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Get Accessibility Anywhere with Cloud-Based Financial Management

The trend is clear. More and more nonprofits are switching to cloud-based financial management systems for their accounting services — and for good reason. Cloud-based options offer benefits that include automated billing and revenue management, simplified compliance with regulations, cheaper IT support and increased efficiency for organizations. One of the most alluring assets provided by cloud-based systems, however, is the incredible mobility they provide.

The mobile revolution

The global workforce is changing. It’s becoming more mobile and independent. Remote positions are becoming increasingly common. More than ever, employees are using mobile devices to get work done. This is not a fad — the mobile revolution is just beginning. And the businesses that embrace that mobility now, will have a competitive advantage in the coming years.

Though the world is moving toward cloud technology on multiple fronts of tech, organizations still cling to legacy financial systems. This is understandable as many believe they can’t justify the cost of making the transition. But what these organizations don’t realize is: the sooner they make the switch, the sooner they’ll ramp up efficiency, streamline processes and ultimately save money.

Why are cloud-based solutions superior?

On-premises systems effectively tie workers to the office. Software, data, and accounts are all on a local drive — limiting access to financial information. But what happens when bad weather prevents workers from making it to the office? What if there’s a late-night emergency that requires system access?

These, and other events, will eventually happen. And for companies using desktop-based systems, these situations invariably mean a loss of productivity. In contrast, cloud-based accounting completely eliminates this restriction. There are no software applications to download, no security hardware required and no need for IT support. Cloud users can easily access the system through a web browser on any device with an internet connection. Cloud-based systems, such as Intacct, for instance, have security measures built into the application and platform to prevent unauthorized access that could jeopardize the integrity of data.

This has a huge effect on productivity for organizations. Employees can access information anytime and approve transactions from any location. Auditors don’t have to leave the office to view transactions and process flows and board members can easily participate in financial review sessions from any location. Additionally, instant updates can be shared with colleagues or shared with clients immediately. Customer service representatives can pull up information anytime, anywhere, to better serve customers. And most importantly, organizations can operate around-the-clock from anywhere in the world.

Cloud-based solutions such as Nexonia provide a mobile-friendly solution for traveling employees to instantly capture receipts and enter expenses. This allows approvals to be automatically routed to supervisors who can approve them quickly from anywhere, at any time. This capability alone saves finance teams days of downloading transactions and manually entering invoices and expenses. Employees can be reimbursed faster and all receipt images can be stored for easier auditing

If your company has been holding off on making the switch, we’d encourage you to keep in mind the time and cost saving benefits of cloud-based financial management technology. Your company will be better positioned for a more efficient future, and your clients and employees will thank you for simplifying their lives.  

Get a field manual for nonprofit financial management in this Nonprofit CFO’s Survival Guide. We’ve gathered thought leaders in nonprofit finance to create this field manual for you, to help chart your path to achieving your mission.

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