If there’s one industry that has thrived in 2020, it’s been the technology industry.
The top companies in SaaS and technology manufacturing reported record booms when they announced their 3rd quarter earnings. Just check out some of these profit and revenue gains and their year-over-year increases:
- Zoom- 355% YOY growth in revenue
- Apple – $59.7 billion in profits, 11% increase.
- Dell – $23.5 billion, 35% increase.
- Shopify- 96% YOY growth in revenue
- Lenovo – $14.1 billion, 11% increase.
- Salesforce – $5.42 billion in profits, 20% increase.
- ServiceNow – $1.15 billion, 30% increase.
All of these companies grew due to the fact that more people were forced to work or learn from home due to the COVID-19 pandemic.
In order to ensure their success, companies and institutions around the world had to supply their people with the technology they needed to make sure they were able to continue to be productive. This resulted in a lot of tech purchases – both hardware and software.
The financial teams at tech companies, also forced to work from home, scrambled to meet their month-end close obligations, especially since many of them were still working within antiquated and inefficient reconciliation processes. Just like everyone else, they needed a new way to run their business, especially in a remote business environment.
Kiss Your Old, In-Person Financial Close Good-Bye
The chances of your team going back to the office on a permanent basis is becoming less likely the longer the COVID-19 pandemic continues. Companies have realized they can be just as successful with their people working remotely.
In fact, in a survey of 1000 companies:
- Most are cutting their commercial office space by 40-60% in the next decade.
- They’re only asking their people to only come into the office 1-2 days a week.
- As many as 30% said they were considering dropping their office space entirely.
This gives them the benefit of saving money as companies typically spend $20,000 per employee per year for office space and equipment. Now they’ll only be spending $2,000 per employee per year for a remote work set up.
Plus, they can now hire the best people from around the world to do the job instead of being limited by a talent pool that’s within a 30-minute commute to the office.
However, when building a remote team, you need to give them the ability to succeed.
The Keys to Success with a Remote Accounting Office
The key to success for most tech companies has been their willingness to adopt cloud-based solutions. Due to the nature of remote work, this is almost a necessity.
- You have more off-site workers without direct access to on-prem servers.
- You need to guarantee more uptime and less downtime so your people can stay productive.
- Your people need access to their systems no matter where they are or what time it is.
Working at home means your people aren’t on the 9-5 clock that everyone was used to. They’ve got a house full of distractions and working when they can, so what they really need is a solution that can simplify their jobs while also:
- Increase volume
- Scale to growth
- Increase efficiency
What they need is a financial close software solution that is easy to use, intuitive, and cost-effective.
Adra Was Made For A Flexible and Remote Financial Close
Because of their success in the wake of the COVID-19 pandemic, most tech companies like yours are experiencing sales increases like never before. However, trying to keep up with the sheer volume of transactions with your old reconciliation process is like trying to plug a screen door with toothpicks.
Adra was designed to bring all of your efforts together in a streamlined process to help you meet your financial close obligations – whether you’re operating out of your office and working at your kitchen table. With our cloud-based suite of software, you can reduce the time you spend on your financial close while increasing accuracy and efficiency.
- Task Manager – Create automated templates for dependency-based checklists that create accountability and reduce the risk of inaccuracies.
- Balancer – Take the repetition and redundancy out of your close by automating consistent data entry.
- Matcher – Imports financial documents from different vendors and match them in an audit-ready format.
- Analytics – Get full visibility and insight into your supply chain and finances with customizable reporting capabilities.
It’s a whole new world and the time has come to adapt so you can find the success that your company deserves. It’s time to adopt a better way of reconciling your month-end financial close.
See how Adra can help you find your way in this new normal of remote work, request a demo today.