What is real-time accounting?
August 11, 2016

Businesses today almost entirely operate in real-time, meaning they can respond to client needs, update data and access accounts anytime, anywhere. This new way of operating is the direct product of cloud technology. In fact, RightScale found 93 percent of U.S. businesses leverage cloud technology. Additionally, 83 percent of businesses had a hybrid cloud strategy in 2015, up from 74 percent in 2014.

Considering rapid adoption of real-time, cloud-based technologies among businesses in the U.S., it makes sense that accountants and bookkeepers should operate in a similar fashion. Thankfully, real-time accounting software exists that can help make jobs in this field easier and keep clients happier. 

Real-time accounting defined
The days of late nights in the office spent crunching data in Excel and trying to reach clients during cramped business hours are over. Previously cumbersome manual processes can now be completed easily and seamlessly in real-time with cloud-based technology.

Real-time accounting is a technology-driven approach that allows accountants and bookkeepers to access accounting software through the Internet, and tap into financial data anywhere and from any device. Taking advantage of these technologies is not just convenient, it's practically mandatory. As Accounting Web pointed out, businesses have already shifted toward real-time analysis and decision making, and they expect their accountants and bookkeepers to follow suit.

5 key benefits of real-time accounting
Real-time, cloud based technology is crucial to business success because it allows accounting professionals to stay ahead of the competitive curve. However, the ultimate goal of this software is to make business more efficient through the use of cloud-based technology. Consider these five key benefits: 

1. Accessibility: With real-time accounting software, accountants and bookkeepers can access their data anywhere as long as they have an Internet connection.
2. Affordability: Cloud-based real-time technologies make integrated accounting software solutions far more affordable than they ever were before. Through the cloud, efficient, seamless software is accessible to businesses of all sizes. 
3. Flexibility: With cloud-based technologies, accountants and bookkeepers can customize their software to meet their needs.
4. Collaboration: Cloud-based accounting software makes it easier to collaborate in real-time with colleagues and clients.
5. Accuracy: Manual processes leave tremendous room for error. Cloud-based, real-time accounting software reduces these errors significantly.

Don't delay jumping into the real-time business world. Manage your firm and clients in the moment with Sage Live for Accountants or any of the other cloud-based solutions designed for accounting professionals available from Sage Accountant Solutions.

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