Digital transformation and cloud adoption. Amid the rise in cloud computing, more services across every industry are available in the cloud than ever before, including accounting software. Top accounting software providers like Intuit, Microsoft, Oracle, Sage and SAP are expanding their cloud offerings and urging customers to adopt online applications instead of on-premises solutions.
This is causing finance teams to face new challenges when adopting modern accounting software. From personal to corporate, every level of accounting is being tasked with managing data sprawl, migrating data from legacy systems, maintaining accurate reporting and automating tasks.
The solution? Each of these challenges can be faced head-on through simplified access to the data housed in existing legacy systems and the cloud-based applications of the future.
At CData, our connectivity solutions provide real-time access to every popular accounting, CRM and ERP platform. By making live data easily accessible, every business stakeholder can easily automate repetitive, error-prone tasks and gain insights on critical processes like expense reporting, accounts payable, accounts receivable, payroll management, and tax and financial planning.
Here are four challenges today’s accounting professionals are facing in the age of digital transformation and how to fix them:
No. 1 — Managing Data Sprawl
The challenge: Data management is more important than ever. In the age of cloud computing, businesses are generating more data across myriad systems—from accounting solutions, ERPs, CRMs, inventory management software, and more. This data sprawl makes gaining a complete picture of accounts, payments, shipments, inventory, and more, increasingly difficult.
The fix: Connecting data—particularly as an organization moves to the cloud—democratizes information, reduces waste and lowers operation costs. By integrating systems and standardizing an organization's data ecosystem, financial teams can stop chasing down information, reduce manual data entry, and focus on more strategic initiatives.
No. 2 — Maintaining Accurate Reporting
The challenge: Historically, accounting professionals have designed and built reports by manually keying values into their preferred financial systems. Even with export options available, building reports from across different systems requires some level of manual work. But standards-based data integration software enables automated, real-time reporting without the challenges that come with manual keying.
The fix: Because CData's solutions make data behave the same no matter the source, accounting professionals can build the same reports across different systems with connections to live data—no need for manual entry. This increases visibility, improves performance, reduces error, and ensures compliance. CData also enables system-to-system integration, allowing finance teams to easily and quickly migrate their data from one tool to another as they navigate the process of digitally transforming their reporting processes.
No. 3 — Optimizing Tasks and Initiatives
The challenge: From creating new accounts and managing inventory and expenses, to approving workflows and financial forecasting, each accounting task requires multiple touchpoints into organizational data.
The fix: CData integration solutions make it easier than ever to access the data securely, no matter the entity or object.
3 Ways to Learn More:
- Attend the upcoming webinar - Simple Integrations To Streamline Financial Reporting - Register Here
- Download a free trial of CData and gain easier access to your data today
- Or get a free, personalized demo from CData integration specialists and learn how to better connect and integrate your accounting data.
No. 4 — Universal Connectivity Supports Growth
The challenge: Accounting professionals are increasingly embracing new forms of technology to maintain accuracy, automate tasks and meet their reporting needs.
The fix: Regardless of which accounting solution is adopted, CData's connectivity makes it easier for everyone to access accounting data and focus on tasks that help drive and grow a business. Easier access to data provides accountants and finance teams with a clear picture of their organization's financial health, increases operational efficiencies, and enables continuous digital expansion and cloud adoption.
Jerod Johnson is a Technology Evangelist with CData Software. Jerod moved through life as a high school math and computer science teacher, developer support engineer, and software developer before landing in his current role as a technology evangelist, writing about, demo-ing, and presenting data connectivity solutions for CData.