Finance teams that have already moved away from traditional accounting systems are being liberated from rigid data structures, time-consuming manual tasks, and outdated legacy processes. The CFOs of these businesses are enjoying greater productivity among their workforce and are facing fewer issues related to slow task completion, uncertain decision-making, and poor performance.
When companies buy the right accounting software, their employees are given a morale boost, as well as a feeling of empowerment (as they’re able to fulfil their role more competently). Good user experience (UX) is an important element of Cloud financial management too. Technology that has a simple user interface enhances workplace productivity even further.
Increasing workplace productivity with Cloud fintech
Accounting software solutions have become an established method for finance teams. As Cloud accounting options continue to proliferate at a rapid speed, manual finance admin is quickly becoming a thing of the past.
Our annual Finance Trends Report highlighted that 26% of finance professionals see access to accurate data as their number one challenge, while 19% said it was access to systems, and 18% said small tasks that take a long time to complete. There’s definitely a need for greater efficiency given the economic climate, but these survey results also show there’s a clear desire from finance employees to enhance their processes.
Cloud technology is far more efficient than on-premise alternatives due to better access and integration, as well as greater automation. Therefore, with the right provider, financial data will be more reliable, and tasks will be completed much quicker, leading to more productive outcomes in the workplace.
The idea of moving away from traditional accounting systems may be an overwhelming thought for many, but the associated benefits of the Cloud quickly become apparent when going ahead with this approach. The short-term inconvenience of switching is far outweighed by the long-term growth and prosperity.
Remove the risk of bottlenecks
System failure, human error, insufficient resources, and inefficient time management are all process bottlenecks that represent a key source of frustration to CFOs and finance managers.
Manual data entry and report-building are examples of tasks that can quickly become time drains for employees. Bottlenecks inevitably lead to unwanted downtime, which can be accompanied by missed deadlines and stressed workers.
Since 2019, the role of the CFO and finance function generally have evolved to have a greater focus on strategy, analysis, and insights. Finance professionals must refocus their efforts onto these activities if their careers are to prosper. But finance managers must remove bottlenecks from the equation if their team are to achieve this growth.
When traditional accounting systems aren’t integrated with the wider business technology stack, there can be a lot of manual work involved with moving information around and consolidating all data in one place.
If the finance solution in question doesn’t have an intuitive interface, even more productivity can be lost while users figure out how to navigate it. To top it all off, if competitors have harnessed the power of the latest financial innovations, you could quickly fall behind them.
One of the defining characteristics of the finance function (particularly in the age of automation and artificial intelligence in finance), is its ability to provide real time insights that drive decision-making.
By leveraging the power of Cloud accounting software, CFOs can clearly see the bigger picture performance picture, ensuring they’re able to reallocate resources and restructure hierarchies accordingly to boost productivity.
Which processes can be optimised using finance software?
Cloud-based accounting software can help with a variety of obligations across the finance department, including:
- Invoicing
- Cash flow management
- Forecasting
- General bookkeeping
- Bank reconciliation
Invoicing is a typical task for finance teams. But this activity can cause a lot of problems for other departments if it is done inefficiently. If invoices are completed inaccurately, they’ll need to be drawn up again, with payment terms extended accordingly. Also, if they’re sent late, this threatens the cash flow of the company.
By automating invoicing via digital solutions, you’re able to stay organised as your company continues to grow. This obligation will be completed much faster, with fewer errors and a higher degree of accuracy. These are just some of the benefits gained from using finance software for cash flow management.
Even if you have a robust supply chain and a healthy sales pipeline, this is all redundant if your income isn’t arriving when it should. Similarly, if you’re not paying your bills on time, or don’t have the funds to settle what you owe, this can eventually be detrimental to productivity.
Suppliers may cut off your raw materials and talented employees could leave if their salary is always paid late. Cloud financial management helps to negate these risks, providing ultimate visibility around incomings, outgoings, and deadlines.
