Internet-based accounting solutions put time and money-saving accounting functions–such as electronic funds transfers, on-the-fly data collection, and real-time inventory tracking–at the fingertips of growing businesses. All this, without requiring investment in complex application development and implementation.
Online accounting solutions use network connectivity and the Internet to gather, process, and share financial data throughout businesses quickly and securely. For example, an 80-person manufacturing company can link its accounting and electronic commerce applications to provide real-time bookkeeping and inventory tracking. This information can then be used to automate accounts payable and receivable, invoicing, check processing, and online banking.
By migrating to Internet-based accounting solutions, growing companies can:
- Reduce costs–Automating financial processes reduces the staff time and resources needed to manage records.
- Streamline productivity– Real-time access to information helps speed project timelines. In addition, employee time previously devoted to financial functions, such as invoicing and expense reporting, can be used to advance company goals.
- Improve accuracy–Sharing electronic data across locations leaves less room for reporting errors.
- Keep up-to-date inventory levels–Real-time inventory tracking allows businesses to avoid under- or over-buying.
- Improve customer service–With instant access to client account information and inventory levels, teams can react to customer needs immediately. In addition, providing clients with real-time account access allows them to take advantage of self-service options 24 hours a day, 7 days a week.
Internet accounting applications use network solutions and advances in Internet bandwidth, security, and technology. In the past, accessing the power of these applications often required businesses to use private, high-bandwidth networks. Today, the Internet enables this information to travel securely and efficiently over public networks.
Enhancements in application development, combined with Cisco's industry-leading architectures and IOS® software, make it unnecessary for growing businesses to have a dedicated IT department to create and manage these programs. In fact, much of the process of deploying and maintaining these applications can be outsourced to VARs, systems integrators, and application service providers (ASPs).