Why You Should Choose Cloud-based Accounting Software

Cloud technology has successfully integrated itself into modern industry and has become an integral part of most successful businesses today. You actually have this technology in the palm of your hand, such as when you store photos in iCloud from your iPhone. This technology has fundamentally changed the way businesses operate and has been adopted in major industries, such as the accounting world. It has been so embraced in accounting that 67% of accountants prefer cloud accounting. Cloud-based accounting software can provide great benefits to your business, such as increased efficiency and a reduction of costs, to name a few.

 

 

What is cloud technology?

In the past, basic computing required large physical data processors, taking up a lot of space, for what we would consider a laughable amount of storage capacity. Today, we have an entirely different computing ecosystem. Cloud technology has been adopted by some of the most well known companies due to the numerous benefits provided. Where programs were previously sold as hardware like in the form of a CD, most programs today are uploaded to the cloud. Third party companies hold physical servers which host the programs you use on a daily basis. You no longer have to buy expensive hardware or have to constantly update a program manually, since this is all carried out in the cloud.  

What is Cloud-based Accounting?

Similar to how you can save and edit documents online with applications like “Google Docs”, cloud-based accounting solutions allow you to use accounting systems that are saved on a server. The web-based, cloud accounting software removes the need for bulky documents or files since they are electronically archived. This online accounting software is similar to traditional business accounting software in regards to its basic functionality, yet cloud-based systems offer a greater amount of benefits, through its advanced features.

Cloud Based Accounting Systems VS Traditional Accounting

When compared with traditional accounting, cloud-based systems allow multiple users to access accounting software online. The web-based accounting platform holds customer financial data, as a ledger or traditional accounting software would. The main difference is that by using accounting software on the cloud, you can actually save more time and money than with traditional accounting. 

Why Biller Genie is the Best Cloud-based Accounting Software

Companies that rely solely on cloud-based accounting software have five times the amount of customers than businesses that do not, with an average 15% year-over-year growth in revenue. When combined with powerful accounting automation solutions, you can optimize your business and increase cash flow. More than an accounting software, Biller Genie is the solution that seamlessly integrates with your preferred accounting software, synchronizes your customer data, and with a quick configuration, takes care of your invoicing. 

How it Works

Biller Genie is an easy to use e-invoicing solution that automates your accounts receivable from bill presentment to reconciliation, without changing your current process. After the seamless integration with your accounting software, you simply create an invoice as you normally would. The Genie sends out the invoice automatically . There is no new software to learn and you can even keep your existing payment processor. 

Benefits

Save Time & Money:

With Biller Genie, you can send out invoices, payment reminders, add late fees, and send out other communications at your preferred schedule. You don’t have to spend precious time mailing invoices and other messages, since Biller Genie will automatically complete these tasks for you. The Genie reduces your administrative work by up to 10-20 hours per week. Precious time which could be spent on more productive activities.

 

According to Forbes, cloud computing reduces labor costs by 50%. When compared to more traditional invoicing processes, Biller Genie is even less expensive - up to 80% less expensive. Manual invoicing can cost on average, anywhere from $16-$22, taking into consideration the value of time, labor costs, postage, and other costs you don’t see in your budget. With Biller Genie, your customers can make payments electronically, reducing costs. Compared to other e-invoicing solutions, Biller Genie also provides a comprehensive pricing plan, tailored to your business’ needs, without heavily impacting your budget. 

Get Paid on Time:

Did you know that 90% of businesses worldwide still process invoices manually? Regardless of available technology, the majority of businesses still use checks delivered via paper mail. With this manual invoicing method, the customer has to receive an invoice and then submit payment. Take into account the time it takes for the customer to send payment, for you to receive said payment, and then process the payment.

By automating the invoice management process, Biller Genie’s Invoice Messenger will automatically send out communications when you choose, ensuring that your customers are always informed on time. This helps to reduce the chance of late payments. This payment system provides customers ease and convenience which in turn, results in Biller Genie subscribers getting paid up to 15 days faster.

Fewer Errors:

Biller Genie is a cloud-based platform that integrates all your accounting data and records transactions electronically, even reconciling transactions back to your accounting software. In  traditional accounting, an accountant would have to make sure transactions are processed and closed correctly, and often, this can lead to human error because of the possibility of duplicate entries. With Biller Genie, this process occurs immediately upon reconciliation. This feature removes human error and eliminates the possibility of duplicate entries, by processing the transaction in real time, and communicating with your accounting software. 

Payment Discounts:

A common pain point for businesses is expensive credit card processing fees. Biller Genie’s accounting solution allows you to pass off expensive transaction fees to your customers. In turn, this encourages your customers to pay using ACH, which drives your payment acceptance cost down. Customers can store their payment methods, and securely use ACH, with no fees to be paid on their part. 

Increased Collaboration:

By using Biller Genie’s cloud-based software, your team will be able to collaborate remotely at any time, from anywhere. The Genie allows multiple users to access important financial data, allowing you to increase productivity. This feature improves your operations with increased communication. For example, a customer contacts your business and is disputing a particular transaction. If only one person has access to the accounting platform and they’re not available, this can have a negative impact on your business. Since The Genie is cloud-based, it gives you real time access to data, from anywhere. 

Customer Satisfaction:

Biller Genie provides your customers an efficient and easy to use platform to pay their invoices. Our automated e-invoicing solution provides you with your own branded customer portal, where your customers can login and make payments at any time. The Genie makes payments seamless by providing your customers a variety of payment options such as ACH, Apple Pay, and more.

Often, you may have clients that may need more flexible payment options. Biller Genie allows you to offer payment plans to all customers or to select ones. Your customers can also securely store payment information and make payments directly from their invoice. This allows you to provide a memorable and superior customer experience, all while improving your cash flow.

Personalize Your Invoicing:

Every opportunity to interact with a customer is an opportunity to build trust and confidence. With Biller Genie, you can send out communications electronically or via paper mail, with your logo and branding. This ensures you are providing a familiar and professional payment experience. Often, you may have to escalate communications, which is where paper mail comes in. By having the ability to send communications via paper mail, you can make sure your brand is represented properly.

Biller Genie’s Cloud-based Account Software:

Biller Genie is a cloud-based solution that automates accounts receivable from bill presentment, to follow up, collection, and reconciliation - without changing your current process. The Genie does all the heavy lifting for you with no new software to learn, it easily integrates with your accounting system, and you get to keep your existing payment processor. As a result, our average subscriber sees a reduction in outstanding balances by 40% and gets paid up to 15 days faster. We wish to take away the headaches involved in accounts receivable. Click here to learn more.

Tags: accounting, accounts receivable, automation, managing AR from home, cloud based accounts receivable, e-invoicing, late fee