- December 4, 2018
- Posted by: massey17
- Category: Biotechnology, Intacct, Nonprofit, Professional Services, SaaS
3 Things You Didn’t Know About Cloud Financial Management
Few things are a bigger investment of your time and money than a new financial management solution. Maybe you’re comfortable with QuickBooks or your on-premises system—even with their tiresome workarounds, error-ridden manual processes, and clunky upgrades. If you want to break free from these constraints, however, consider looking to the cloud.
Contrary to what you may have heard, cloud financial management systems offer excellent value, require little to no maintenance on your end, and best of all, give your finance team confidence in the numbers. A cloud-based system like Sage Intacct can:
- Delivers better ROI than on-premise systems. A Nucleus Research report found that cloud deployments offer 3.2 times the ROI, have 2.3 times lower TCO, and provide a 2.2 times faster payback than on-premise deployments. One Sage Intacct user, a large restaurant franchisee that rapidly grew from 11 stores to more than 30 locations in only five years, began capturing ROI in only five months. Automation helped slash the company’s monthly close by five days, and real-time reporting puts relevant information right in the hands of managers, so they can be more proactive. And for a Bay Area talent identification and acquisition firm, the software paid for itself in less than three months.
- Free you from IT tasks like support and upgrades. The cloud is low on maintenance and high on continuous value. With Sage Intacct, for example, you receive automatic quarterly upgrades that are touch-free for you—no business disruption and no costly upgrade projects. You can eliminate hardware costs and IT management from your cost of ownership. And Sage Intacct cloud accounting software delivers world-class security, backups, and disaster recovery, protecting your financial data and system much more efficiently and effectively than if you did it yourself.
- Gives your finance team confidence in the accuracy of the data and reports. Ellen Grantham, CFO at K4Connect and Massey Consulting client, said, “[Before I came on board,] our CEO thought that [getting timely, accurate information] was more of a people problem, but it was a systems problem.” The finance department couldn’t answer questions about revenue in real-time, and the answer they finally provided was unsatisfactory.
When interviewing for the job, the CEO asked Ellen to answer some of his questions. She said that she could—but not with QuickBooks. “We’ve got to have a better system that we can look at it and drill down,” she told the CEO. “[Since] I don’t know all of the information right off the top of my head, I can look at [a new financial management solution] and see…what our revenue is from these particular projects, what is our inventory…and this is why our revenue is X.” She concluded, “[Sage Intacct] was a big driver for us to be able to have more confidence in the finance department.”
Still have questions about the cloud?
Trusting your critical financial data and processes to the cloud might seem like a leap of faith. The reality is, you can’t afford to be hindered by yesterday’s technology and inaccurate information. The business technology pros at Massey Consulting are cloud and accounting experts—they can help you design and implement a financial management system that you can use with confidence now and in the future. Contact us for a free consultation today.
Hear what Ellen Grantham had to say when asked the question at our “Future of Finance in the Cloud” event: “Many people have misconceptions about the cloud… Can you tell us a few benefits you’ve seen with the cloud to rule out those misconceptions?”