The most cost-effective way to automate the error-prone, manual tasks that are known for exhausting resources is in the cloud. This has become even more essential as already lean accounting and finance organizations are now working remotely.
Software-as-a-Service (SaaS) is analogous to OnDemand and cloud computing, and with this model, customers typically pay a subscription fee to access the software.
This is a major trend because of its low-cost, low-risk approach. Users can access the software anywhere in the world, making it easier to work remotely and perform tasks while on the go.
Here are four more benefits that organizations gain from moving their accounting processes to the cloud.
Less Dependency on IT
With a cloud-based solution, there is no hardware or software to purchase or maintain, and no ongoing IT support is required.
Upgrades are made automatically by the vendor, so users can be confident that they’re working in the latest version of the software. The vendor is also responsible for back-up, disaster recovery and support services, removing that responsibility from IT.
This reduces IT costs and implementations risks, while also avoiding large capital expenditures.
Single Log-in with Integrated Products
Companies already have enough systems and passwords to remember. From the preparer to the CFO, one system and one user ID is the preferred method for integrated products.
Additionally, organizations can achieve a seamless integration of their process automation solutions and ERP.
Companies are pushing for quick implementations in order to recognize the benefits as soon as possible. Configurable solutions are preferred, as custom set-ups can take months, and in some cases years, to implement.
Cloud-based solutions are implemented quickly, allowing users to shorten their payback period and maximize their ROI.
Outstanding Customer Service After the Sale
Why should the service stop after the implementation? Beyond ongoing technical support, companies want to ensure they are taking full advantage of the software.
Many cloud providers are dedicating teams of accounting experts to ensure clients are optimizing their solution at no additional charge.
The Way Forward
Cloud-based platforms deliver scalability, immediacy, and accessibility, and a dependable way forward for process improvement.
Read this blog next to learn how your distributed accounting and finance teams can virtually close with confidence.