Why Cloud and Finance Go Together

Peanut butter and Jelly. Wine and cheese. Summer and baseball. Cloud technology… and Finance? For many businesses, the move to the cloud has come as a sensible choice that has led to immense benefits including lower costs, improved accessibility, and access to technologies formerly reserved for organizations with larger budgets and accounting departments.

Why Cloud is a Fit for Finance

Finance in the cloud has been around for much longer than many may think. Many of the cloud financial management providers that exist today have been around for nearly two decades: two of the current leaders were founded in 1997 and 1999. These two organizations, initially limited by the technological barriers of their day, have evolved to become go to solutions for organizations of all sizes, industries, and missions.

In today’s business, employees work in diverse environments, use a wide variety of applications to meet their needs, and expect anytime access from anywhere they have internet—three things in which traditional, on-premises offerings fail to support.

Cost Effectiveness

When people think about the cloud, one of the first things that comes to mind is the affordability. While this is only one of many reasons cloud-based financial software has become a top option, it is still something that needs to be discussed.

With cloud finance, you generally pay per-user, per-module, meaning you’re paying only for what you use. Compared with licensed on-premises applications, this is much more affordable than maintaining a server room with IT staff, completing laborious and time consuming updates, and even paying the increased amount of electric bills that come from running servers on location.

Accessibility

Are you looking to work from home? Once upon a time, this was a pipedream for finance staff, who were confined to only working from the office or relying on a virtualization or mobility solution to connect to the servers at the office. Now, finance staff can access accounting software through a secure web-based platform or even a mobile app, meaning your people have access when and where they need.

Security, Uptime, Updates

For traditional software delivery methods, you relied on your IT department to install patches or waited on a service provider to update software. In a public cloud environment, updates are pushed automatically, and data is secured both physically (does your organization have armed guards?) and from data breaches thanks to highly granular user access controls, mandatory two-factor authentication, IP range limitation, and much more.

Cloud and Finance: Better Together

Now more than ever, the cloud is providing businesses new ways to grow, and providing finance and accounting professionals more time to focus on this growth. As an Intacct Value Added Reseller and Accountants Program Partner, rinehimerbaker has helped organizations to enjoy a business experience that features less stress, more time, better accounting, and greater results. Learn more about our services for businesses, nonprofits, and institutions, and get in contact with us to learn more.