Construction companies are often slower to adopt new technology. Most are still using traditional financial computing and at a much lower rate than other industries.
But cloud financial services have tremendous benefits for these companies and their customers, from increased productivity and better customer service to cost savings in hardware, software maintenance, and training.
With cloud financials, cloud-based accounting systems can improve productivity, which leads to higher earnings. Read on to learn seven ways cloud financials can help your construction business thrive!
1. Increases Productivity and Earnings
The bottom line for any business is that productivity is incredibly important for growth. It has a direct influence on how your business runs and whether it can increase earnings or lose them.
Increased productivity means increased earnings. For construction companies, this is especially important since there is so much manual labor involved.
Research from McKinsey found that the construction industry is the least digitized industry. The primary reason that McKinsey attributes to construction’s decline in productivity is its lack of digitization.
Cloud-based accounting systems can help automate many of the tasks that are currently done by hand, such as invoicing, creating purchase orders, tracking expenses, and more. This can result in a significant increase in productivity, leading to increased earnings for the company.
2. Time Savings
One of the top reasons to use cloud financial services is for the time-saving benefits. With cloud-based accounting, you no longer have to spend time installing and maintaining software on your local machines. All you need is an internet connection, and you can access your account from anywhere.
Another considerable time saver is that there is no need to back up data, as it is automatically saved in the cloud. This means you can quickly and easily recover lost data from your construction financials if needed.
Lastly, due to machine learning in cloud accounting systems, this means that you can automate some of your manual processes, thus saving you even more time in your day-to-day.
3. Think and Plan Ahead
Construction companies are often hampered by their lack of visibility and inflexible outdated systems. This can lead to cash flow issues and missed opportunities. With cloud financials, you can easily create reports and track your expenses, sales, and profits in real time. This gives you the ability to plan ahead and make better decisions for your business.
When you move your financial services to a cloud platform, you’ll be able to think ahead better than you ever have before. This can be the difference of millions in earnings or losses.
4. Increased Security
One of the top concerns for any business is data security. With cloud-based accounting, you can rest assured that your data is safe and secure. There is a cyber-attack every 39 seconds and you never know if your company could be next.
All data is encrypted when it is sent to and from the cloud, making it extremely hard for anyone to hack into your account. In addition, cloud service providers go through rigorous security audits to ensure that their systems are up to date and safe from cyber-attacks.
5) Easy Sharing and Access
One of the biggest benefits of cloud financial services is the ability to easily share data with stakeholders. With a few clicks, you can send invoices, reports, and other important documents to your customers, suppliers, employees, and partners.
The best part is that everyone has access to the most up-to-date information in real-time. This eliminates the need for phone calls, emails, and faxes which often lead to outdated information. Information can be changed and viewed by everyone simultaneously.
This also coincides with productivity. By having easier and faster access to information, you are allowing employees to work as efficiently as possible.
6. Ability to Scale
As your business grows, you will need additional resources to support your expansion. This can include hiring more employees, buying new equipment, and expanding your data center.
With cloud-based financials, your data is available to you at the click of a button to expand and scale as needed. You can scale your deployment up or down, without having to worry about additional costs or downtime.
This makes cloud financial services the perfect solution for construction businesses that are constantly growing and expanding.
7. Remove Server Maintenance
If you are already keeping data online but it’s on private servers, then you are most likely spending quite a bit of money and work on keeping those servers up and running.
By migrating to cloud-based financials, you can eliminate that server maintenance cost and headache.
All the maintenance and upgrades for your financial software are handled by the cloud service provider. This means you do not have to worry about your next upgrade and can focus on your business.
When to Move to Cloud Financial Services
As you can see, there are many benefits to switching your construction company over to cloud-based services. If you are wondering when you should make a switch or if you are hesitant, think of it this way:
- By not switching, you are losing earnings due to a lack of productivity. Your team is using outdated accounting software that takes longer.
- Every successful business plans ahead with their finances along with every other aspect of their business. This means gaining, tracking, and knowing more as fast as possible. This means being able to adapt as well!
- With cyber-attacks happening more often than not, security should be a top priority. Otherwise, you could spend millions on lost data or a lawsuit.
- The ability to share, access, and scale your data is a vital part of any business’s everyday functions.
- Lastly, spending time and money on things such as server maintenance just does not make sense when you can eliminate this completely and save.
The time to switch is now!
Cloud Financials Services
We offer construction companies the best cloud accounting options. If you have any questions about cloud financial services, or if you are ready to make the switch, contact us today!