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What Does the Cloud Mean for Accounting?

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Software in the cloud is a very broad term and it isn’t really defined what it means for your accounting department.  Cloud computing offers affordable, high-end IT technology, it removes the hassle from software and hardware upgrades, and it provides immediate access to data by multiple offices or off-site employees.   But why put your accounting data in the cloud?

Storing company-wide accounting data in the cloud is an attractive option for companies with multiple accounting departments.  Companies who have multiple locations, or global companies with different currencies or exchange rates, will see a value in keeping all of the accounting data in one location.  Corporate-wide data stored on the cloud can then be accessed by accounting, management or other chosen staff.  Having all accounting data in one easily accessible location will allow accounting staff to keep the books updated and enable management to make critical business decisions, no matter where they are – in the office or on the road.

Putting sensitive accounting data in the cloud does present security concerns.  However, most cloud computing vendors will have higher security levels, encryption and authentication protocols, and other procedures to protect that data from leaking, loss, or other attacks.  Specific employees can be granted access to all of the data or role-based data and it can be safely accessed on computers or many popular mobile devices, including Smartphones, tablets, etc.

Microsoft Dynamics® NAV is robust software that can be used on-site or on the cloud.  Microsoft Dynamics NAV can manage your general ledger, payables, receivables, inventory, assets, and more.  Bank reconciliations and collections can also be managed in Microsoft Dynamics NAV.  The fully integrated software will help you track and analyse information from across your business so you can make real-time critical business decisions.  Microsoft Dynamics NAV can also track multiple currencies, exchange rates, and handle global suppliers.

Concentrix offers a selection of cloud-based IT services called Intuition.  Concentrix Intuition solutions are run by a team of experts to keep your IT systems, applications, hardware, and IT infrastructure running smoothly and provide cloud-based web-protection for advanced and reliable security.  The IT platform and hardware is there, so you don’t need to invest in expensive hardware or be distracted by upgrades and server shutdowns.  By leaving the high tech IT issues to the professionals, you can focus on the important aspects of running your company.

Cloud computing can save valuable time and money, take the hassle out of the IT department, and put your data in a safe place that can be accessed by chosen staff at any office location or mobile device.  Putting your accounting data in the cloud will allow multiple staff at multiple locations to enter data, draw reports, and manage accounts in real-time.  Whether you use Microsoft Dynamics NAV on-site or on the cloud, you can expect an intelligent business solution with analytical and reporting capabilities that can will improve productivity, reduce errors, and strengthen business relationships.   Contact Concentrix to discuss how cloud accounting and Microsoft Dynamics NAV can work for you.

By Peter Elgar with Concentrix TSG, Microsoft Dynamics NAV Partner based out of the United Kingdom

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