In the last couple of years, spending on cloud accounting solutions has dramatically increased, with the global accounting software market expected to reach $45.3 billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 19.6%.
In such a technology-focused business landscape, businesses like Empowered by Cloud are revealing just how useful and transformative cloud accounting solutions such as Spotlight Reporting can be in everyday use.
Maximising the value of cloud to get ahead of the competition
Empowered by Cloud is a UK-based firm specialising in construction accountancy, offering clients access to a range of skill sets including bookkeeping, tax, payroll management, credit control, finance direction, and more. To prospective clients, Empowered by Cloud poses the question, “Do you want your finances to help you grow, instead of being a burden?”
With every client, Empowered by Cloud utilises cloud-based financial solutions and tools to bring more value to every interaction. As is commonly known, many accounting firms are still largely relying on Excel spreadsheets for bookkeeping and reporting. While familiar and still widely used, Graeme Morrison, Director at Empowered by Cloud, says Excel can be overly time-consuming and falls short of what cloud solutions offer.
As an all-in-one platform for financial reporting, forecasting and KPI tracking, Spotlight Reporting enables Empowered by Cloud to reach customers more than ever, creating quick and clear reports, revealing compelling insights, and enabling staff to be trained up in the tools that are transforming accountancy.
The power of personalised reporting and forecasting
With Spotlight Reporting, Empowered by Cloud is able to drill down into specific information from clients that helps to produce better reports and forecasts. Graeme says, “Spotlight Reporting has helped us summarise reporting and financial information easily, breaking it down into manageable chunks and making it more user friendly.”
Empowered by Cloud creates personalised and tailored reports, that highlight different areas of focus such as cashflow. In this way, Empowered reveals the reality of a situation, and helps define next steps for the client. As Graeme says, Spotlight Forecasting is able to help with a variety of use cases, including resolving cashflow struggles, understanding potential funding issues, or identifying ways to expand the business.
Whether for reporting or forecasting, Spotlight draws on continually updated, actual information, without the Empowered by Cloud team having to engage in tedious manual data entry. This enables the team to consistently produce top end reports and graphics easily and quickly.
Benefitting from ongoing learning and top-tier integrations
Spotlight’s integration with Xero enables users such as Empowered by Cloud to further improve reporting and forecasting, and establish a position as an advisory-centric firm. Changing the game for small businesses, Xero is one of the fastest growing SaaS companies globally, serving more than 3 million subscribers across 180 countries, and now leading the market in New Zealand, Australia and the United Kingdom.
Using Spotlight’s integration with Xero, Empowered by Cloud simply imports data to transform numbers into insights, and offer these insights to clients. The Xero integration enables Empowered to monitor performance and key KPIs, build a trusted advisor relationship with clients, and grow opportunities in a competitive market.
Recognising the need for ongoing learning in new technologies and financial cloud solutions, Graeme states another benefit of Spotlight is the ease of training. He comments that Spotlight provides a high level of support for online training, with help readily available.
He says, “Because SR is cloud-based, it makes it easier to jump on calls and roll out training remotely. We also get great support from the team at Spotlight for online training.”
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