COVID-19

Cloud Accounting Drives Efficiency in our “New Normal”

Posted on July 13, 2020 by

Beth Butchart

Beth Butchart

Share This

The COVID-19 outbreak presented new challenges for accounting teams adapting to a remote work environment while trying to keep pace with management’s demand for accurate and timely access to data to make critical business decisions. Simple tasks such as processing vendor bills and employee expense reports proved difficult for those working with on-premise software in a largely paper-based environment, making pain points of manual and legacy processes glaringly obvious. While companies have done their best to adjust, our “new normal” has made it clear that now is the time to reconsider the benefits of implementing cloud accounting solutions to automate processes and work more efficiently.

Accessibility

Cloud accounting applications provide a business owner or manager visibility of the company’s financial activity anytime, from any internet–connected device. Data is no longer stored locally and can be accessed by multiple users in different locations – increasing flexibility as to when and where business is conducted and making it easier to collaborate.

Automation

Smart features and third-party integrations allow for seamless automation of transaction input and processes. From utilizing electronic interfaces and machine learning to categorizing and reconciling bank transactions to implementing a digital bill payment and approval workflow system, accounting records are updated in real time and are more accurate. Time spent on repetitive administrative tasks is minimized, allowing more time for value-add analysis and planning.

Flexibility

Applications are available for companies of all sizes; consider a low monthly fee over a lump-sum payment or annual software license, with the option to customize and add new and relevant features and integrations as your company grows. There are limitless add-ons and integrations available to meet specific needs by industry, including applications for inventory management, project tracking, e-commerce, and sales tax.

Security

Many cloud accounting applications use bank-grade security to protect your data and feature two-factor authentication. Data is backed up automatically and regularly. While no data on the internet is completely safe from a security breach, the larger cloud accounting service providers implement strong and trusted security measures to safeguard your data.

If you are interested in learning how cloud accounting applications can help your business, Clayton & McKervey can help. For additional information call us at 248-208-8860 or click here to contact us. We look forward to speaking with you soon.

Share This

Beth Butchart

Director, Client Accounting Services

Beth leads the firm's client accounting services group, serving domestic and international companies at all stages of growth.

Related Insights

PPP Double Jeopardy: Loan Forgiveness and Tax Implications

Learn about the potential tax implications of PPP loan forgiveness and how this impacts companies who claim the R&D tax credit.

by Bryan Powrozek

by Sarah Russell

How CPAs Help Clients During a Pandemic

In a crisis such as COVID-19, CPAs are able to offer an independent and thoughtful analysis of a business’s situation, as well as the best strategies to navigate issues that arise due to changing PPP guidelines and tax implications. Here are three ways that CPAs have stepped in to help clients during the pandemic.

by Denise Asker

Accounting for PPP Loan Forgiveness

We have been receiving many questions lately about the PPP loan and forgiveness requirements. Here are some of the most common questions we are hearing from companies along with some initial guidance on what to do.

by Dave Van Damme

The Sound of Automation Podcast

Industrial automation businesses are the driving force behind Industry 4.0, and Clayton & McKervey is here to help.

Skip to content