Moving your finance systems to the cloud brings multiple benefits, including improved visibility of accounts and transactions across the organisation, quick and easy processes, and greater scalability. Adopting a cloud ERP or finance solution may also benefit your business in ways you hadn’t initially expected. Here are a handful of advantages and features which you may not have realised...
1) Scaling up operations internationally
Although improving visibility of finance and operations is likely to be the priority for your implementation, taking financial systems to the cloud can also help to future-proof your business should growth and international expansion be on the horizon. You can simply ‘switch on’ different territories as you scale up to help you streamline operations, comply with different tax requirements, and manage foreign currencies and languages. Having an effective cloud ERP solution in place when the time comes removes one less hurdle to expansion and helps you futureproof your investment to roll out operations smoothly across new territories.
2) Your accounts department can work smarter, not harder
Automating credits and collections management for instance, streamlines processes and allows you to increase accounts receivable turnover. This means that your accounts team can reallocate their time from these repetitive, manual tasks to more proactive areas to boost productivity.
3) Improved security
Moving your financial systems to the cloud can also mean you benefit from improved security if your ERP provider complies with data security certifications. With a cloud ERP network, monitoring and traffic analysis is quick and easy. The software as a service model and regular updates, ensures that your security is always up to date.
4) OPEX not CAPEX
Taking your financial systems to the cloud can also be beneficial for your business’ cash flow. On-premise ERP solutions usually require a large upfront capital investment, while cloud ERP is usually on a subscription basis, with smaller, regular repayments out of operational expenditure.
5) Operating in ‘the new normal’
As a large proportion of UK workers made the switch to remote working, those with a cloud ERP would most likely found the transition easier. On-premise solutions can usually only be accessed by office-based employees through a secure VPN. A cloud ERP can be accessed from anywhere at any time, as long as the user has a device, their login details and a secure internet connection. This enables employees, regardless of where they’re based, to access the same real-time information, enabling continuity and organisation-wide collaboration. Quick and easy remote access for employees will only become more important as we adapt to our ‘new normal’ and embrace remote working as a full or part-time reality moving forwards.
Take a look at our NetSuite case studies to find out more of the ways our customers have benefitted from implementing a cloud ERP.