A simple Google search for the term "cloud accounting software" is enough to see the large number of offers in systems that help you update your administrative processes, specifically within accounting and finance.
Previously we told you the reasons why the Accountant will be an essential piece in the digital transformation of companies, representing a reliable and strategic advice, able to track the right indicators to anticipate the decisions that will lead to the financial success of the business.
Now it is essential that in your quest to upgrade your accounting processes, you take into consideration the important factors of the cloud accounting software you are going to select:
Why use information in the Cloud?
The main advantage of the Cloud lies in security, despite this being the main concern of its detractors.
Keeping your information on paper not only means more time spent moving it around than actually analyzing your accounting, but also exposes you to all kinds of dangers from misplacement, damage to hard copies, loss of record books, and more.
When considering a cloud administrative system, it is vital that you study the key elements to add agility to your work.
Information available in real time
Receive an immediate report when viewing all types of information, from cash reports, opening balances and daily receipts.
As it is integrated to the sales and purchasing information, it will not be necessary to wait for other departments to send weekly or biweekly reports, but it will be able to work together with the evolution of the business.
Data Analysis and Automated Reporting
Once all the company's processes are connected, each action will automatically feed its corresponding financial statements.
Thus the work of the accounting department will evolve from manual tasks to perform analysis and audits of the state of the company, and propose appropriate changes for improvement.
Budget Control for each Project
Once all your processes are automated, you will be able to manage the budget of different projects, a good practice to better organize your expenses, income and costs to meet the goals set throughout the fiscal period.
Aiming for improvements in cross-departmental working
The individual work and reporting of each department is one of the main reasons for failures within companies. When departments or teams omit information on goals, tools and processes about goals, tools and processes used, it directly impacts the operation of the business, not to mention lowering employee morale and contributing to overall communication breakdowns.
When looking for an accounting software in the Cloud, aim to use the same tool with different functions adapted to each work area. This allows you to expand the general reports of the company beyond the executive head, but each person in charge of accounting can, for example, analyze the performance of that month's budget, and point out new strategies to implement in areas such as sales, marketing or human resources.
From InterFuerza we work to develop technology solutions that meet the needs of Accountant 2.0, as well as financial and business owners who today are betting on cloud technology to streamline the functions of day to day.
Get to know Club Contador and our initiatives for Accountants.
Creating a strategic plan even in the SME sector
Not only the impact is within the company; an up to date accounting translates into an added value of transparency and punctuality towards suppliers and customers; at the same time the ability to show reports with financial indicators, tax obligations and compliance with business objectives facilitates to the SME sector access to credit and increase its market share.one of the recurrent problems of the sector when facing the lack of resources.
The use of technologies and systems dedicated to administration leads to an agile and efficient work dynamic; the decision to add this tool to the accounting department recognizes the important role of these professionals in the decision making and projection of the organization.
In turn, this aims at empowerment of small businesses and enterprises to easily adhere to government regulations in Latin America, encouraging them to formalize and adopt practices to increase their competitiveness and growth.
Overview of Digital Accounting in Panama
According to data from the Association of Accountants in Panama, in Panama less than 10% of accountants are trained in current practices that the country's that companies in the country need, including not only the use of new technologies such as Cloud accounting software, but others such as electronic payments or systems for the prevention of computer fraud.
As the program of the XXI National Congress of Accountants points out, not only accounting professionals but all business professionals, from managers, risk specialists, auditors and technology experts, must work for the accounting update in the country, thus ensuring more robust companies and a resounding success in business objectives.
