As modern business progresses, traditional financial systems are unable to match the demand for instant access to information, which is something that persists in the digital world. When you incorporate modernized businesses with conventional and outdated operations, the result can be messy.
On the other hand, a cloud financial system adapts to your changing business needs to automatically manage your company data. Read through these points to see if switching to cloud financials would be the right move for your business.
You Can’t Afford to Delay Change
In order to resolve new challenges or quickly embrace opportunities, businesses today need flexibility with their systems. Conventional software packages may be held back by jumbled processes that can’t adjust to change without the intervention of skilled IT technicians. By automatically integrating your business data, a cloud financial system makes it easier to manage and modify multi-step processes: No need to call for IT assistance.
- Business Demands to Know Now
Knowing the routine processes of your business’s finances is crucial for efficient spending, particularly in the age of “I need this information, and I need it now.” Cloud financials allow for finances to be instantly operable, which is ideal for quick-paced business. By making your financial data accessible through the cloud, it is much easier to manage your finances in the context of business.
- Information Logjams Cost You Money
A blockage of information can result from paper-based processes and spreadsheet consolidations, which creates increased risks of errors and a waste of resources. These logjams have a hidden cost that builds up as your business grows. Cloud financial systems can eliminate the need for workarounds and spreadsheets while easily connecting data directly into the financial system.
- Automation Makes You Lean
While it is easier for up-and-coming businesses to digitize, more traditional businesses may find it hard to gain a competitive advantage because their systems rely on manually delivering paper documents. However, going digital is more beneficial in the long run because it instantly saves costs and improves efficiency.
- Self-Service Helps You Do More
Enhancing information accessibility is important for business performance, but many finance systems require specialist expertise to customize reports. This further adds to your everyday business costs. With self-service, finance teams can easily create reports and make them available to others in the organization for rapid access to up-to-date financial and business metrics.
- You Have to Find Answers Faster
As previously mentioned, business today relies on quick access to information. Everyone is trying to get more done in the working day and people are all less willing to wait for answers. The key for effective communication is seamless collaboration, and a cloud-based financial system is a perfect fit.
- You Want to be Thinking Ahead
Strategic business thinking revolves around the adaptability and responsiveness to new challenges that arise, and this is especially relevant in the digital world. Time-consuming administrative tasks can slow down the finance team’s ability to react to challenges. Flexible automation makes it easier to focus on strategic planning, while simultaneously saving you time and resources.
Business in the modern age relies on adaptability with growth. Especially now as COVID-19 prevents in-person contact, it is increasingly important to have remote access to your company data. Cloud financial systems do not require action on the premises, which lets you manage your information from the comfort of your home.
As technology advances, it is necessary to keep in mind how your company will react to changes. If you are interested in seeing how your business could benefit from a cloud-based financial system, contact InCloud360.
The information in this post was retrieved from Sage Intacct’s whitepaper “7 Reasons to Move to Cloud Financials Now” by author Phil Wainewright. Please contact us if you would like a copy of the whitepaper.