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2018 Buyer's Guide to Accounting and Financial So ware 6 Considering Cloud Gut Check: Is the Cloud Right for My Finance Organization? The cloud offers compelling and unmatched advantages for deploying business so ware, and particularly financial applications. IDC estimates that worldwide spending on SaaS will double, going from $29.8 billion in 2013, to $62�1 billion by 2017� (Source: IDC�com) While your next financial solution very well could be a cloud solution, it doesn't have to be. And it certainly should not be a choice based on "what everyone else is doing." Is the cloud right for your finance organization? Conduct a quick gut check with these six questions. 1. Does my team need to work outside the office? "Anytime, anywhere" accessibility is a key benefit of moving to the cloud. The whole finance team can work anywhere—in the office, at home, around the corner, or around the world—using only a standard and secure Web browser and an internet connection. You don't need extra security hardware or so ware, or a VPN connection. 2. Does my business need to accelerate financial processes—without increasing headcount or IT budget? High ROI and rapid payback are common with cloud applications. In a recent study by Nucleus Research, cloud-based financial management and accounting implementations were found to deliver 1�7 times more return on investment than on-premises ones. (Source: NucleusResearch.com) Considerable financial advantages come from avoiding the capital investments and operating expenses associated with an on-premises system. But cloud systems also drive higher ROI through time savings and process efficiencies. Since cloud systems are inherently Web based, live, and real-time, they greatly accelerate crucial financial processes like collections, consolidations, and period closes. Plus, modern cloud-based systems offer extensive automation and integration capabilities. You can go a long way toward eliminating productivity busters like manual data entry, paper-based processes, and spreadsheet maintenance. 3. Does my financial system need to integrate with Salesforce.com or other applications? Easy integration comes with the territory in the cloud. APIs and Web services enable cloud systems to easily integrate with one another so your company can use the best applications for each functional area of the business. That means no more costly custom programming and maintenance from expensive IT resources. 4. Do my managers want or need self-service access to their relevant KPIs? Real-time visibility is a hallmark of today's cloud systems� You can provide access not only to traditional finance department users, but also to other stakeholders across the business. For instance, many organizations that are adopting cloud financials provide real-time dashboards for their management team, so everyone can see the key performance indicators that apply to their department. Others provide access to a broader range of employees so they can view dashboards, enter and approve expenses, and create purchase orders. Some also give lenders, auditors, CPAs, and board members real-time access to key information to build trusted relationships.