Cloud software - the hero of the lockdown

July 28, 2020



As the crisis caused by COVID-19 started to spread around the globe, New Zealand businesses scrambled to work out the logistics of how their workforces would be able to effectively work from home with only a few days to put arrangements in place before lockdown.  

Fortunately, Nexia and many other businesses were able to breathe a sigh of relief that they had transitioned to cloud-based software before COVID-19 struck. And in most cases, it was business as usual… albeit with kids, dogs and spouses as our new work colleagues!

Microsoft 365, with its various applications including Microsoft Teams, became our new best friend, allowing us to communicate and engage with our internal teams and valued clients.  

Our clients were well-supported by us remotely through this time, as over recent years many of them had also made the transition to cloud-based accounting software such as Xero and MYOB. The use of these cloud-based applications meant that we had continuous access to their real-time information and could continue providing advisory support at this critical time based on live data.

Relying heavily on our business advisory services, clients were eager to receive important business information and guidance around Wage Subsidies, Cashflow Management and Business Continuity Planning. The availability and access to information on cloud-based technology made it so much easier to keep clients informed and continue providing compliance services.  

Are you making the most of technology in your business?

COVID-19 has been a real a wake-up call for many businesses without cloud-based software in place. Even if your business already has solutions in place to make remote working viable, technology evolves so rapidly it is worth taking another look at options that will help you avoid being caught out next time there is a crisis that leaves you little time to respond.

We are constantly keeping an eye on how technology improves and becomes more affordable for SME’s. This means that we are in a great position to review how you can utilise improved technology in your business and provide all the information you need to make good decisions about your technology. This includes helping you understand the benefits of cloud-based software in real terms as described through our own clients’ experiences. Below we have outlined some of the major benefits our clients have discovered about cloud software.

Potential benefits of using cloud software

  • Real time reporting
  • Secure 24/7 access to your business information
  • Bank reconciliation processes are simple
  • Ability to record receipts electronically
  • Secure document management system
  • Efficient processing of PAYE and GST returns and payment

These benefits are focused on reducing manual tasks, improving accuracy and providing timely information. This then enables businesses or business advisors like Nexia to make decisions based on real, live data, making them faster and better informed. Now, for the post-COVID recovery and future, it is more important than ever that your business has data at its fingertips that can be accessed quickly and easily.

If you’d like us to review your current information systems, or you have questions about automating your business processes, please contact Nexia NZ's Information Systems team or your Nexia advisor.

 

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