Cloud ERP: The Hottest Technology for Finance and Accounting Teams
When you think about the role of finance and accounting teams, it’s typically about balancing the books and ensuring the organization is financially compliant. By maintaining these important tasks, professionals also usually have their fair share of tedious functions. Until recently, many finance and accounting teams performed regular, time-consuming tasks manually to ensure their financial operations ran smoothly.
However, it seems that norm is changing. More and more, companies are relying on technology software to take the load off traditionally manual processes to ensure more time is spent on higher-value initiatives. One of the main software organizations are using to simplify these tasks are cloud-based ERPs. It’s gaining popularity, with figures estimating that the cloud ERP market will increase to more than $49.5 billion by 2025.
Below, we outline everything you need to know about cloud ERPs – their benefits, why companies are implementing cloud ERPs, and how to ensure you can execute the transition to it flawlessly.
What is a Cloud ERP?
Before we dive into the benefits, what is a cloud ERP? As defined by top provider Oracle Netsuite, cloud ERP is an enterprise resource planning (ERP) system that your organization can access over the internet instead of an on-site network. This provides easy access to your organization’s financial data without putting security at risk, especially for remote employees.
Additionally, cloud ERP software streamlines financial and operational business processes through automation. This allows you to focus on more high-value initiatives to drive your business goals.
Benefits of a Cloud ERP
The basics of cloud ERP can help uncover the software’s amazing benefits for finance and accounting teams. The top three benefits it can have for finance and accounting operations:
- Implementation Speed: Once you decide to add this new system, a concern can be how long implementation will take. When software has a long implementation time along with training staff, it can divert your business from important tasks and cost your organization time. Thankfully, cloud ERPs only take three to six months to implement compared to other software. This ensures that your team runs efficiently and gets you back to focusing on your business.
- Increased security and compliance: Security is one of the most important aspects when adding new software to your operations. You don’t want to be in a situation where your company’s security is compromised due to new technology. A cloud ERP doesn’t face this kind of issue. This type of software can provide great security through end-to-end data encryption between you and the software provider, as well as an ironclad recovery procedure.
- Adaptability with your business: There’s nothing worse than not being able to access the information you need when you need it. With the flexibility of a cloud ERP, it allows you to access your stored information regardless of your device or location. This ensures that your organization is on the same page regarding data. Additionally, as your organization expands, the software can keep up. You can easily add new customizations to fit your organization’s growing priorities.
These benefits and how it can help your business can be the steppingstone you need to take your organization to the next level.
Why More Companies are Transitioning to Cloud ERPs
The benefits of cloud ERPs are only a few reasons why companies are beginning to adopt this technology. The main driver of increased cloud ERP implementation is workforce models.
With companies offering elements of remote work, like hybrid work models, teams must remain connected to stay aligned regarding finances. Cloud ERPs offer an effective and efficient platform that allows teams to access the same data regardless of location.
Another reason companies are moving to cloud ERPs is to save money. With the current economic climate, companies are looking to lessen the cost of important software without sacrificing quality. Cloud ERPs are a good way to accomplish this goal, with 84% of cloud-based ERP users expecting to spend less than 2% of annual income on the software. This is accomplished through cloud ERPs offering subscription-based pricing instead of a large investment up front.
When it comes to keeping virtual teams aligned and saving money, cloud ERPs can solve these issues to ensure your organization’s priorities are top of mind.
How We Can Help
Cloud ERPs are the future of technology for finance and accounting, especially as hybrid work models become a mainstay in the job market. With its’ ability to simplify tracking financial data and automating repetitive tasks, implementing a cloud-based ERP can help your team prioritize your time toward strategic processes instead of tedious tasks.
Your first step when adding a cloud ERP to your finance and accounting operations is building an implementation project plan. This can be challenging if you don’t have the right team in your corner to guide you through the process. Addison Group can find you the right talent to lead your cloud ERP implementation!
Whether you need one person to lead the process or an entire team to help you throughout the project, Addison Group and our family of brands can help. With more than 20 years of experience in the finance and accounting space, we’re ready to help you with any project you have. Connect with us today!
