When you consider the many pain points of using yesterday’s financial management processes—non-integrated systems, cumbersome data entry and re-entry, error-prone spreadsheets, unsecured and vulnerable data, etc.—it’s easy to see why “enhanced control” is one of the key reasons for system upgrades. Your business data, which is getting ever-more voluminous and complex as you grow, requires secure and reliable management.
Want More Control? Your Solution is in the Cloud
Today’s cloud-based financial management and accounting software solutions offer just what you need. Let’s explore the ways your business can enjoy enhanced control at the hands of a cloud-based system:
Data and Process Control
Manual processes are, by nature, out of control: they create time, cost, and data efficiencies that can be hard to recoup. When your finance and accounting staff are shuffling through stacks of paper, waiting on wet ink signatures, re-keying data into multiple systems, copy and pasting and managing multiple formulas in spreadsheets, there are many opportunities for costly human error and data isn’t being used efficiently or to its potential. Plus, there are likely more strategic projects your employees could be working on, if only some of their day-to-day activities were automated.
Cloud-based financial management software is designed to replace manual workflows with automatic, streamlined processes. The result is faster, less costly outcomes—and more control over your staff’s time, data, and costs. And keep in mind, the process of setting up your cloud-based system is completely customizable and flexible. That means you’ll be able to configure your software, templates, and workflows based on the way you work today—and how you want to work tomorrow.
One of the main advantages of moving your financial data and processes into the cloud is that you’ll enjoy the automation and controls around accounting, billing and reporting that you needs to stay audit-ready and always-in-compliance. That’s because your system can be set up according to the business rules, internal controls, workflows, terms of engagement, and any other data or documentation factors that are required for your organization to maintain compliance and deliver according to regulations. You’ll also have data integrity that ensures your reporting (to employees, the government, investors, etc.) is accurate, up-to-date, and easy-to-understand.
You’ll find more about having audit-ready financials in 5 Common Accounting Mistakes Made By Growing Companies
Cloud technology is inherently affordable. It offers capabilities to SMBs and rapidly growing companies that were once available to only enterprise organizations with massive IT budgets. Here are some high points:
- Hosted software is managed by your vendor, taking the pressure (and costs) off of your internal IT support team.
- Data and tools are accessible using a browser or app on any internet-connected computer or device, so your business doesn’t need to invest in new hardware to support the system.
- Access is subscription-based, so adding new users and scaling for business growth is easier and less costly when compared with buying software licenses and installing software on office machines.
Finally, and perhaps most significantly, the combination of streamlined automation and data transparency virtually transform your financial and accounting operations so your team is more productive and strategically oriented. The impact on costs in the long-term can be substantial. In fact, Intacct customers enjoy and average ROI of over 250% when switching to Intacct.
Because cloud-based solutions are built for flexibility—both within the core financial management system itself and in integrations support—users get a 360-degree view into their financials, no matter where the data is coming from. Intacct’s solution, for instance, captures both financial and operational data, and it’s capable of syncing up with your business’s other digital systems and best-in-breed software, so decision-makers have access to metrics and insights spanning their organization. These can be as holistic or granular as they need to be, and they’re easily explored using web-based dashboards.
As detailed in Cloud Solutions Deliver Security and Peace of Mind to Today’s Financial Teams, financial management and accounting software solutions like Intacct’s offer multiple security safeguards across their applications, processes, and servers to ensure customers’ data is “safer in the cloud” than it could ever be living in on-premise and paper-based systems.
No matter how you look at it, you can trust your financial data and processes to the cloud. Contact us if you’d like to learn more about our expertise with cloud technology and discuss solutions that might make sense for your growing business.