Today’s finance and accounting teams face challenges ranging from scarce talent to inefficient processes. But one of the main issues facing accounting departments today is disparate systems, aging technology, and scattered data. If you find yourself curating data from multiple sources and then trying to analyze it into actionable conclusions, you know what I’m talking about. The result is not only frustrating, slow and tedious, but also robs organizations of the benefits associated with real-time reporting and timely decision making.
Enter: the cloud-based solution. A system, such as cloud-based ERP NetSuite, can house data in one location while offering reporting, analytics, and automated processes, and enabling efficient workflows and real-time insights.
Discover the top benefits of a cloud-based Accounting solution with the 4 S’s below:
Keeping data scattered isn’t doing you any favors for your security. Between uploads, downloads, emails and print copies, data is vulnerable. By using a software in the cloud, you can ensure that not only is your information password-protected and safe, but you can also designate permissions by user within your organization to keep sensitive information out of the wrong hands.
Working in several systems just to download to Excel and start from square one can be difficult, inefficient and just plain irritating. Securing your data in the cloud eases this process and allows for insights into customer behavior that are hard to achieve with disparate technology. Just by streamlining workflows in the cloud, accounting teams are able to spend more time doing what matters, and less on transactional tasks.
If you’re constantly behind on your reporting, you aren’t alone. In fact, only 45 percent of CFOs are planning, forecasting and budgeting effectively. With the standard of monthly closings, many corporate accounting departments find themselves in a frenzy at the end of the month trying to close their books. With a cloud-based technology, you can not only offer on-time reporting but also show yourself as more of a strategic partner to the business—and who doesn’t want that?
Cloud-based ERPs can be implemented at a fraction of the cost of traditional on-premise ERPS, with the benefit of data being accessible anywhere with an internet connection. If you’re looking for additional savings, try combining your transition to the cloud with a finance and accounting outsourcing solution for ultimate savings.
Looking for more tips on how to improve your finance and accounting department, download our white paper: The Winning Blueprint for an Efficient & Effective Finance & Accounting Team.