Posts tagged with "cloud accounting"

Why Accounting Systems for Credit Unions are More Important Than Ever During COVID-19

When it comes to companies affected by the Pandemic no one has been excluded. Including credit unions. When talking about accounting software, credit unions have core systems that run their operations, such as deposits and loans, just like other companies, in addition to basic accounting modules that include general ledger, accounts payable and reporting. While these core systems have basic features to complete accounting tasks, it’s often not enough to keep up with industry standards. Members on credit unions operations teams get just as busy with other duties like generating revenue and working with members and thus don’t have time to keep their systems up to date.

With COVID-19 affecting every aspect of our lives and more businesses and their employees being forced to go remote, it is more important now than ever before to give your credit union accounting system a face-lift. Below are three reasons why it might be time for credit union’s to take their accounting systems to the next level during these unprecedented times.

 

  1. Cloud Based Platform

Because employees are being forced to work remote, it is critical for everyone to have access to the accounting system from anywhere. All users should be able to have access to the numbers and data at home. Additionally, IT may not be around to help with support, so it’s important to work in a platform that’s user friendly and has the capabilities needed. In fact, Flexi is among the most experienced accounting software providers in both the cloud and on-premise markets, which minimizes the risk of dealing with older technology systems. When an employee at a credit union asks for a report, it can take a significant amount of time to gather the data they’re requesting. Wouldn’t it be nice to know the information they’re looking for is ready instantaneously? With Flexi, we provide real time visibility into your financial position right in the cloud, making your organization more agile, so that when information is needed, it’s easily accessible, no matter where you’re physically located.

  1. Pricing Flexibility

With the uncertainty that the pandemic is causing for a lot of credit unions, it is important to work with a partner who provides subscription-based pricing that gives you flexibility! The last thing your credit union needs to worry about during this time is dealing with the costs accounting systems bring. Having subscription based pricing, you can prepare for that cost each month, not having surprises or increases in your bill.

  1. Paperless Workflow Automation

The inefficiencies manual processes cause have been exacerbated more than ever due to the increase in remote employees. Paperless workflow automation solves this. Accountants often have stacks of paperwork that show numbers, do calculations in spreadsheets and use various tools to get the numbers they are looking for. Papers and spreadsheets additionally leave room for error, decrease organization and are inefficient. For example, at multi-company or branch accounting outfits, these serve as gaps due to inadequate technology solutions which create an increase in manual work and a heightened risk of mistakes. Flexi has several apps such as eInvoice, eVendor, and eJournal that take paper and spreadsheet processes and convert them to software applications, streamlining the accounting process.

With all the uncertainty in the world currently and not knowing when things might return to normal, it’s important to be certain about one thing, and that is that your accounting system supports your financial needs and your employees. Don’t waste more time working in a system or environment that’s ineffective. Reach out to our team at Flexi, so we can give you the tools and support you need when you upgrade and or migrate to our financial management software.

 

Category: Accounting Software

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Flexi-A Rising Star Among Financial Close Management Software Companies

In its most recent customer success report, Featured Customers, a leading customer reference platform for B2B business software & services, recognized Flexi International Software, aka Flexi, as a “Rising Star” in the Financial close management software space. For the uninitiated, FCM, or Financial close management software, or simply accounting close software, helps companies to complete the financial close process.

A Rising Star, according to the organization, is a vendor on FeaturedCustomers.com that understands where the market is going and has a disruptive technology. Rising Stars have been around long enough to establish momentum, a minimum amount of customer reference content along with a growing social media
presence.
This recognition is based on collected data from their customer reference platform, their market presence, their web presence, & social presence as well as additional data aggregated from online sources and media properties.

Flexi is an on-premise as well as a cloud-based accounting solution for the banking, insurance, healthcare and service industries. The Flexi accounting solution features automation of accounting process and completion of audit trails which includes a visual display of the audit workflow process, real-time visibility, analysis of financial reports and more.

Flexi’s software was built to perform, saving finance teams hours and weeks of time. With Flexi’s open architecture the flexibility to choose stand-alone modules as business needs dictate can happen at the drop of a hat. Find out how enterprises can gain the ultimate in speed and power with the entire financial management software platform, which is uniquely designed to allow financial data to flow securely wherever it is needed, with full integration into your other proprietary or third-party systems. Here is a link to the full article/PDF recognizing Flexi.

Category: Blog, PR & News

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Cloud Accounting Set to Experience Highest Growth in Coming Years

Cloud accounting has experienced rapid growth in recent years, with the height of the growth still to come, according to the Cloud Accounting Software Market research report by Market Study Report, LLC. 

The report analyzes pivotal insights regarding market size, competitive spectrum, contender share, consumption trends, and geographical outlook. The report also explores key drivers and challenges, as well as strategies adopted by distinguished players in the industry. 

The report foresees cloud accounting software market growth for an estimated period, as well as delivers in-depth analysis on the industry, including market tendencies, deliverables, market share, current valuation, market size, and profit approximations during that timeline.

Key components of the report include: turnover predictions, recent market trends, industry drivers, key challenges, consumption growth rate, competitive framework, competitive ranking analysis, market concentration rate analysis, market concentration ratio, geographical dissection, latent market competitors, and value growth rate. 

This report puts data and analysis around a widely accepted notion: the cloud is the future. With user-friendly interfaces, automation, ease of access, and high security measures, it’s evident that cloud-based accounting solutions can offer more, and faster, than traditional, locally installed solutions. 

Still, many finance teams are wary, opting for more conservative measures than a cloud-based solution, citing potential security breaches and challenges integrating with an existing general ledger. Even still, the Cloud Accounting Software Market research report points to one truth: the cloud software market is all but slowing down.

Request a sample of the report to dive deeper, and explore similar reports, too.

Flexi can help when you’re ready to make the switch

Making an investment in a new software is a nerve wracking, albeit necessary, step. Flexi draws upon 25+ years to deliver all the benefits of the cloud without compromising security or performance.

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. 

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

Category: Accounting Software, Blog

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Cloud Accounting Statistics

Cloud Accounting Statistics You Need to Know

Cloud accounting software is making big waves in the accounting sphere. Cloud software is not only cost-effective and highly accessible, but it’s making data as accessible as ever.

Cloud software can be accessed from any device with an internet connection, at any time of day, by any user. Gone are the days of installing costly hardware that make data vulnerable to hackers, and gone are the days of heavily leaning on IT and infrastructure to get the job done.

With cloud software, many tasks can be automated, which not only saves time but also ensures data integrity and accuracy. And, while many people feel their data is less secure in the cloud than stored locally on their machines, encryption and tight security measures actually make the cloud more secure in many ways.

For these reasons and more, cloud accounting is the future. It’s easy to use, easy to implement and ensures that the reports you need are easy to create, access, and distribute.

Statistics you need to know if you’re considering the switch to cloud accounting software

Don’t take it from us: let the statistics paint the picture. New research shows that 67 percent of accountants prefer cloud accounting over locally installed software options and cloud software reduces labor costs by up to 50 percent. And, the market is growing. The market size is projected to reach $4.25 billion by 2023, from its current $2.62 billion.

Additionally, 58 percent of large companies are utilizing cloud accounting services, and by 2020, it is projected that 78 percent of small businesses will be relying solely on cloud technology. Companies that use cloud accounting exclusively are adding five times the clients than companies who do not, and on top of that, companies that exclusively use cloud accounting also saw a 15 percent revenue growth year over year.

Get on the cloud with Flexi

It’s easy to move to the cloud.

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.

Learn more about how Flexi can catapult your business today with its cloud-based services. Call 800-353-9492.

 

Category: Blog

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