64% of workers are now remote. Since March of 2020 that represents a 148% increase according to Netskope, a cyber security software publisher. According to McKinsey Digital, cloud-specific spending is expected to grow at more than six times the rate of general IT spending through 2020. Much of this spending is deploying Software as a Service (SaaS) solutions.
With the significant increase in transactions we are seeing increased AI functionality that is providing us with huge amounts of good, solid data. Accessing and understanding that data is a key component to driving business intelligence to help make better, more timely decision.
How we think about and consume data is changing, particularly in the accounting and finance world. Historically it was OK to take weeks or even months to collect, tabulate, and manipulate financial data to produce reports that management uses to make decisions. Not so today.
Today, business moves at the speed of now. No longer can we rely on simply looking at the past. We need to look at today to predict the future. To make quicker decisions to better manage cash flow, spot opportunities, and avoid pitfalls, finance professionals need to embrace the advances in technology and AI. Real-time data has become a key contributor in gaining crucial insight into what is happening now, allowing us to pivot immediately, not weeks or months from now.
Data by itself is almost useless until you can turn it into business intelligence. Today’s finance professional must be proactive and provide forward-looking advice based on real-time financial information, instead of analyzing and providing reactive guidance based on old data. This is achievable with the right cloud-based accounting software.
Historically the finance professional has been responsible for producing individual reports with different data for different stakeholders. This is often done through an export of data to Excel, which is then manipulated in a “house of cards” series of spreadsheets that is error-prone and time-consuming to manipulate. With this comes slow and often poor or incorrect decisions based on incorrect data.
With tools like role specific dashboards, managers are kept informed, in real-time, of important KPIs for their area of responsibility. That means that, at a glance, they can see their department’s performance and make immediate adjustments to avoid problems or capitalize on opportunities. These tailored views provide a reporting experience for a variety of stakeholders that is focused and immediate. And with outlier detection built in, the data is accurate and reliable.
Having access to real-time data has benefits that go beyond the obvious ones we discuss above. It is common for finance professional to spend most of their time collecting, manipulating, and qualifying data from various sources to provide the reporting that management and other stakeholders require. With a modern accounting solution, which is most often a cloud-based solution, that burden is handled by the system, freeing up scare time for the finance professional to play a more strategic role in the organization – forecasting the future rather than reporting on the past.
When your financial information is spread out across multiple spreadsheets or tied up in
outdated and manual process, it’s a real challenge getting insights to the right people at the right time. At North49, we can help.
North49 is a sage Authorized Partner and Development Partner of more than 30 years.
We help SMBs become more efficient and overcome process challenges using technology and sound advice.
Sage Intacct is the innovation and customer satisfaction leader in cloud Financial Management. With the powerful combination of Sage and Intacct, the Sage Business Cloud offers the best capabilities of both companies. Bringing cloud computing to finance and accounting, Sage Intacct’s innovative and award-winning applications are the preferred financial applications for AICPA business solutions. In use by organizations from startups to public companies, Sage Intacct is designed to improve company performance and make finance more productive.
The Sage Intacct system includes accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting applications, all delivered through the cloud.
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