It’s imperative for businesses to remain competitive and current. Today, technological advancement occurs rapidly so many businesses have outgrown what their current solution can provide.
If you have been considering a new financial management solution, you have likely run into the different software delivery model options available today. It’s important to determine early on what the best delivery model is to best meet your business performance needs.
On-premise solutions are the traditional model for accounting solutions, one that most businesses have used for many years. A business licenses the software and runs it on their own servers. The capital and operating expenses to deploy, operate, support, customize, integrate, and upgrade should also be a consideration. On-premise solutions are still viable solutions, especially for companies with trusted IT infrastructure, investment capital, and support expertise. Examples of on-premise solutions are Sage 100 (MAS 90), Sage 300 (Accpac), Quicken, and Microsoft Dynamics (GP or Great Plains).
Outsourcing the software solution in a hosted environment at a remote data center provides expert support and services as well as eliminates the responsibility of maintaining the internal hardware infrastructure. Upfront large investment capital requirements are minimized with hosting and businesses will typically have a unique instance on a dedicated server (single tenant). Users access the system over the internet, seeing the screens being generated at the hosting provider.
Cloud-based financial solutions, often referred to as Software as a Service (SaaS), were built for the internet age. These systems are always “on”, delivered via a web browser, available on a subscription basis, and are multi-tenant, meaning an organization can unlock only their own data, but work from a shared system—a single set of resources, application infrastructure, and database. Upgrades are performed by the provider at no additional cost and no downtime to business continuity.
If you need a flexible and agile financial management system that is relatively easy to implement, configure, and update, then a SaaS might be the right solution. Ask yourself the following five questions.
This is a key benefit of moving to the cloud. Entire finance teams can work from anywhere. Access to the accounting solution is accomplished using only a secure web browser and an internet connection.
Cloud-based financial management and accounting implementations were found to deliver more ROI than on-premise software. Avoiding the capital investments and operating expenses associated with an on-premise system return considerable financial advantages. Additionally, time savings and process efficiencies drive higher ROI. Cloud systems greatly accelerate crucial financial processes with extensive automation and integration capabilities. Rid yourself of manual data entry, paper-based processes, and spreadsheet maintenance.
Cloud systems provide a pre-built integration framework via APIs and web services. Built-in integrations with external applications such as Salesforce.com means saying goodbye to costly custom programming and maintenance.
Tired of sending outdated reports or spending hours creating specialized reports for each department? Cloud financials provide real-time visibility through dashboards to management teams so that everyone can see the key performance indicators that apply to their specific departments. Employees can also view restricted dashboards, enter/approve expenses, create purchase orders, all without visibility to the core financial information.
Cloud systems are built to provide company-wide operational efficiencies. Streamline the consolidation and close process, coordinate purchasing workflows, and create budget dashboards for department managers to increase operational alignment across the organization. Avoid the limitations of single-user systems like Quickbooks that traps valuable financial information in silos. Free up the finance team from time-consuming tasks so they can concentrate on deeper financial analysis.
If you are thinking about migrating from Sage 300, contact Equation Technologies. We developed a migration utility that streamlines Intacct implementations.
When it is time to evaluate vendors and financial management solutions, we hope you will consider Equation Technologies and Sage Intacct. We can get you signed up for a demo, provide product information specific to your industry, help you get a 30-day free trial, or simply discuss the pros and cons of switching systems.