2017 Cloud Accounting Trends
Companies are moving to automate tasks to allow valuable resources to be redeployed to other areas of their business where they can provide greater value. From our research cloud accounting further increased in popularity in 2016. More companies have realised the associated value and committed to an automated cloud accounting system.
Some cloud accounting trends which are developing in 2017 are:
There is an increased expectation in businesses that all paper processes will soon become digitized. Therefore, more companies are inclined to send invoices in electronic formats (i.e. e-invoicing) such as pdf, xml, etc. This removes both manual and paper processing allowing invoices to be processed faster as documents don’t need to be printed/scanned and can automatically be electronically captured, matched and processed.
Collaboration across departments:
As the marketplace continues to operate at a faster pace there is an increased need to establish and accommodate better communication channels between departments. Through improved visibility and communication with other departments a greater understanding of available budgets, potential issues, etc, means more accurate forecasts can be created. This allows for increased flexibility and efficiency across this entire organisation.
Increased Reporting and Accountability:
Data analytics are important not just for the financial department but across the company. Through immediate access to current reports and better business intelligence, key decision makers can make better informed decisions.
Furthermore by automating the P2P process the financial department can more easily generate and focus on report generation, interpreting numbers, benchmarking and improving supplier relations.
Automation also provides accountability as an activity log and audit trail is created. It thereby becomes more difficult for approvers and budget holders to avoid responsibility, and not delay purchase and/or payment approvals when the process has been automated and is being fully audited and reported on. Visibility across the company is increased too as bottlenecks can be quickly identified and resolved.
AP professionals’ level of responsibility is expanding. It is no longer simply the case of being a paper pusher. They are also expected to assist improving profitability and managing / planning business growth. This expectation comes from taking responsibility for more activities including data analysis, improving both supplier & customer relationships, identifying growth trends, financial forecasting and improving overall processes. With Adest you can free up more time to focus on other tasks and increase your productivity. Explore your options for cloud accounting here.