Accounting processes can take a seemingly exorbitant amount of time when time is of the essence. Increasingly, locally-installed software is more time consuming and less convenient than cloud-based solutions, leading to poor, manual processes, longer wait times for data, and higher rates of inaccuracy in data.

Here are the top processes that are slowing your accounting department down.

• You’re still relying on Microsoft Excel

Microsoft Excel was once the industry standard, but today’s business’ complex accounting needs demand more. If you’re still reliant on Microsoft Excel, finding a new solution is going to be the key to implementing better processes to speed up your accounting department.

• Your team members could be using different versions of data

If you’re not using a central repository of data that can be accessed from a web browser, then there might be different variations floating around in your colleague’s inboxes or saved to their desktops. If users are accessing and using (and making important business decisions) based on varying versions of data, how can you be sure that you’re operating at full capacity?

• Access is limited

On-premise solutions are installed locally on your computer. This can be tricky when employees are traveling or for whatever reason cannot get into the office due to a family emergency, inclement weather, or otherwise. By using a cloud-based service, everyone can access the same data with any device with an internet connection, so a business can stay on track even if key players can’t make it to their machines.

• Security is compromised

When data is hacked, stolen, or otherwise compromised, business screeches to a halt. With cloud-based solutions, data is more secure because it is encrypted and stored on remote servers. Enhanced security only serves to keep your business moving at all costs.

Flexi can help you speed up your accounting department

Trusted by enterprises for 25+ years, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets. Organizations of all sizes, particularly those with complex accounting requirements such as multi-entity and intercompany accounting needs, are benefiting from Flexi’s value: rich features, flexible deployment, easily customized, low maintenance, and highly rated support, all at an attractive total cost of ownership.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With a quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

Change and growth are fundamental to business, and technology is expanding the ways we approach and dictate business needs. Auditors are no more immune to the expansion of technology than any other industry: traditional audit services are being transformed by technology.

Leo R. Moretti writes on AccountingToday that auditors need to be aware of all the tools available and to understand and embrace the “accelerating value of data and the digital data ecosystem.”

How Tech is Changing Audits

Technology is poised to perform much of what was once relegated to time-consuming, manual processes. If your staff still spends a majority of their time hunting down broken formulas in Excel workbooks, it may be time to consider new, cloud-based accounting solutions that automate. By taking advantage of the automation tools at our disposal, we can prioritize evaluation analytics and assist clients in performing their accounting and financial reporting tasks in a more efficient manner.

In sum: leave the number crunching to the computers, and use the time and resources you gain towards specializing in the more “human” skills of strategy and advisory services.

Moretti writes that interacting and understanding the needs of audit committees, CEOs, CFOs, and regulators should be an increasing priority, stating that auditors will be increasingly expected to provide assurance on much more than mere financial statements.

Additionally, academia needs to rise to the challenge to provide the next generation of CPAs, regulators, and investors with the tools of success. The curriculum of these future financial professionals should be audit technology-based to prepare future finance professionals with not only the standards of the past but current and future techniques and technologies.

Flexi

Flexi is ahead of the curve, providing proven technology tools to help your business succeed today, tomorrow, and beyond.

Flexi’s comprehensive financial management software simplifies and automates the entire accounting workflow process, without compromising security. Flexi’s open architecture meets even the most stringent security requirements yet allows data to flow seamlessly with any system, whenever and wherever business needs dictate.

Flexi delivers all the rich features you’d expect in a top tier accounting solution, but without the high cost. With quick implementation that can be deployed on-premises, in the cloud or in a hybrid environment, Flexi will not only simplify your accounting processes today, but also will have you ready to adapt quickly to market or business changes in your future.

Submit your information and get a demo of the Flexi suite today.

Flexi’s powerful accounting software was built to simplify the complex processes that accountants face every day. Flexi understands how stressful the period close is, how complicated multi-entity books can be, and how frustrating audits are when accurate reporting is not easily available.

