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7 Reasons to Switch to Cloud Financials Now
Change may be inevitable, but it certainly isn’t easy. But, while it may be tempting to forgo system updates and procedure overhauls just a little bit longer, today’s high-speed business expectations are making it impossible to keep up with the status quo. Businesses now require the flexibility to act on real-time insights and deal with new challenges faster than ever before.
In spite of this, disjointed financial processes and cumbersome on-premises solutions that don’t easily adapt to new requirements are holding many businesses and their accounting departments back. When a finance team can’t get up-to-date information, they risk missing crucial warning signs or remaining blind to developing trends that will help them stay competitive.
Every month that passes is yet another missed opportunity. Don’t wait until a crisis forces change, learn seven reasons why the time to switch to a cloud financial solution is now.
1. Businesses can’t afford to delay change
Conventional accounting software packages are inflexible and often require multi-step manual processes that can’t be altered without significant effort and risk. On the other hand, a cloud financial system supports business agility, instead of hindering it, through automated and easily modifiable workflows accessible anytime, from anywhere.
2. Business demands to know now
An up-to-date understanding of day-to-day financial operations is crucial for managing spending and margins effectively. With financials in the cloud, this mission-critical data is available in real-time to key stakeholders wherever they are. Additionally, the cloud allows you to combine financial data with operational and business metrics to more accurately monitor how the business is performing as a whole.
3. Information logjams cost you money
Many organizations ‘make do’ with paper-based processes, time-consuming workarounds, and spreadsheet consolidations—despite the waste of resources and increased risk of errors.
However, a cloud financial system that’s designed to work in sync with other business functions can eliminate the need for these roundabout tactics. Automated connections bring data directly into the financial system for easy end-to-end processing, manipulation, and analysis.
4. Automation makes you lean
Financial procedures rooted in a history of passing paper forms and documents from one department or organization to another can stand in the way of growth. While these manual steps can hinder productivity and burn up money, going paperless instantly saves costs, enhances accuracy, and streamlines processes.
5. Self-service helps you do more
Self-service access to reports and user-friendly editing tools are one of the key characteristics of cloud financial software. Cloud-based systems often include a robust access management infrastructure to control authorizations for creating and viewing reports. 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.
6. The right answer can’t wait
Everyone is doing more with less, so waiting too long for the right answer is no longer an option. The online access offered by cloud-based financial systems allows people to resolve questions quickly and accurately. There is a direct cash benefit to the business as collections improve and orders turn into invoices more quickly.
7. You want to be thinking ahead
The challenges—and opportunities—facing businesses today aren’t getting any easier. Inflexible systems that can’t adapt to change and growth are only going to hold your business back. Fortunately, a cloud financial system can be rolled out incrementally, replacing only core on-premises financial functions in the first few months or weeks. Over time, new modules, reports, and connections to other systems can be added as needed.
A cloud financial system can provide your business with the tools to adapt to and successfully compete in a connected, digital world.
Read the full whitepaper from Phil Wainewright, renowned cloud computing expert and CEO of Procullux Ventures, to learn more about the benefits of cloud-based financials.