How do you deliver the best service possible to your clients? Your expertise and professional experience are crucial, but cloud-based project accounting software could be the missing piece of the puzzle when it comes to meeting clients' expectations, simplifying business management, and growing your business.
Spend Less Time on Data Entry and Analysis
There are time-consuming tasks that you probably perform on a daily basis, including reconciling transactions, entering data for new clients into your system, or sending invoices. An advanced cloud-based platform could automate all these tasks and free up some valuable time that you could spend with clients.
Data analysis is another field of expertise that can be time-consuming. A cloud-based project accounting tool could generate valuable insights and real-time reporting. These insights would help you with resource planning for your own business, and help you meet the expectations of your clients.
If you're an accountant or perform the accounting in your office, this is especially important. We are seeing a switch in what businesses expect when they outsource accounting. CPAs are no longer expected to only report. Businesses want to work with accountants who can help with analytics, business processes and resource planning.
Project managers and principals also benefit from this type of technology. If you use a software platform that combines accounting with project management, you'll get insights that used to take hours and endless spreadsheets to produce, including earned value, profitability, work in progress, and more.
Whatever your role, these automations and insights give you more free time to spend on your clients.
Generate More Accurate Budgets and Estimates
Regardless of how many years of experience you have, there is always a slight error margin when you give a quote to a new client. A cloud-based project accounting platform will rely on data from previous projects to help you generate an accurate budget and estimate for a new project. This capability is going to help you manage your workload more efficiently and bill clients more accurately.
If you work with business clients, relying on a cloud-based solution would also result in more accurate budgets and estimates for your clients' different projects.
Safeguard Your Data
Did you know that 43 percent of cyberattacks target small businesses? When you work with financial information, you store personal and financial data that would be very valuable to a hacker.
Switching to a cloud-based solution means this data will be stored on a third-party server managed by a company that has the resources and expertise needed to implement advanced cybersecurity measures. The cloud is safer since your data is automatically backed up and you can can control who has access to your database. Your clients will be happy to know that their information is in such good hands.
Work Wherever You Are
Because your data is stored on a remote server, it is possible to access it from anywhere. All you need is a laptop with an internet connection, or a mobile or tablet with the companion app for your project accounting software.
This means you could pull up a client's file when you meet with them even if you aren't in your office. You could also use your phone to work on the go. Being mobile will help you deliver a better experience for the clients who expect instant communications.
Switching to a new project accounting platform is a big step. However, adopting a cloud-based solution will help you save time, deliver better service, and prepare for what clients will expect in the near future.