Trusting the cloud to manage financial data and reporting can be a game-changer for financial planning and analysis.
Organisations can find several benefits when they invest in a cloud-based solution and finance leaders must be able to maximise such.
Financial performance management platform Planful enumerated the benefits that cloud finance solution can bring to the table:
- Cost savings and predictability. A cloud-based solution equates to bidding adieu to the hassle of major hardware installations and external systems, making maintenance management easier and updates come in real time. Many platforms operate on a subscription model, making it a lot easier to keep tabs on the vendor budget and predict IT expenses.
- Scalability. Moving the financial planning process into a cloud-based solution means the team can grow the business without purchasing additional IT infrastructure. A cloud-based EPM platform allows for growth over time at minimum cost and disruption to your company.
- Accessibility. A growing number of the global workforce is turning to remote work. When the team spans across time zones or regions, anyone with an internet connection can access a cloud-based solution.
- Security. Excel does not meet today’s level of security protocols to keep the organisation’s data safe. A cloud-based platform ensures data is secure.
- Flexibility and agility. Automating tedious, manual tasks means the team can focus on what really matters – strategy. It also paves the way for improved financial reporting, shorter planning cycles, and the ability to whip up scenarios at a moment’s notice.
- Integrations. A cloud system can easily integrate with other management tools in the tech stack without needing IT assistance. This makes data collection an automated and near-instant process.