A laser focus on finance and accounting software has enabled the Flexi team to scrutinize every step of the accounting process and develop a solution designed to simplify every task. This “process-driven” approach delivers tremendous benefits to finance teams, including a faster, more accurate financial close.

Flexi’s comprehensive software suite is a tremendous value, providing top-tier functionality at a mid-tier price. If the full benefits of workflow automation are not desired, Flexi’s individual modules can also be deployed separately.

FlexiFinancials

It starts with a strong core financial management system–one that’s been continually refined for 25+ years based on input from accountants and CFOs. Key functionality found in Flexi’s core solution includes:

• General Ledger
• Accounts Payable
• Accounts Receivable
• Purchasing
• Fixed Assets
• Project Accounting
• Financial Reporting
• Analytics

Flexi Workflow

Flexi’s core accounting modules are great on their own, but the powerful workflow engine makes them work even better…together. With FlexiWorkflow you can engage users throughout any department to automate their part of the accounting process, from simple tasks to complex business operations, all based on business rules.

• Automate time-consuming manual tasks
• Decrease costly mistakes and human error
• Dramatically increase productivity

Additional Applications

Flexi’s expanded eSuite applications serve to further automate accounting processes, reducing paper, human error, and the high costs associated with each.

• Invoice and Billing Management
• Vendor Management
• Payment Processing and Check Printing
• T&E Expense Management

Other admin and control options are available, including consulting services and APIs for easy integrations.

Flexi delivers everything that an enterprise needs to automate accounting and dramatically improve workflow processes. Flexi’s  finance and accounting software offers extreme flexibility:

• Connects with any GL or subledger, resulting in easy consolidations from multiple systems
• Deployed in any way needed: on premise, hosted, cloud, or hybrid environments
• Workflow processes are easily defined and set up any way needed
• Reports are easily set up, generated, and shared with anyone who needs them
• Open SOA architecture is designed to seamlessly integrate with any system
• Simple interface allows for user-defined setup of all these parameters and more, without the need for IT programming

Submit your information and get a demo of the Flexi suite today.

CFOs are often responsible for selecting the technology tools their greater company uses to get the job done efficiently and correctly. As technology is changing, it is important to get a pulse on how CFOs are using their technology tools in the present and what their future plans are.

AccountingToday interviewed CFOs and other financial thought leaders to learn their tips and tricks for success with accounting technology. Compiled below are some of their words of wisdom.

Mid-sized businesses

According to Paul Riegel, regional director of CFO Centre, all companies need a solid base accounting system. A reliable and robust accounting system that manages the procure-to-pay cycle and related workflows is a necessity. A solid, base system should include a general ledger, accounts payable and accounts receivable functionality, bank reconciliation functionality, management and reporting systems, payroll functionality, and a budgeting module.

Next up is a financial forecasting system. AccountingToday specifies that forecasting and budgeting aren’t necessarily the same thing. A good forecasting system will look to the future and attempt to select datasets to predict financial outcomes based on past results. Some organizations will depend on Microsoft Excel for financial forecasting, but dependent on company size and scale, Excel is often not the most efficient or effective solution.

Another recommendation of many CFOs is moving to the cloud. For mid-sized organizations, this is pertinent because it allows organizations with limited resources to both automate traditionally manual functions as well as gain automatic visibility. It’s the wave of the future and it makes the most of your staff’s time and resources.

Enterprise companies

A CRM system is incredibly important for organizations with complex accounting needs, like multi-entity organizations. A user-friendly solution will help keep track of all of your customer relationships to get a pulse on how things are going across the board for your clients.

Additionally, comprehensive spend management for enterprise organizations is imperative. There is more pressure than ever before to support business continuity, with the ultimate goal being agile supply chains. In an age of disruption, CFOs need to pay special attention to these needs.

Above all else, CFOs need to be measuring cost, quality, and ease of use when choosing new financial tools.

Flexi has a full suite of products to help your business

Regardless of the size of your organization, Flexi has products to help you succeed. Submit your information and get a demo of the Flexi suite today.