In the good old days, factories had a dual role: a producer of goods and a power generator. The fact that they had to run on their own steam—literally!—hampered their growth. Then came the miracle of electricity, which allowed them to focus on their business. Today, cloud computing, especially cloud financial management software, delivers the same benefits to growing companies. With a much lighter IT load and smarter tools, you can concentrate on growth and improving your business—as discussed in the webinar, Accelerate Your Business with Cloud Computing and cloud financial management.
What is cloud financial software or cloud computing, exactly?
The term “cloud” is a metaphor for the Internet, and cloud computing is the process of outsourcing IT services—such as servers, storage, and applications—to a shared platform maintained by a vendor and accessed via the Internet. End users access their cloud-based apps either through a web browser, lightweight desktop, or mobile app. The business software and data are stored on servers at a remote location.
Facebook, Dropbox, and Gmail are three well-known consumer cloud apps that keep people connected and help them work more efficiently. Similarly, businesses benefit from cloud solutions like Intacct cloud financial software and Adaptive Insights corporate performance management software to get the job done faster, better, and at a lower overall cost.
What’s in it for me? The perks and pluses of cloud financial computing
- First-class security. The vendors of cloud solutions put the economy of scale to work for them, providing top-of-the line security and internal controls that smaller companies could never do on their own. These include data backups, disaster recovery, regular security audits, data encryption, and so much more.
- Built for growth. Growth brings complexity, especially as your company expands to other locations and more workers need remote access to apps and systems. Maintaining infrastructure and connectivity quickly becomes costly and saps resources. Cloud solutions, by contrast, are easily upgraded by the vendor, users have anywhere-anytime productivity, and there’s a lower total cost of ownership—all you have to pay is an annual subscription.
- Added functionality with modern tools. By their nature, solutions designed specifically for the cloud allow you to run your business more smoothly and gain visibility into its financial and operational performance far better than you could with legacy, on-premise systems. Intacct cloud financial software is a perfect example. It greatly simplifies the revenue recognition criteria process for subscription companies and provides exceptionally flexible reporting capabilities through data dimensions. You can add an unlimited amount of data dimensions—such as department, building, division, job, or project—to the line level in any transaction and combine them however you want to get detailed reporting and analysis.
- Smarter, smoother, internal collaboration. Instead of pushing paper or using email, cloud solutions such as Intacct allow users to more easily communicate as well as participate in key workflow processes. All conversations are tracked and recorded within the system of record, improving collaboration, especially for distributed organizations.
- Integration with best-in-class tools. Rarely does one solution do it all. It’s an ecosystem around any one product that gives it a large portion of its value. (An ecosystem is a series of apps that can be built either on a developer’s integration standards.) These apps are easy to deploy, won’t “break” with version upgrades, and allow you do more with your business. For example, Adaptive Insights automates budgeting and forecasting and integrates with Intacct cloud ERP software for unmatched financial management and reporting.
Best-in-class, cloud applications can transform your business into a powerhouse of growth and profitability.
Cloudy with a high chance of success
Best-in-class, cloud applications can transform your business into a powerhouse of growth and profitability. The experts at Arxis Technology can help you evaluate the many options and build a solution that meets your specific needs now and in the future. Get started by watching the webinar today!
