17 May Why You Should Choose Cloud Financials
The frenetic pace of modern business shows no signs of slowing down. If anything, it’s accelerating. Enterprises have to operate in an always-on, digital world in which we all expect results on demand. But their incumbent systems are letting them down. Traditional financial systems were typically designed in an era when it might take days or even weeks to collect and process information. The mismatch to today’s high-speed expectations means the right answers don’t arrive when they’re needed. Modern, ambitious businesses need a financial system that’s designed to operate the way they do—one that’s adaptable, responsive, and ready to deliver timely answers on demand. In this guide, we discuss why you should choose cloud financials in 2022.
It’s always tempting to postpone the necessary action—to put off change until another day. But when colleagues don’t have up-to-date information, they risk missing crucial warning signals or remaining blind to developing trends. Margins stay under pressure because it’s so hard to chase down costs. Customer billing questions are left unresolved. Key performance indicators constantly lag behind the curve. Every month that passes is yet another missed opportunity. Don’t wait until a crisis forces your hand. The time to act is now.
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Cloud financials keep you ahead
A modern financial system can become ‘right-time’–not looking only at the past but also involved in what’s happening now and in the future. With earlier generations of technology, the only way to get things done was to run each function in isolation. The financial system kept to its core role of keeping a reliable historic transactional record. While that remains a crucial function, today’s robust connectivity makes it possible to break down those barriers and connect financials directly into day-to-day business operations.
Implemented in just a few months or even weeks, a cloud financial system is able to work in sync with the business. Instead of acting as a brake on progress, it embraces and facilitates change. It delivers financial data in a business context that shows the real-world impact of decisions. It supports speedy digital alternatives to error-prone, slow-moving paper processes. It has the connectivity and integration smarts to automatically consolidate business data. Rather than running in isolation from the rest of the business, it becomes an integral part of day-to-day operations, decision-making and strategic planning.
Fast-moving enterprises understand the importance of right-time information to compete successfully in a digitally connected world. They recognize the risks of delay and the rapid advantages a cloud financial system brings their business. There are seven reasons now is the time to move to cloud financials.
You can’t afford to delay change
Businesses today need the flexibility to rapidly seize emerging opportunities or quickly deal with new challenges. But many are held back by disjointed processes and cumbersome systems that don’t easily adapt to new requirements. Conventional software packages can’t accommodate change without involving IT specialists. Multi-step manual processes can’t be altered without significant disruption and risk. Reports can’t be updated to track important new business metrics.
A cloud financial system supports business agility because it offers the freedom to adapt rapidly, at the precise moment when it will be most impactful. Finance staff can easily reconfigure workflow or data points without needing to call for IT help.