To help weather today’s uncertain economic environment, many real estate and construction businesses have had to make changes to their staffing. You may now be managing the same business with a smaller team — and are probably asking yourself: How am I supposed to do more with less?

To help guide you, MNP has identified various scenarios and discusses how a cloud-based accounting system could help guide your business finances and keep you running smoothly despite gaps in your finance department.

I’ve lost my finance team. What can I do?

Your business may have had to make the difficult decision to lay off staff to mitigate the rising cost of materials and high interest rates. A cloud-based accounting and bookkeeping system could be your solution to help fill the gaps in your finance team and quickly get up to speed with your financials.

One of the many benefits of a cloud accounting system is the ability to integrate into your current processes to minimize disruption and identify opportunities for efficiencies. You receive the same information and deliverables just as fast, if not faster, than before. Additionally, you can have access to your financial information from anywhere with an internet connection. This means you can check your finances at any time.

I still have a finance team, but it’s smaller than before. How can automation help?

Finance work can involve repetitive and time-consuming processes like payroll, expense tracking, or invoicing. If you’ve scaled down your finance team, online platforms can automate parts of these tasks to free up more time for your team members to contribute to larger organizational goals. Automation also helps you get the information you need faster — giving you more peace of mind.

I need help understanding my business finances, and I don’t have the skills in-house. How can cloud-based accounting platforms help?

New technologies often mean new skills, and many online accounting and bookkeeping solutions provide support from a dedicated advisor, such as MNP. MNP’s advisors can help you make sense of the data and develop action plans based off the information. This allows you to make decisions with confidence and understand how those choices impact your business moving forward.

Take the next steps

Click here for more information on how to fill the gaps in your finance department with ease or contact MNP’s Shayne Dueck, MPAcc, CPA, CA, at 306.664.8315 or shayne.dueck@mnp.ca.