When we talk about the construction industry, instant, trustworthy access to data is necessary to streamline all projects. All projects, regardless of size, depend on sharing information, whether it’s about costs, risks, schedules, or resources.
In the past, data was typically kept on local computer drives or on-premises servers. Its services or contractors outside of a company may have required sending files by email or exporting and importing data from disconnected databases, which could have been faster and increased the possibility of error or data loss. The cloud, however, is a more intelligent choice today.
Apart from this primary reason, let us look at why cloud-based construction accounting is gaining traction and why you should consider switching to one.
Why Should You Consider Transitioning to Cloud-based Construction Accounting Software?
- Enables immediate access to current data
Businesses that use outdated systems frequently need to manually work around problems and manipulate Excel data to produce the desired results. This could imply that the data is obsolete when reports are finished and published.
By switching to a cloud-based construction accounting software, you can benefit from the newest reporting and business intelligence features, where the information you require is just a click away. Additionally, you can access the most recent information from any location and device. No matter where you are, you can use this to monitor and present accurate information with the help of construction CPAs.
- Sensitive financial data is more secure
According to a survey conducted by the Cloud Security Alliance (CSA), 73% of businesses are delaying cloud adoption due to data security concerns. But according to Microsoft, “94% of businesses reported they saw an improvement in security after cloud migration,” so these security concerns may not be justified.
The cloud is safer than any on-premises server. Cloud service providers and software hosts enjoy higher levels of physical and digital security than most businesses could ever hope to afford. You gain access to security features that stop malicious attacks and threats against your data before they can be implemented when you take a step towards could migration. Additionally, you can be sure that no data is stored on a device when you allow staff to access data from any location and on any device. Your data is, therefore, safe even if a mobile device used to access it is stolen or lost.
Efficiency and Communication Improvement
Customers were content with email or phone conversations even a few years ago. But as time goes on and technology advances, clients demand a more hands-on approach to problem-solving and query resolution.
You can benefit from interacting with your clients by using cloud-based construction accounting software to:
- Systems for unified communications
- Current news reporting
- Web-based dashboards
You can also gain advantages like improved internal communications and procedures by cloud migration. Cloud emails and calendars enable seamless interaction and communication between teams and departments in addition to this. Your construction firm can eliminate errors and redundancies when data is inputted more than once if multiple people have simultaneous access to the same information.
Reduce operating expenses
Technology for accounting was previously an expensive endeavor. Tech companies in the accounting and finance industries demanded a high licensing fee that had to be renewed after a predetermined period. Businesses had to spend more money because they had to train their accountants to use specialized software or hire tech specialists.
Through cloud-based construction accounting software, users can use the internet to access accounting and financial software. As a result, companies are not required to pay for the software. Additional features might also be unlocked by paying a monthly or annual subscription fee. However, the cost is minimal because there is so much of this type of software on the market.
Furthermore, these programs store user data on the server of the accounting firm itself. Businesses no longer need to spend money on powerful computers to run expensive accounting software. Switching to a cloud-based construction accounting system can lower operating costs for small and large businesses.
Companies benefit from cloud-based construction accounting software’s integration with other programs. Many accounting software providers make sure that their products can be integrated with PM tools. In this manner, project data for construction companies can be easily transferred from their accounting solution to their project management solution and vice versa.
Data security between two platforms is one of the many advantages of integration. Data can occasionally be lost when businesses manually input information between two platforms. Integration is thus one of the main advantages of cloud-based accounting software.
Improved remote mobility is a huge perk for clients, partners, and employees looking for more flexibility or a more personalized work environment. You might ask why. As long as a user has access to an internet-connected device, the cloud-based construction accounting software enables round-the-clock collaboration with partners and clients anywhere in the world.
Nowadays, businesses and firms have high expectations when they pay for a system. If you ask them what they want, they’ll say it’s easy to access and high productivity from the businesses they hire. Even if it’s after business hours, your customers still expect your company to be accessible. Customers who have access to their accounts can change their financial information and track real-time changes to their accounts at any time from any device. With the help of cloud technology, you can work with your team and clients in ways you could never have before. The benefit of remote accessibility is hugely helpful, especially during tax season.
To Wrap Up
The knowledge a business can gain from using cloud-based construction accounting software is another reason to use it. If backups and data are not saved, paperwork will be lost. Cloud-based construction accounting software takes a leap to handle this issue with automatic backups. As a result, estimators can better construct their estimates using current projects.
They will have recent updates if their project is similar to the one just finished. Additionally, they will be aware of the actual duration and expense. In order to ensure that their business is profitable, they can offer better, more accurate estimates in this way. When are you considering cloud migration? For seamless cloud-based construction accounting software, contact us and get a quote.