8A — July 13 - 26, 2018 — Tax Issues & Accounting — Financial Digest — M id A tlantic

Real Estate Journal


T ax I ssues & A ccounting

ead today’s business technology headlines and you’ll see that By Michael Mullin, Integrated Business Systems Why property management, construction and development firms need cloudaccounting functionality R you can scale up or down to meet business objectives with maximum cost efficiency. system with modern applica- tion program interface APIs, such as Smartsheet, Procore and Hyphen Solutions.

petitors adopt cloud-based software that can be main- tained remotely and accessed 24/7 from anywhere via the internet. Those who move their management and ac- counting systems to the cloud will gain significant benefits. Three Ways Cloud Ac- counting Systems Can Boost Your Business 1. Basic Cloud Benefits Scalability and flexibil- ity. You can implement cloud solutions quickly and easily, and realize immediate op- erational improvements. You pay only for the resources you need at any given time, so

upgrade your accounting or management software or be concerned about disruptions that cause costly downtime. Reliability and security. Leveraging SaaS can reduce IT costs and increase infra- structure security. Cloud- based solution providers go a step further, offering soft- ware plus value-added ser- vices such as security, busi- ness continuity and disaster recovery (BCDR) features. Integration. What good is moving to the cloud without easy integration? With cloud- based software, you can easily integrate your accounting

c l o ud and s o f t w a r e - as-a-service (SaaS) im- p l eme n t a - t i o n s a r e quickly re- placing on- p r e m i s e s legacy man-

Consistency. Your entire team can run the same ap- plication anytime, anywhere. This breaks down informa- tion silos, delivering consis- tent, up-to-date information with minimal effort. Out of the office and using a tablet? No problem. The software application functions on all devices using the same in- terface. Automatic upgrades. Updates run unnoticed in the background, meaning you don’t have to remember to

2. Real-time Advantages A cloud setup delivers real- time management functional- ity – a necessity in today’s business climate. For ex- ample, a cloud accounting system updates data imme- diately on entry and provides all system users with digest- ible, usable information for data-driven decision-making. As a result, your team be- comes more agile, responsive and mobile. And that mobility permits remote and real-time collaboration with customers, suppliers and teammembers, who can access the same data and toolsets in the format best suited to their needs. These can include self-service reports, dashboards and por- tals. Leveraging up-to-date information for optimal de- cision-making helps improve your ROI and makes good business sense. 3. High-value Applica- tions Property management, con- struction and development executives can choose from two types of cloud software solutions. A deep solution in- cludes applications for finan- cials, contracts, budgets and costs, while a broad solution covers a range of areas such as construction accounting, purchasing and customer relationship management (CRM). Cloud-based manage- ment solutions can help you and your employees enhance productivity by offering work- flow, document management and Wiki resources. And you can find the right pricing structure for your business based on resources used rath- er than user-based licensing. Cloud ERP: Your Solu- tion for the Present and the Future Cloud management and accounting systems continue to be smart investments. In fact, Gartner, the world’s top research and consulting firm, projects that “at least half of large enterprises will successfully implement a software-as-a-service strat- egy by 2025 and run their core ERP systems in the cloud.” If legacy systems and dated software are hindering your company’s growth and com- plicating everyday business continued on page 18A

Michael Mullin

agement and accounting sys- tems. Property management, construction and develop- ment organizations will soon have to join this trend or be left behind while their com-

Built by Hand While it worked for the Seven Ancient Wonders, construction tools have come a long way.

So has technology.

Project Management ■ Accounting ■ Contracts ■ Job Costs ■ Commitments ■ Subcontracts ■ Compliance ■ Retainage

We can help you improve margins and project control. Contact us today.

sales@ibsre.com www.IBSRE.com (973) 575-4950

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