Moving your finances over to the cloud might feel almost as overwhelming as moving house, but really, the key is finding a finance and accounting software provider that makes the transition as seamless as possible. The real reason finance teams may feel overwhelmed (and probably why you are reading this article) is because you are trying to decide which system brings you greater control over financial processes and reporting .
Allow us to make the decision-making process a little easier. Here’s everything you need to know, in one place.
What is cloud accounting software?
Hosted completely online, cloud accounting software is accessed through the internet, rather than having to install the software on your computer. It essentially acts as an online bank for your businesses finances.
If you want to understand more, read our guide →
Why are finance teams moving to cloud accounting software?
We all know that modern technology has changed the way businesses function. Now, payments happen instantly, customers expect faster service, and teams are more widely spread nationwide or even globally in some cases. Despite this, too many businesses are still managing their finances using disjointed, clunky systems that weren’t designed for the present day.
Finance teams are moving to cloud accounting software to gain:
Automated processes
Real-time data and analysis
Enhanced collaboration
Seamless integrations
Stronger security
Scalability at an affordable price
What should you look for in cloud accounting accounting software?
Choosing the right accounting software requires focusing on core features that will support digital record-keeping, VAT processes, reporting controls, business growth and adaptability to change, and the day to day operations of your business.
Features to evaluate:
Real-time reporting and visibility
Finance teams need to access accurate, up-to-date information without relying on spreadsheets or waiting for reports to be manually done. Look for software that simplifies the analysis of financial performance, so that you can drill into the detail behind the numbers.
Automation of manual finance processes
Consider how much day-to-day admin can be lifted from your finance team with automated finance processes. Tasks like bank reconciliation, invoice processing, approvals, recurring transactions and scheduled reporting can all be streamlined through automation.
Scalability as your organisation evolves
The requirements your business has today will more than likely be different to the ones you'll have in a few years. Your finance and accounting software should comfortably support additional users, entities, currencies and greater transaction volumes without creating unnecessary complexities.
Integration with your wider systems
It’s rare for finance systems to operate alone. API capabilities and integrations can help to connect financial data with other systems across the organisation, reducing duplication and creating more aligned processes.
Financial control, security and auditability
Greater accessibility should not be acquainted with a lack of financial control. Consider permissions, approval workflows, audit trails and the controls available to protect sensitive financial information.
Flexibility to match the way you work
Rather than facing your finance team with rigid processes, consider how easily the system can be configured around your organisation’s workflows, reporting requirements and structures.
Support you can rely on
When you’re evaluating a system, consider implementation, training, ongoing support, and how easy it is to reach knowledgeable people when you need help.
The right cloud accounting software should do more than meet a list of technical requirements. It should be removing friction from your finance processes, and giving your finance team greater visibility so that it can continue to support your organisation as its needs evolve.
Is your current accounting software still meeting your needs?
Your accounting software was probably fit for purpose when your organisation was smaller with less complexities, right? We’re here to reassure you that the signs that you need to upgrade your finance systems aren’t always obvious.
You may need to reassess your current software if:
Your team relies heavily on manual processes
Reporting takes up too much time
Month-end is more difficult than it needs to be
Your organisation has become more complex
Your systems don’t work well together
You don’t have the financial visibility you need
Benchmark your finance software →
How to compare cloud accounting software providers
Once you’ve identified what you need from your accounting software, the next step is working out which provider can best support those requirements. A feature list can be useful, but it won’t always tell you what the software will be like to use in practice.
When comparing providers, consider:
Start with your priorities
Identify the problems you most need the new system to solve. Whether that’s reducing manual work, improving reporting, managing multiple entities or connecting existing systems, having clear priorities makes it easier to compare providers against your actual requirements.
Look beyond the feature list
Two providers may appear to offer similar functionality, but how that functionality works can be very different. Ask to see the processes that matter to your finance team in action and consider how easily they would fit into your existing ways of working.
Consider implementation and ongoing support
Choosing the software is only part of the process. Find out what implementation involves, what training is available and what level of support you can expect once the system is live.
Think about your future requirements
Consider where your organisation is heading as well as what you need today. A system that meets your immediate requirements may become restrictive if you add entities, users, currencies or greater complexity later.
Make your software comparison easier
Our CFO’s checklist for choosing finance software covers the key questions to ask when evaluating your options, helping you compare providers against the requirements that matter to your finance team.
Download the CFO’s checklist →
Ready to find the right accounting software for your business?
Choosing cloud accounting software isn’t simply about moving your finance processes online. It’s about finding a system that gives your team the visibility, control and flexibility to work more effectively today, while supporting your organisation as its needs evolve.
Aqilla is cloud-native accounting software designed to help growing and complex organisations reduce manual work, improve financial visibility and bring their finance processes together in one platform.
If you’re considering whether your current finance system is still the right fit, book a demo to see how Aqilla could support your finance team.
