Is this the “killer app” for online accounting?
Running applications in the cloud is the way IT is being delivered to many businesses these days. Being able to access important applications and business data from anywhere and at any time allows business owners and managers to know what is going on in the business no matter where they are. But running applications online introduces a number of other related issues, like accessing and sharing the transactional and source information that should end up in the accounting system. Sometimes, getting the right information to the right people is part of the problem, and the online solutions needs to address this need.
Storing and sharing documents and files is something that must be supported, and it should be easy to get this done while making sure that document images and other files get to the right person at the right time. While being able to manage the source documents is an essential capability, having access to transactional data is equally (if not more) important.
When businesses outsource their daily bookwork to a 3rd party provider, such as an outsourced bookkeeper or accountant, they generally need to provide these users with access to bank and credit accounts to enable the automatic loading of transaction data. When employees use their own credit cards or bank accounts to pay for business expenses, the accountant or bookkeeper may also want access to those accounts so that employee-paid expenses may also be efficiently tracked. Within an accounting and bookkeeping practice, only users working with a client should be permitted to view transactions belonging to that client; the data shouldn’t be generally accessible by anyone in the firm.
So, how does a business owner or their accounting and bookkeeping professional, or even a business employee, ensure that the people who need to access relevant data are permitted to do so, but not access more than they need to? It’s called SimpleShare, and it is a feature only CloudSway offers.
The gatekeepers to the corporate finances need the ability to track expenses and income in real-time, but at the same time, they need the ability to quickly investigate and resolve financial issues. CloudSway is the only financial application that allows for secure sharing of institutions, individual accounts or even individual transactions. We call it SimpleShare (patent pending).
A company can monitor credit cards administered to individuals, and require receipt attachment to transactions. When something looks wrong, immediate attention can be placed, instead of waiting for the end of month expense report for explanation. Share financial information with accountants, bookkeepers, and business partners, without showing everything!
Most solutions which incorporate online banking information require you to connect to the institution, identify and login to the account, where they then allow access to all transactions and elements connected to that login. It’s somewhat of an “all or nothing” approach, and doesn’t provide either the account holder or their accounting professional to control visibility of data and determine which transactions or accounts should be viewable by others in the company system.
CloudSway takes a different approach, and gives data owners more control over who can and cannot access their information. Business owners can allow their accountants to access financial accounts, accounting professionals can determine who within their firms should or should not access certain client transactions, and business employees can share only business-related transactions from their accounts. Everyone in the system has maximum control over their data, and may decide at any level who they choose to share their data with – all the way down to an individual transaction.
The concept of financial collaboration means working together, but working together doesn’t necessarily mean everyone gets access to everything. Managing risk and improving workflow means giving people the tools and information they need to get their job done right, but limiting exposure to systems and data which are not relevant to their area of responsibility.
There is a new and better way to support real-time business bookkeeping, accounting and financial management, and it’s the CloudSway.
Read more about Data Warriors: Accountants in the Cloud
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