The accounting function has relied on paper, spreadsheets and lots of manual processes for so long that it might seem like you can’t switch to anything else. Habits are sometimes hard to break after doing the same procedures for many years. Yet, the cloud has transformed the path to finally move forward, which is why you should move to the cloud.
More recently, you’re probably starting to realize the liabilities you’ve endured doing accounting the old-fashioned way. Even using used digital programs such as spreadsheets and email, information can easily get lost. Accessibility also becomes a problem when you’re away from the office. Manual processes run the risk of introducing errors due to data re-entry.
This all reflects on the finance organization as well when you want to provide your stakeholders with accurate and timely information, deal with compliance issues during the audit, the effort and challenges involved in preparation for an IPO, sale or seeking a round of funding.
Here’re seven reasons to move to the cloud this year to prove that better agility, scalability, and accessibility modernizes the finance organization and the company for the better.
#1. Flexibility for Sudden Change
Business change is ongoing, especially more demanding as you grow, and you will need the flexibility and agility to change business processes, workflows, and reports in order to seize new opportunities and address challenges. You need systems to enable you, not to hinder or cause concern. If you’re using an old-school On-Premises financial system with spreadsheets for reporting or even still using paper-laden manual processes, it’s time to realize the potential in moving to a true SaaS Cloud ERP solution.
With a Cloud ERP system, you can scale and adapt when you need to without having to worry about added cost, risk or downtime. On-Premises software requires bringing consultants in for the infrequent publishers upgrade, to upgrade and/or add hardware to handle the additional transaction volume and potentially developers to modify the code to support business process changes or add missing functionality. Cloud ERP architecture scales to meet the demands of growth, regular functional upgrades are implemented for you with no risk and cost to you and the systems are highly configurable allowing the finance department to make changes without external consultants, internal IT or both.
#2. Transparency in Financial Figures
Keeping all financial information in its own silos, such as spreadsheets or email, only isolates being able to share it with operational management, executives, and even board members. The cloud makes data accessible to everyone, including the ability to access it all through a mobile device.
Modern cloud based systems provide dashboards and performance indicators with real-time information; no need to wait on finance to construct reports and email them out after month-end close to see the status of the business. With the reporting and metrics capabilities , finance can take a strategic role in the business by providing contextual insight and monitoring the health of the business throughout the month.
#3. Eliminating the Wasting of Resources
Logjams can occur in providing financial reports when gathering information from multiple sources. Depending on the amount of integration between systems, workarounds may be necessary to consolidate reporting information into spreadsheets which only leads to extended times that can take days or even weeks, additional cost and the associated risk of errors due to data re-entry.
Modern Cloud ERP systems integrate easily with other systems using open application program interfaces (APIs) so financial and operational data can be consolidated in your financial management system for greater insight, ease of reporting and elimination of errors; and provide reports on current data on demand.
#4. Increase Productivity in Employees
By bringing in a cloud-based system, automating processes, integrating it with key cloud-based business applications and substantially reducing or even eliminating the need for reporting in spreadsheets will enable the finance organization to move from a tactical reporting function to a value added strategic role in the company. The finance staff won’t have to re-enter data in spreadsheets from multiple systems allowing them to focus on value-added activities such as monitoring and analyzing the data.
Sales and operational employees will have direct access to reports with the ability to collaborate within the financial management system with the finance staff at a contextual level eliminating the need for emails flying back and forth as well as the conversation stays in the system for others to view and contribute. Even the ability to drill down to a specific project, expense or revenue item without having to make a request of the finance team.
#5. Creating Reports
True SaaS Cloud ERP systems have access from anywhere that has internet access. No need for terminal services, Citrix, etc. With built-in real time dashboards, KPIs, trend indicators, your stakeholders have access to key information on their smart phone, tablet or laptop while traveling or working remotely. New reports can be easily created with built-in reporting tools or use the many standard reports that come with the system. And, if you still want to hold on to old habits, the system can be scheduled to generate reports and email to your stakeholders automatically.
#6. Finding Faster Answers
When audits occur, you eliminate having to scramble to find data within spreadsheets. When the private equity firm that just acquired you asks for a five-year look back on expenses with a particular vendor, you won’t have to say I’ll get back to you in a week. Or, the CEO wants to know profitability by project by customer and even by consultant, you can do so in a matter of minutes.
#7. Being Ahead of Competitors
By utilizing modern day true SaaS cloud technology, you compete on the same plateau where your competitors are. Many of your competitors may not yet use the cloud, giving you a chance to move ahead of them.
Contact us here at InCloud360 so we can provide cloud-based technology to help you enable your business to grow and stay ahead.
In the meantime, download a white paper that expands on why you need a Cloud ERP solution today.