Today’s Cloud Financial Management

What is a Cloud Financial Management System Today | NDH Group Chicago

Cloud systems provide business value by leveraging a single instance of software across a large group of users. In tech speak, that’s called, “multi-tenancy.” The economics are clear –manage one instance of code, make it available over the Web, and you have the buying power of 1000’s of users who collectively pay for that single system to grow. Contrast that to on-premise systems, or “single-tenancy,” where singe buyers are responsible for hosting their own software, and its updates. Not nearly as leveraged or economical.

Given the delivery method, and the architecture supporting Cloud are unique, how does cloud financial management take advantage of these differences, and what do these systems offer anyway? Or, what is a cloud financial management system today?

  • Secure – Aggregates the requirements and buying power of huge user groups to establish data, report, and application security. The use of world-class data centers, permissions, and audit trails are among the means of control. Your business data and applications are safe, and your business risk is significantly reduced.
  • Transparent – Cloud financial vendors provide real-time reporting of system status, and service level agreements, to reflect accountability of their stated purposes for uptime and security. Trusted third-parties have reviewed these claims, and provided their endorsement. Translated, your business isn’t taken down by your business system.
  • Scalable – Cloud infrastructure, and vendor foresight in the architecture of applications, allow a virtually unlimited scaling of transactions, data, and accounting methods. Your business can grow without concern of an arbitrary ceiling, or the cost of switching systems later.
  • Global – Cloud architecture gives global and distributed businesses the power to establish concurrent use, and collaboration, for multi-entities and locations. Real-time consolidation of business divisions, book methods, and results follow. Quick results give you time to adjust your business tactics.
  • Custom – Enables finance, independent of the IT department, to focus on making their own improvements to data collection, reporting, and workflows. This puts finance in charge of customization, and the driver of change. Custom workflows improve processing speed, and reduce staff workload.
  • Enabling – Allows you to streamline data capture, attribution, and reporting for quicker and more accurate decision-making.
  • Integrated – Offers choices for add-ons, addressing the proposition that no system will provide 100% of the functionality you need or want. This allows you to add applications as needed, and still keep data within a single system.
  • Manageable – Implementation and changes to the system are more rapidly completed, tested, and deployed. Finance is no longer held back by IT constraints on new initiatives, including those to segment and report on results.
  • Automated – Built to automate workflows and reduce staff time, errors, and admin focus. They also allow reduction of risk.
  • Evolving – Market share gains by cloud financial Co.’s allow the economics of developing new products and relationships to be realized. This means their rapid release of updates (quarterly) are available for features that make you more efficient.
  • Profitable – The ROI from cloud financials should be obvious and remarkable for the outsourcing of IT infrastructure, and current IT staff expense. The reduction of risk, and improved visibility, are also factors that drive returns for prospective subscribers.

The model is working. Leading cloud financial systems are realizing significant increases in market share over traditional on-premise and “fake cloud” software vendors (their claim is, “cloud,” but require your hosting and maintenance). We’ve outlined a short presentation detailing cloud financial management systems, and welcome your review and evaluation.

NDH Group
The proposition is simple: Technology should make you more competitive, and transform the way you do business. Only Cloud software can automate your operations, report real-time trends, and allow true browser-only access. Not traditional accounting software. We deliver on the promise of Cloud, with offerings from Intacct and NetSuite, and with expertise in accounting, reporting, project management, and the underlying system. All critical to successfully implementing enterprise software, and transforming your business operations. Contact Seth Pomeroy / seth@ndhcpa.com / 312-461-0505.

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