Remain Competitive in a Post-Pandemic World

Remain Competitive in a Post-Pandemic World

by Mar 3, 2021Cloud Accounting

Remaining competitive in a turbulent business environment is the key to success. The ability to make quick and critical decisions requires accurate and timely financial data. Many older, legacy financial applications do not provide real-time financial information without exporting and manipulating cumbersome spreadsheets.

By the time the reports are done, the data is out of date. This makes it difficult to adequately plan, forecast and budget. Exporting from several sources then manually manipulating the data is prone to human error.

Since the accounting and finance departments are the keepers and managers of this data, it is important to equip them with the tools they need.

Some common problems with out-of-date systems are:

There is no single source of data and often compiling the information is a collaborative process. Different people can be working with conflicting or erroneous information, which increases the change for errors, confusion, and a slow process.

Executives cannot get the information they need when they need it. Its tough to make confident decisions without accurate and real-time information. Often, the ability to drill down into the specifics and test the numbers requires going back and forth with staff for addition reports.

The financial system impedes the ability to grow the business. Decisions like hiring, purchasing assets, adding, or discontinuing services and product lines take too much time and erodes confidence in the process.

Modern cloud Financial Solutions are Key to Business Resiliency and Growth.

The pandemic has brought to light how outdated, disjointed, and cumbersome accounting systems impeded an organizations ability to remain competitive. Offices closing and more of the workforce working remotely has added an additional layer of complexity.

A could based solution such as Sage Intacct provides the tools to manage data in real-time and provides financial reports quickly and confidently. With Sage Intacct’s ability to integrate using API and its partnerships with over 300 solution providers, businesses are more agile.

Cloud vendors are using artificial intelligence (AI) and machine learning (ML) capabilities into their solutions. Therefore, automating common processes and daily tasks such as vendor invoice data entry, bank feeds for reconciling and automating sending customer invoices. With the added benefits of paying vendors via ACH and providing customers the ability to pay via credit card, day-to-day activities are automated.

With defined workflows, employees who are now working remotely can collaborate more easily.

For additional information on how small to medium sized businesses can remain competitive in the post-pandemic environment, be sure to download the e-book, SMBS: SMB Group – COVID Recovery ebook

For any questions, suggestions, feedback or comments, please contact us.