The pace of business no longer aligns with monthly, quarterly, and annual reporting cycles. Deeper, and quite often instantaneous, financial insight is no longer a “nice-to-have”, as decision windows and reporting cycles continue to shrink.
While many aspects of traditional accounting remain the same, where this process is managed has changed drastically. Cloud accounting is becoming an even stronger force in the market of finance technology, and is quickly rising up the ranks of favorite choice for CFOs, COOs, CEOs and CIOs that want to streamline their business.
Why are so many accounting professionals choosing to move to cloud-based accounting? Here are the top five reasons.
- Rapid growth. Business is booming, and corporate officers need the ability to keep up with real-time financial information about their company. Cloud accounting is integrated and provides real time results for better decisions.
- Low maintenance. With on-premise installed, non-integrated finance systems, companies are throwing resources, spreadsheets,and valuable time into the the mix to keep up the need for information. The ease of not having to buy, store, and maintain software is a breath of fresh air that helps the accounting department work more efficiently.
- There is only one version that is continuously updated. You no longer have to worry if your outdated system has security vulnerabilities or will break when you apply upgrades.
- For most businesses, payroll is one of the largest expenses. With cloud accounting, payroll is seamlessly integrated into your finance system, providing you real time insights.
- Access anywhere. The top reason so many are turning to cloud based accounting is that it can be accessed anywhere with internet access. on any device….PC, MAC, Tablet, Smartphone.
To learn more about what cloud accounting can do to help your business run more efficiently, please contact us.
In many companies, payroll is one of their most significant expenses. In most companies we work with, weekly or bi-weekly payroll expenses from the outsource provider are entered into the accounting system with a monthly journal entry. The result? Wasted manual effort and no visibility into payroll expenses as they are incurred.
Sage Intacct and ADP have addressed this need through the integration of Sage Intacct’s ERP cloud software with ADP’s Workforce Now.
ADP designed Workforce Now as a comprehensive HCM suite that reduces administrative chores and keeps companies compliant with regulations. The integration between Sage Intacct and ADP allows mid-size companies to sync their employee data and transfer payroll data from ADP to their general ledger within Sage Intacct by clicking a mouse instead of entering the information by hand. That makes for fewer errors and saves employees time.
System One is a staffing company that has to process payroll every week for 65,000 employees and issues 15,000 W-2s at the end of the year. They used to enter all new hire employee and payroll information into two systems by hand. The company has said that migrating to Sage Intacct/ADP has saved them $60,000 each year as they avoided hiring new staff while they were growing.
ADP noted that by giving their clients the ability to spend less time on duplicative administrative tasks, they have more time to spend on more strategic initiatives that will help grow their businesses.
If you are using or thinking about using ADP to outsource your payroll and want to learn more about streamlining payroll processes and getting real-time visibility into your payroll expenses, please contact us.