Accounting practices are under tremendous pressure to modernize their services by providing more automation, efficiency, and ease of use. It is being driven by the growing client needs for real-time information and corporate desires to reduce operational costs.
According to reports, the accounting software market covered the value of US$ 11,071.6 million in 2018.
Today’s businesses want the ability to have mobile access to their financial data on any device they choose. They also like that data to seamlessly integrate with any other primary business application they use, such as customer relationship management (CRM) software.
Here are the five most relevant reasons to choose an embedded insurance software like Kanopi for your accounting platform.
1) Streamlined and Efficient Business Operations
Modern accounting solutions offer a wide range of business-specific tools, allowing you to do everything from payroll to tracking the assets. It increases revenue by automating what used to be a manual process.
It also provides the foundation for more streamlined business operations. Real-time information helps companies make better decisions and stay compliant.
For example, manufacturers can use embedded insurance software to track the parts as they move through a particular production process and then analyze the data for several ways to streamline their operations.
2) End-to-End Data Protection and Security
Modern accounting practices face the same security and compliance issues as any other organization, and one of those is data protection. With data theft on the rise, you need to ensure that your critical business information is adequately protected.
Embedded insurance software like Kanopi works seamlessly with modern cloud technology and encryption standards to guarantee the security of all your sensitive data. It also ensures that it can be accessed only by authorized individuals whenever they’re needed.
3) Mobile Friendly Accessibility
The very possibility to access your particular data from anywhere at any time has become a must-have for business.
First, it enables you to operate more efficiently and cost-effectively. Allowing employees to work remotely provides the freedom and flexibility that many people want by eliminating or reducing commuting time. It also allows them to prioritize job duties based on company needs, not their location.
Second, it offers real-time information that enables you to make faster decisions. For example, an e-commerce company can use embedded insurance software to reduce the time between placing orders and completing payments to deliver the products quickly.
4) Automated Analytics and Reporting
Embedded insurance software is designed with analytics in mind, specifically to help you gain insights into your business.
Depending on an online accounting software provider, the type of information and the particular amount can be analyzed. It ranges from basic reports to automated real-time data analysis. It helps companies compare profitability across multiple channels, regions, and products to make better decisions quickly.
5) Always Connected and Up-to-Date
Regardless of how your accounting practices choose to deliver their services, you always want them to be cost-effective and high quality. Selecting an online accounting platform provides some additional benefits over the traditional onsite software: always connected and up-to-date.
When you choose a cloud solution as part of an embedded insurance software package, you can access all your company data from any Internet-connected device. That means you no longer have to wait for the next software release cycle or purchase an expensive upgrade.
An embedded insurance software offers you the flexibility to choose your own SaaS provider, which means you can select a system that is right for you based on the cost, quality, and other factors.