For businesses worldwide, the year 2020 brought challenges and changes at a faster pace than anyone anticipated. Many companies may not survive the impact of the COVID-19 pandemic, having failed to evolve rapidly enough to adapt to the new realities.

On the other hand, a few organizations “doubled down” on their progress, adding COVID-19-centric services, embracing technology to support new processes, and building new models for work approaches and employee collaboration. KBFP, the leading cloud accountants in Vaughan, is exceptionally well-positioned in the latter category here in Canada and leads the way in helping other businesses do the same. 

By leveraging their expertise in Cloud Accounting and their experience in providing Cloud Accounting Services, KBFP has helped a wide range of businesses streamline and simplify their back-office accounting, improve their cash flow, and manage potential staffing issues more effectively.

What is Cloud Accounting?

So much of the way we live our personal lives today has been revolutionized by the use of Cloud-based services. Apple’s iCloud, Facebook, online shopping, our online banking applications, our communication tools, and so much more all represent a fundamental enabling layer of our modern society. The business environment is beginning to catch up, with many new Software-as-a-Service (SAAS) applications working together to give similar advantages in a professional setting. 

Cloud Accounting is the ‘umbrella’ under which all individual applications can be integrated into a cohesive solution.

There are many software options available, and a knowledgeable partner is recommended to help ensure businesses can make the right decisions for their particular requirements. Each business may need a slightly different software constellation, depending on their legacy systems and their unique processes and internal standards.

Benefits of Cloud Accounting

If your business is seeking better ways to manage its financial processes, here are five reasons why considering a move to Cloud Accounting is just good strategic planning.

Accessibility and Availability - Yes, even during COVID-19

With Cloud Accounting, all the information you need, like financial figures and client accounts, are at your fingertips any time, from anywhere. 

Cloud Accounting does away with any location-bound restrictions. Your financial data and records are securely stored in an encrypted cloud server. This cloud server can be accessed through your web browser, wherever you have access to the internet.

In today’s COVID-19 distributed working environment, managers and senior executives must have instant remote access to business finance information.

Save time and money on IT

The traditional financial technology solutions model relies on investment in physical computing equipment such as servers, storage subsystems, and networks. Information Technology departments tend to grow in response to business needs, and soon, IT begins to represent a significant portion of your operating costs.

Online accounting operates entirely online, or “from the cloud,” if you will. Forget pricey IT infrastructure upkeep. And goof by to physical on-site technical support for your server room and network.

Security, Backups, & Updates

When operating on cloud-based software, there is no need to fear security breaches. All of your financial records are saved and backed up with high-end levels of encryption. 

Having to perform backups or pause to update the software manually will be a distant memory. With cloud accounting software,  you are always operating on the most up-to-date software version, with the most current rates and functions. 

Regardless of your business’s size, by using Cloud Accounting, your business can enjoy the same levels of security, maintenance, and currency as major enterprises.

Team collaboration

Collaborating with internal and external colleagues and advisors becomes streamlined when you are operating in a cloud platform. 

Using the traditional desktop-based approach, the ability to obtain all information was often limited or constrained – making joint work with colleagues and advisers difficult. Data transfer and sharing of information had to be done via email, USB-stick transfer, or other methods. Sometimes, data might be in one format that’s incompatible with the next stage in the process.

Xero online accounting (a KBFP-selected Cloud Accounting software)allows you and our entire team of managers and advisors have all of the same access to the same real-time financial information easily, enabling ready collaboration.

Improve Accuracy, Reduce paper

Switching to Cloud Accounting can help to finally free you of hours spent filling papers.

With legacy systems, there are often ‘islands’ in the process where paper records may still be used, preventing full collaboration or requiring extra effort to record and store. Besides, any manual data entry processes can introduce errors into the information, leading to confusion or worse.

In a Cloud Accounting solution, time spent on tedious paperwork is significantly reduced. Invoices, bills, receipts, and all other necessary financial documents can be electronically scanned and instantly saved with the matching transactions within the software – retrievable with a click.

Now that all of your files are digitized and stored in the cloud, and automatically backed up – you can safely toss out the paper originals – saving our planet!

In general, you enjoy much greater management of your financial processes, providing a better picture of your forecasted income and outstanding liabilities.

What makes KBFP the right choice for your business?

KBFP teams are focused on what’s required to make your business successful. No matter your business finance needs, our broad range of services can provide a solution tailored to you.

KBFP has vetted and assembled a suite of powerful online applications from leading Canadian and US software vendors to create a “virtual accounting platform” — a complete accounting system that maximizes efficiency for your finance team. From income to expenses, time tracking to payroll, payables to receivables, KBFP knows which software will work best and how to integrate them for you.

Additionally, KBFP offers a range of Cloud Accounting Services to design, implement and maintain your business accounting processes, using the Cloud Accounting technology platform to deliver seamless operations.

The KBFP team is committed to helping your business achieve its goals and thrive during these challenging times. Contact the experts at KBFP today and book a free consultation! Call 905-761-8080 or email info@kbfp.ca