Real Time Analysis
Finance managers require a lot of data in order to prepare budgets, forecast trends and set targets. All this data is easily available to them on the cloud. Real time reporting ensures that you have up to the minute data available. This makes it easier for you as the manager to take financial decisions that may be crucial for the business. A myriad of analytic tools which are also available on the cloud make it possible to predict trends and set targets.
Better Security and Control
Security and control are always major concerns in financing. However, under the SaaS model, the required controls are in-built in the software programme. Besides, the models are constantly upgraded to keep up with the necessary rules and regulations.
This works to the advantage of the business owner since he does not have to incur the expenses of purchasing the software nor upgrading it. For the most part, the concern with shifting to the cloud is in the minds of the CFO’s who worry that the control will be taken out of their hands.
Porting to the cloud is more about a different mindset rather than a different technology as far as business managers are concerned.
Under a good SaaS model, you can have an end to end system which provides core accounting processes along with analytical tools. It caters to the needs of all the users from the decision makers to the grass root level staff who deal with day to day transactions.
Scalability in the cloud software allows for easy handling of large volumes of data and incorporating additional functionalities quickly and seamlessly. You can greatly reduce the operating costs of your business by switching to the cloud without any additional costs for the switch over, which is smooth and quick.
Switching to the cloud eliminates the need for transferring data from one person to the other within the organization. Even though there may not be many people involved in an SMB (Small and Medium size Business), the likely hood of mis-communication still exists. This risk is eliminated by the cloud since all the data is available to all concerned at anyplace and any time.
Real time reporting allows for real time decision making. This way, lengthy and time consuming processes can be avoided, which can greatly increase the productivity of your business.
Just like any other new technology, migrating to the cloud requires careful planning and strategic implementation. But the migration will prove greatly beneficial to your business whether small or big.