time accounting software for your business? Do more than just getting “for the sake of having one” software. The surefire cloud accounting software for your business that can provide you with real-time accounting is EasyFS.
EasyFS is a Software-as-a-service (SAAS) sales, inventory and accounting system designed for Micro, Small and Medium (MSME) Enterprises. EasyFS can provide you with the many advantages that cloud accounting and real-time accounting can offer.
If you want to manage your business in real-time and in a WFH (Work from Home Setup), EasyFS can provide you all these benefits of affordability, accessibility, flexibility, accuracy, collaboration, security and control, compliance, expense monitoring, strategizing real-time profit and loss accounts monitoring and most of all, productivity.And EasyFS is BIR CAS (Computerized Accounting System) compliant and ready for government taxation in the Philippines. Start now and register for a free demo at: https://human-incubator.com/easy-fis/
