If you suspect your existing financial management and accounting system doesn’t have what it takes to sustain your company’s growth, you’re probably right. Even if you’ve already graduated from homegrown spreadsheets to desktop software, your on-premise solution it simply might not be powerful enough to meet your evolving needs. Consider these 3 signs that it’s time to migrate your data and systems to the cloud:
You’re Missing Key Transaction and Reporting Functionality
As your business grows and become more complex, you need your technology systems to accommodate more data, handle multiple entities, and meet the demand for more sophisticated real-time reporting. In other words, scale with you. Using spreadsheets to manually combine, slice and dice, and report on data is one way to manage your financial activities, but that method is time consuming and may take key team members away from more strategic projects. And it’s not going to improve until the underlying technology is upgraded.
Today’s cloud-based financial management and accounting solutions, like Sage Intacct’s, are built with multi-entity architecture and come standard with software features such as automated revenue recognition and consolidations that help you handle more complex billing. To provide a more complete picture of your business, they also give you access to operational and financial data that you can report on along multiple dimensions—automatically, without spreadsheet intervention.
What Cash Management?
The tracking of balances, payments, and financial transactions across multiple accounts—and for multiple entities—is completely overwhelming when your system and processes can’t keep up. And without adequate automation, it’s hard to achieve the visibility and timeliness required to make smart financial decisions, which can lead to missed opportunities to save money, leverage early payment discounts, and invest funds carefully.
The cash management features you can access from a cloud-based solution simplify and speed up every process involved in reconciling accounts and giving decision-makers the information they need into real-time (and projected) cash flows. Plus, your team can more easily control payments and transactions across all checking accounts, savings accounts, and credit cards. They can depend on more accurate and timely data, which makes it easier to spot exceptions, manage errors, and deliver quick cash-oriented insights that inform strategic decisions. Explore The Rising Value of the Strategic CFO.
Your Employees Keep Asking For a System Upgrade
If members of your finance and accounting department are feeling the pain points of using legacy technology, you can bet that they’re well aware of the benefits of using a right-sized solution—and they’re open for a change. It’s important to keep in mind that any new employees you hire, especially from the ranks of top candidates, will have experience with more powerful, cloud-based software and probably expect to see it at your company.
No matter what inspires your workers to want up-to-date tools, like 24/7 system and mobile access, they’re asking for the types of productivity-boosting features that cloud solutions provide. What Does It Mean to Have Anytime, Anywhere Accounting Access?
When your data is taken out of silos and employees are more efficient and productive, it’s amazing how growth can so easily follow. Contact us to find out if a cloud-based financial management and accounting solution is a good fit for your growing company.