Having access to the most important financial metrics at the click of a button is also transformative for your productivity prospects. You can gain insights around aspects like pricing, stock, investment opportunities, and recruitment. By assessing where performance is strong and weak, it becomes possible to make tweaks and put proactive measures in place to make things better.
Accurate financial records are also important for productivity from a regulatory perspective. It means that you can quickly present your performance in a compliant manner. If you ever need to create a report for legislative purposes, this can be generated seamlessly with Cloud accounting software, rather than rushing to scramble the information together manually.
How does Cloud financial software improve productivity?
There are numerous performance-related benefits finance teams gain by implementing the Cloud. Here are the top ways productivity is boosted by Cloud technology:
- Instant access
- Automated tasks
- Up-to-date reporting
- Real time data analysis
- Business-wide data
- Scalable processes
- Instant updates/support
Instant access
Finance professionals can access the system at any time and from any place. Whether they’re at home, in the office, or on the road, they can access the system so long as they have an internet connection.
This means they can work and collaborate with colleagues more easily, while group/project work can progress faster too. With this level of access, finance teams can continue working in unprecedented circumstances.
Automated tasks
The automation of basic finance admin frees up individuals to focus on the creative and analytical work that really adds value. By automating tasks such as data entry, data reconciliation, and invoice processing, employees end up saving a lot of time, and therefore can complete more on any given day. They can shift their attention to business strategy, while generally being more efficient, accurate, and productive.
Up-to-date reporting
Powerful reporting ensures the appropriate information can be compiled when looking to achieve internal, statutory, and regulatory compliance. Finance professionals can gain insights with far less effort, using these nuggets of information to monitor business performance and quickly identify areas of improvement.
Real time data analysis
With up-to-the-minute data at their fingertips, employees can make agile decisions based on circumstances that exist right now. Otherwise, they would end up waiting until the weekly or monthly reporting window, by which point it’s too late to take decisive action.
Ever-changing dashboards make it possible to have a constant eye on financial health, so they don’t have to waste time locating all the metrics that matter. And with deeper analysis they can easily uncover actionable trends, risks, and opportunities.
Business-wide data
With a single system in place across the whole finance function, Cloud-based accounting enables finance teams to have a unified view of financial activity, rather than having multiple versions of the truth spanning several spreadsheets.
This technology more easily integrates with separate systems being used across the business too. You have a view of the business’s performance as a whole and can then use this more complete picture to influence aspects like budgeting and investment opportunities.
Scalable processes
Cloud financial management software is designed to be scalable, so that it grows in tandem with the business’s ambitions. You will of course need to scale the finance function as your business grows, taking on new workers, expanding the order book, signing up new clients, moving into bigger premises, etc.
But technology ultimately boosts productivity in this regard, ensuring you don’t have to manually amend the scale of your financial operations as the company expands. You similarly won’t have to waste time looking for a new service (which would otherwise happen if you were to outgrow the capacity of your existing platform).
Instant updates/support
Your Cloud provider is responsible for the performance and maintenance of the software, taking away the burden from those using the technology. With updates applied automatically as part of the service, those in the finance department won’t need to spend countless hours keeping up to date with the latest industry trends or regulations.
And with support included too, it won’t be necessary to waste energy on IT matters. This also ensures that downtime will be kept to a minimum when something goes wrong.
Finance is more than balancing books
Finance leaders benefit from easy access to core finance functionality via Cloud-based accounting software. This can include checking expenses, approving invoices, viewing dashboards/reports, and much more. By being liberated to focus more on strategy, finance teams are empowered to do more than just balancing the books.
This innovative technology helps to reduce manual errors, monitor cash flow more easily, and have greater transparency around the resources/methods being utilised. It also boosts the cost-effectiveness of your operation, enables remote working for employees, and adapts to the ever-changing demands of the company and wider business climate.
Our Advanced Financials accounting solution was designed to be user-friendly for finance professionals. It facilitates automation, integration, scalability, flexibility, and greater efficiency, so your employees can be as productive as possible.