What is cloud accounting technology?
Everyday companies make the decision to move from on-premise solutions to the cloud. With so many companies choosing to move to a cloud-based ERP solution to drive their finance department, what’s next with the cloud is always at the forefront of their minds. You are probably already familiar with the benefits of the cloud such as, not needing IT resources to support your finance function, one login with anywhere-anytime access, and API connections with other cloud solutions. For certain cloud solutions, you can also get real-time data, easy to create reports, company roll-ups, customized dashboards, dimensions to eliminate additional general ledgers, easy intercompany payments, and a notes section for communication between your team about changes.
Where is cloud accounting headed?
As cloud accounting continues to develop the user interface and open API’s are a top priority for ERP solutions. Both of these factors are leading the way due to users continuing to want easy-clean way to run real-time reports and create an audit trail. The evolution of the user interface is a top priority. These changes will make or break companies’ decisions to move to their solution based on the quickness their employees can get through tasks.
The open API is an important factor for continued development as companies continue to want a best-in-class solution instead of a one-in-all solution. This means continuing to create seamless API connections on the back end with other top cloud software vendors.
Finally, the most exciting trend for cloud accounting technology is the use of artificial intelligence and the influence it will have in ERP solutions. Companies demand their technology to work for them and eliminate manual work, coding, and clerical employees will continue to lead to a need/desire for technology that can do more automatically.
Overall, over the past decade, cloud accounting technology has continued to go develop and change the landscape of finance departments. With the anywhere, anytime access, and consistently updates throughout the year, the technology can only allow for capabilities to drastically improve with less and less manual effort to accomplish tasks.
Join us for our webinar on November 21st at 1 pm eastern time to deep dive into where cloud accounting technology is headed, and the updates we see with the software we provide every day to customers.