With the current business climate demanding a more digital approach from businesses, remote work models become increasingly popular.
A survey conducted by Upwork and Freelancers Union in 2020 showed that an estimated 41.8% of the American workforce engaged in remote work. This indicates a significant shift towards remote work even before the pandemic accelerated the trend.
As businesses adapt to this transformative shift, finding the right operations and accounting software is essential to ensure smooth and seamless collaboration.
At Fusion our team understands firsthand the challenges that come with remote work. Not only are we a remote workforce with team members across the globe, but we also service clients across many industries. In this article, we’ll use our expertise to guide you through the process of selecting the ideal accounting software for your remote workforce.
Choosing the right accounting software for your business
In the age of remote work, selecting the right tax and accounting software is essential for maintaining effective financial operations and ensuring accurate reporting. Consider the following when choosing the software most suitable for your business.
1. Understand your business needs
Before looking for software options, it is important to assess your business needs. Consider the size of your company and the specific tasks you need the software to handle. Are you looking for user-friendly bookkeeping features, advanced tax preparation capabilities, or seamless remote collaboration? Knowing what you need will guide your decision-making process. Accounting software like NetSuite is typically more suited to medium to larger enterprises or businesses looking to scale fast. QuickBooks typically services the needs of smaller businesses well.
2. Embrace cloud-based solutions
In the era of remote work, cloud-based accounting software is a game-changer. Both QuickBooks and NetSuite offer cloud-based solutions, enabling you and your team to access financial data securely from any location. This level of accessibility enhances efficiency and collaboration, ensuring that your financial processes remain robust even when your team is dispersed.
3. Consider its integration possibility
Efficiency is the cornerstone of effective remote work. When choosing the right accounting software for your business, it is important to prioritize solutions that can seamlessly integrate with your existing tools and software. Both QuickBooks and NetSuite offer integration capabilities to allow you to connect your financial data with other applications. This will help to streamline your workflow and reduce errors that come with manual data entry. At Fusion, our CPAs also have experience with building bespoke integrations.
4. Prioritize security
In a remote work environment, data security is paramount. Both QuickBooks and NetSuite hold security in high regard as they implement robust encryption and multi-factor authentication. Both these software platforms also provide regular updates to protect sensitive information. This ensures that data remains safeguarded, no matter where your team is working from.
5. Consider its scalability for future growth
As your business evolves, your software needs may change. QuickBooks and NetSuite are scalable solutions that can grow with your business. QuickBooks comes with the QuickBooks Plus upgrade of features that accommodate increased transactions, additional users, and evolving financial complexities. NetSuite is also able to unlock more features to keep your software offering relevant as your business grows.
Manage your remote workforce well
There are a number of things to consider and implement for the smooth running of a business that makes use of a remote workforce. From getting tax filing and exemptions right, to understanding the intricacies that come with building a synchronized team. Managing a remote workforce can become a lot easier when you have the right tools in place.
At Fusion CPA we’re dedicated to assisting you with this process. Our expertise in outsourced tax, accounting, and software implementation services can help equip your remote team with the tools they need to excel in today’s business landscape. Reach out to us to discover how our services can elevate your financial operations and position your business for success.
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This blog article is not intended to be the rendering of legal, accounting, tax advice, or other professional services. We base articles on current or proposed tax rules at the time of writing and do not update older posts for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information. Information provided on this website is not all-inclusive and such information should not be relied upon as being all-inclusive.