Flexible financial management systems fuel changing business needs. Through automation, advanced accounting actions and streamlined audit trails, financial management software empowers businesses to increase efficiency and improve visibility.
The benefits of implementing the right financial management software solution with the help of the right technology partner include:
- Automation of business processes, such as invoicing, sales and purchase orders within one central system
- Tighter control for financial compliance
- Accelerated financial statements
Before deciding whether or not cloud deployment is the right path for your new financial management software, consider the routes other companies have taken to sharpen their competitive edge.
On-Premises Vs. Cloud-Based Finance Systems
In some instances, on-premises finance systems agitate business fragmentation. This happens with fast-growing businesses whose growth is due to acquisition.
Acquired businesses often have their own systems and software. Fragmented technology makes it impossible to gain access to the right data at the right time. It’s important to gather these business units under the same accounting procedures sooner rather than later. Cloud-based financial software makes this happen quickly, efficiently and cost-effectively.
After integrating disparate business entities under the same financial software, it’s then possible to manage compliance, currency and accounting standards by entity without compromising your ability to generate fast macro views of the entire business.
Cloud Financial Management: A Threat To Your IT Team?
Because cloud-based finance systems reduce IT costs and responsibilities, some IT departments view cloud adoption as a threat to their existence. But, implementing software in the cloud simply frees up your team to perform other pressing responsibilities.
Rather than tasking your IT team with updating financial planning and reporting software that’s a few versions old, implementing a hybrid solution may be the better option in terms of costs and time restrictions.
A combination of cloud and on-premises software allows you to continue operating software on site while implementing specific modules in the cloud. This kind of cloud transition is often smoother and easier to accept across an entire organization. Larger businesses take the route of deploying a hybrid solution in order to continue obtaining value from on-premises software in which they’ve already invested heavily.
Make The Software Switch To Support Business Growth
There are many advantages to implementing ERP software with a focus on financial management modules, whether you decide to do so in the cloud, on premises or in hybrid form.
Automation is huge. Eliminate manual data keying for a smooth billing process, and close your books more quickly than ever. Easily streamline and coordinate advanced accounting functions across your entire organization, tracking performance against department budgets, financial forecasts and project profitability. By abandoning spreadsheets, you also gain the advantage of enforcing user requirements to ensure data completion and cleaner audit trails.
A Central Source Of Financial Truth
Many organizations thrive on delivering anytime, anywhere access to their business executives, empowering them to make strategic decisions using current and accurate data.
Centralized financial management tools impact your competitive edge by supporting multiple business entities, currencies, compliance standards and accounting procedures.
While cloud deployment is not for everyone, it pays to do your research and ask the right questions. Ensure that the decision you make doesn’t just satisfy your needs today, but also lays the foundation for a stronger future of financial management.