What does cloud accounting software mean for your financial department?

Cloud ERP & Accounting Software from Microsoft | NAVExperts

One of the common misconceptions of cloud-based accounting solutions is that they exist to replace your accounting team.

There are plenty of people out there who are convinced that they will need to let go of all their admin staff, bookkeepers and even their accountants as soon as they introduce a new system into their business.

Guess what? It’s just not true.

Great accounting software will help your sales and bookkeeping staff – not make them redundant!

You’re always going to need someone within your business who has in-depth knowledge of your financial affairs, but there’s no reason why you can’t use Microsoft’s cloud accounting software to streamline your internal bookkeeping and accounting tasks.

It makes sense to do this because…

  • Many of your most common processes, such as creating invoices and purchase orders, can be automated. This will make sure that your bills go out to the right people at the right time, and the risk of human error will be greatly reduced, too.
  • If a customer or supplier has a query on their account, all your admin team need to do is click on the entry and they will have all the information they need to find a solution to the problem.
  • Your staff can access a cloud-based solution remotely, which means they can access what they need to do their job regardless of whether they’re opposite you in the office or sitting on a beach in Bermuda.
  • There’s no need to flit between different members of staff to try and get the low-down on a sale or an account. Cross-departmental communication will be at an all-time high because everyone can view accurate, current data, regardless of their role within the organisation.
  • The software will be packed full of the latest security features to ensure that your company data is kept well away from the grubby paws of fraudsters.
  • Your team can integrate their accounting software with other popular third-party programmes, such as Office 365, meaning they don’t have to spend their valuable time sifting through different platforms to find the information they need.

Please, don’t sack your accountants…

…but definitely DO provide them with access to your cloud-based accounting software so they can get their hands on a real-time view of your finances, as and when they need to.

That’s the beauty of Microsoft’s latest accounting solution, you see. Not only is all your data stored in one place, it can also be manipulated into all kinds of magical reports and forecasts that can help your accountants identify the strengths and weaknesses in your business, then help you take steps to become more profitable.

Unlike in times gone by, getting to this point is fast and easy. There’s no need to turn up to your accountant’s office with half-completed spreadsheets and bags full of post-it notes and receipts because as long as you are inputting all of your financial information directly into Dynamics 365 Business Central, it’s there for everyone to see, any time, from any device.

And the software has even been updated to ensure it complies with HMRC’s new Making Tax Digital scheme, which means that you are able to submit all your tax return data in real-time in just a couple of clicks.

You might think all of the above sounds too good to be true, but trust us when we say that Dynamics 365 Business Central will always exceed your expectations. To be frank, once you have implemented this wondrous cloud accounting solution across your firm, your accounting team will wonder how they ever survived without it!

About the author

John Gladman

MD, John, founded the business way back in March 1999. Having worked in the IT industry since 1985, when the first IBM PC’s hit the market. In 2001 John diversified into selling what became Sage 300 & Sage CRM solutions and added pre-sales to the long list of jobs he performs.

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