Are you ready for collaborative accounting?
You may have heard of collaborative working or collaborative accounting. Simply put, collaboration tools enable business owners to spend less time on administrative tasks and more time on achieving their goals, maximising output and minimising effort. If you are not already using collaborative working tools now is the time to think about getting started.
Work in Real-time
Collaborative accounting allows clients and their external professional accountants to work together in real-time, even though they are not in the same office. As your accountant enters and updates information you immediately have access to it using the Mind My Business software. In a similar way your accountant can review your transactions and records without you having to send any data files. The clear advantage for business owners and accountants alike is that sharing data collaboratively saves vast amounts of administrative time for both parties. You can log in at any time and know that the information is clearly always up-to-date, leading to timely reporting and a robust and up to the minute set of financials.
A Single Version of the Truth
It is common in many organisations that multiple business managers are maintaining separate excel sheets with accounting and customer information. Each time the data is shared between two colleagues there is risk of error due to merging two separate data sheets. The danger of using excel worksheets to manage complex accounting processes is that different people in the organisation will use different categories for different items and lack of clarity can lead to redundant data. Collaborative accounting does away with islands of data and enables a single version of the truth that is an essential measure of the success of any business.
Collaborative accounting also reduces an organisation’s costs. Since it is a cloud based solution there is no need to purchase any additional hardware or software. The second cost efficiency of working collaboratively is that of offering improved efficiency. Your team is not waiting for information nor are they engaging in tedious efforts to transfer the information. The results are noticeable by all users involved leading to a gain in organisational productivity and increase in profitability. Our prices
Of course when your data is stored on the cloud, you may ask the question about security settings of the software and you will want to understand how the data is protected and stored. Typically you will find collaborative environments protect your data better than traditional environments. Data storage, back ups and security issues are all handled by the software provider. At Mind My Business, all access to our database runs though a secure link that enables full encryption of all communication between the browser and our servers. Our data servers are provided and managed by our Chicago-based database platform providers, who run regular penetration tests. Your data resides on servers that are heavily guarded both physically and electronically. More info