This pandemic is accelerating the pace by which businesses need to find efficient and effective ways of running their office operations. Companies have long been aware that technology needs to be embraced to help reduce time and effort on many transactional workflows. It is even more critical now to ensure that limited business resources are spent on more value-added needs.
It is time to re-think how you are managing your day-to-day accounting and HR operations. With remote work slowly becoming a foreseen norm, it is the perfect opportunity to explore and embrace cloud solutions.
Cloud solutions could include numerous SaaS (Software as a Service) or app vendors and products in the market. The good news is that many of these cloud-based technologies are affordable. However, it takes expertise and experience to choose the right solution that is tailored to your business and your needs. There must be a clear vision and plan to ensure that you are choosing the best option. At the same time, you want to be able to implement it as least costly and as quickly as possible.
Benefits:
Large corporations are staying ahead of the competition by using Cloud-based technologies to streamline office operations and save on costs. Small organizations have never been in a better position to embrace similar technologies, as many of these options are now accessible and affordable. This also allows you to look beyond your in-house resources and be able to utilize experts in supporting your day-to-day accounting or HR needs. Once you are in the clouds, you can engage service providers that allow you to tap into experience and expertise that used to be costly when you were limited to hiring in-house personnel. When your workflow breaks through the walls of your office, your choices for resources expand.
Success Cases:
Increased Accounting and HR transparency
Issue: Company had employees located in 4 countries, with each office location using their accounting and HR platforms. This made it difficult to get timely financial and employee information. Management had limited visibility.
Solution: Rolling out a single Cloud Accounting solution enabled the company to consolidate financials more quickly. Also, the integration of a reporting tool enabled the client to review P&L on a more frequent basis. With a new Cloud-based HR platform, management had access to a single platform that housed HR documents and enabled time-off reporting to help manage staff assignments. With LTD’s managed accounting and HR services, the client was also able to access HR and Accounting experts in supporting the day to day, as well as the strategic needs of the organization.
Improved Financial Reporting and Analytics
Issue: A fast-growing e-commerce company needed a more agile reporting system to integrate with its existing inventory and sales platforms. Reports were too hard to customize and much of it had to be generated in Excel.
Solution: Implementation of a Cloud-based accounting platform to support GL extraction, as well as a Cloud-based Reporting Tool, enabled the company to cut down on financial reporting generation time. The tools also provided more data analytics and customization solving the client’s need for timely Key Performance Indicator.
Accounts Payable Efficiency
Issue: The client works with numerous consultants and vendors that receive paper checks. The process was manual and cumbersome.
Solution: By integrating an AI-supported Accounts Payable system, payees are paid electronically and bills are housed in the clouds. Vendors are happy with the speed of payment and are kept engaged to provide services.
Want to explore options?
For almost 20 years, LTD has been helping smaller organizations take their processes to the clouds. We work with our clients closely in understanding their goals and pain points. Not only do we help roll out these cloud solutions, but we have also partnered with our clients by virtually supporting their day to day accounting and HR needs as if we were just down the hall. So, we don’t just implement and leave you to deal with the day to day issues. We are your partner in growth.