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Buyer's Guide to Accounting and Financial Software

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2019 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. Instead of continuing to invest in antiquated on-premises systems, leading digital transformation (DX) businesses have turned their focus to SaaS and cloud-enabled so ware because they need flexible and agile financial applications that are relatively easy to implement, configure, and update. Demand for cloud-based financial applications continues to grow because of the ability to access and analyze massive amounts of data in near real time. With speed as a guiding factor to winning business globally, organizations want and need more from their finance systems than ever before, and that includes using the most up-to-date and advanced systems found in SaaS and cloud-enabled finance systems. (Source: IDC MarketScape: Worldwide Cloud and SaaS ERP Accounts Receivables and Accounts Payables Applications 2018–2019 Vendor Assessment) 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 3.2x more ROI than on-premises so ware. (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.

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