Cloud-based financial systems have become increasingly popular among businesses of all sizes, especially smaller UK companies with a turnover of less than £100 million. A cloud accounting system like bluQube offers so many advantages over the traditional on-premise financial systems. Huge cost savings, ease of scaling, and improved accessibility, even for non-finance staff.
There are significant business advantages of cloud-based financial systems. Advanced features allow finance teams to work more efficiently, effectively and accurately through numerous ways:
Real-time Reporting: With a cloud finance system, a business has access to real-time financial data at any time, from anywhere, on any device. Finance Directors can make decisions that are more informed based on real-time facts and figures. with Cloud Accounting Software, managment reports stop being long processes of exports and broken communication with Finance Managers. Everyone works from one single source of accurate, real-time data.
Invoice Automation: Many cloud-based financial systems come with invoice automation features (bluQube uses OCR AI optical character recognition) that can help streamline the accounts payable process. This saves time and reduces human error. Improving cash flow management so your business gets paid faster.
Multi-Entity Accounting: For businesses with multiple companies, an accounting systems that is in the cloud can make it easier to manage finances, consolidate reports assign costs and deductions specifc to each of their financial entities, all from a single platform.
ERP System Integration: Cloud accounting can integrate with other enterprise resource planning (ERP) systems, making it easier to manage finances across all departments of a business. Our system is custom built allowing our integrate with literally anything!
Numerous studies have shown the benefits of cloud-based financial systems. For example:
According to a study by FinancesOnline, businesses that make the switch to a cloud-based financial system can expect to see around a 50% reduction in accountancy errors and a 10-20% reduction in the time spent on daily finacial tasks.
A survey by AccountingWEB found that 67% of small businesses that switched to cloud-based accounting software saw a positive return on investment (ROI) within six months.
Numerous small UK companies have already experienced the benefits of cloud-based financial systems:
BakeAway: This UK-based bakery switched to a cloud-based accounting software and saw a 20% increase in productivity and a 40% reduction in the time spent on financial tasks.
Jacksons Fencing: This fencing manufacturer switched to a cloud-based financial system and saw a 50% reduction in the time spent on financial tasks.
Reevoo: This customer engagement platform switched to a cloud-based financial system and saw a 70% reduction in the time spent on financial tasks.
Cloud-based financial systems offer numerous benefits to small UK companies, including cost savings, scalability, and advanced features like real-time reporting, invoice automation, and multi-entity accounting. With so many UK companies benefitting from the improvements in productivity and efficiency a cloud system offers, it's clearly a wise investment for any business looking to modernise their processes and streamline their financial operations. A must for 2023.
For more information on the features of finance software and cloud finance systems, visit BluQube's Core Features and Cloud Accounting Software pages.
If you're thinking about a new finance system and want some help filtering out the information you need, Book a free demo via the form here and one of our finance experts will call you back asap.
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