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Why Cloud Technology is key to Stress-Free Accountancy

24/08/2018

If you work in finance and accounting, the question of whether to migrate your business from on-premise servers to the cloud is likely to be on your radar, as the debate continues to gain momentum. There’s plenty of accessible information about how making the leap to the cloud will benefit a business generally, but what about the upside for the average accountant? Here are just a few of the day-to-day benefits you can expect if you make the shift:

No more silos

One of the biggest frustrations for any accountant is disparate data. It’s common that files relating to a single client or company are held across multiple devices and locations, making reporting hugely inefficient. As many as 69% of CFOs have stated that the practice of separating a company’s data into multiple silos is the number one mistake that any company can make. Nonetheless, it’s a trap most businesses fall into, and one that’s hard to avoid with an on-premise system.

The cloud-based nature of Dynamics 365 and Dynamics 365 Business Central means that silos can quickly be prevented through the storage and access of key information within the Microsoft Azure cloud. The major benefit of a cloud-based server is its powerful search function and other data-access tools that enable the user to access, edit and utilise data from any device or location.

More accurate reporting

Producing accurate financial reports is at the heart of an accountant’s job. However, being forced to rely on outdated, overly complicated reports and sometimes contradictory and duplicated data from different departments can make accuracy feel like an impossible challenge.

Upgrading to a cloud-based solution such as Dynamics 365 removes many of the stumbling blocks by giving you access to real-time reports on data held anywhere in a business using Dynamics 365’s integration with powerful reporting tools such as PowerBI.

PowerBI allows you to produce customised reporting dashboards that provide you with all the information you require, displayed through a range of interactive and dynamic charts and tables; directly within their Dynamics solution. The value of this functionality can’t be understated, as it ensures you can seamlessly produce the accurate and actionable reports required by clients from any device or location.

Flexible payments

The SaaS (Software as a Service) licensing model for cloud-based solutions such as MS Dynamics 365 provides users with the flexibility of paying monthly, rather than being hit with an annual lump sum. This allows ensures a company can increase or decrease the number of licences provided to their staff as they require.

This model ensures you can flexibly manage access to the solution, preventing unnecessary access to important client data; an important benefit considering that 70% of instances of data loss can be directly attributed to human error.

As a Microsoft Dynamics Gold Partner, we’ve have seen first-hand how cloud-based solutions such as Dynamics 365 and Dynamics 365 Business Central can address many of the challenges accountants face at work. Our cloud-based solutions are tailor-made to support our clients, providing the flexibility they need to grow and evolve their organisation both now and in the future.

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