Moving Accounting to the Cloud – It All Adds Up
by Richard G. Twilley
In honor of Tax Day, we thought we’d share some of the ways organizations are benefiting from moving financial functions to the cloud.
Many organizations have indicated that they are ready to move finance and accounting systems and applications to the cloud, according to a survey by KPMG Research. When asked about the practicality of moving these functions to the cloud, the vast majority of respondents said it was “very practical” or “somewhat practical.” Providers and financial solutions powered by Software as a Service (SaaS) are giving businesses new options to deal with increased financial requirements. Using cloud computing for accounting and other financial functions can simplify tasks, facilitate company growth, and aid in global reach and expansion.
Let’s take a look:
When accounting functions are moved to the cloud, business and IT leaders can focus on the capabilities that bring value to the company rather than the back-end technology operations of accounting tasks. Cloud-based accounting solutions provide standardized processes, controls, and automation that shift the focus from number-crunching to more effectively supporting finance customers.
For smaller and midsize companies, cloud-based enterprise resource planning provides them with sophisticated all-in-one accounting systems to help elevate them to the business big leagues. Cloud-based systems keep organizations from using the outdated on-premise financial systems working on legacy IT systems that can’t keep up with business growth, and thus, negatively affect service quality and transaction speed.
Global reach and expansion.
Thanks to the Internet, it’s rare that a business can live in a bubble. Organizations increasingly are global in nature, with customers the people who propel business more mobile and dispersed geographically. This global nature calls for accounting models and processes that are more flexible — and cloud-based systems fit the bill. Has your company moved some or all of its accounting functions to the cloud? What other benefits have you seen by doing so?
Richard G. Twilley
Richard Twilley is vice president of business sales, and is responsible for leading the enterprise sales organization for the Eastern Region of the United States.