There will never be a need again to upgrade, run daily backups or use multiple spreadsheets for numerous different tasks that take up precious time. Being secure in the knowledge that the only hardware need is your computer, and the server in the corner of the room is no more.
The cloud offers superior economics, TCO (Total Cost of Ownership) of cloud applications is superior when matched with on premise software, both in deployment and ongoing support. By saying this, we mean that the savings seen from utilizing cloud based software opposed to the burden of on premise hardware upgrades, security and software updates is far greater.
The cloud is always current, suppliers are continually able to offer important updates and new innovations to their customers. In the world of financial management this continuous innovative approach is a significant competitive and operational advantage.
It makes organisations agile and ever easier to adapt to change, especially useful in the world of financial management where changes to law and financial processes are under constant scrutiny. With this, the software provider can adapt to these changes meaning there is no further software, hardware or further investment needed to ensure you are current and up to date.
Having information on the move has become more and more desirable, if not essential and expected over the past number of years. With cloud based software all that’s required is an internet connection. Often with suppliers providing mobile apps to enable us to work remotely, this makes cloud based software more appealing for fast paced organisations where staff may not be based in the one location all day. Essentially, the cloud is malleable, agile and flexible to fit around you, not the other way around.
The user experience surrounding cloud based systems is important to the supplier, meaning that the experience is always sought to be improved. Improvements can range from KPI scorecards to reports and usability for the organisation. This results in the end user using software that is streamlined, simple and created with the individual in mind.
The most important thing to financial managers is being assured that their data is safe and secure. The multi-layer authentication process along with the logging and monitoring of any suspicious access activity are only a few things to help you feel more comforted with how secure your data is. (Read More About Cloud Security)
Looking at financial management in the cloud and its benefits:
- Automated reporting
- Financial consolidation
All of this at your fingertips. Your balance sheet is at the touch of a button, income statements can be generated at the click of a button along with bank reconciliation being structured and accurate.
- VAT reporting is executed in line with every transaction, meaning the final year tax reports are readily available.
- Inventory management and costings are up to date.
- Forecasting and budgeting can be set up and managed efficiently and effectively.
The management of debtors and creditors (suppliers and customers) in the cloud is more efficient, managing credit limits and outstanding balances, looking at aging reports ready made at the click of a button. At any given time business visibility and performance results are available without waiting for an accountant to come back to you, or having to update a spreadsheet. Keeping your inventory up to date, purchasing costs, sales prices can all be cross referenced and updated, viewing what is most cost effective and beneficial when making purchases.
Overall everything in the cloud is more streamlined, everything is more efficient and TCO is greatly reduced using a cloud based system. It sounds all too good to any Financial Manager within any business, but with the correct provider, solution and implementation strategy its exactly what we are here to do!