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Why You Should Move Your Finance Operations to the Cloud

As states moved to shutdown offices and companies, many of their finance teams were working from home with limited access to critical finance and operational data.

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As states moved to shutdown offices and companies, many of their finance teams were working from home with limited access to critical finance and operational data.

The recent pandemic caught many CFOs and finance leaders by surprise. As states moved to shutdown offices and companies, many of their finance teams were working from home with limited access to critical finance and operational data. Why? Their finance systems were stored on their local area network which required someone to be physically connected with the building.

During the shutdown period in March and April, this was not an issue, since many companies ceased operations. Their expectation was that the pandemic would pass in a couple of months and things would return to normal.

Unfortunately, this is not the case and a “new normal” is emerging. What does this “new normal” look like?

Working Remote Will Continue

The realities of this pandemic show that working from home will continue for some time. The recent flare ups in states that reopened quickly means that we need to continue to be vigilant. Google recently announced that their teams will be working remotely until the spring of 2021 and many other companies are following suit. It looks like the home office will be a big part of the new normal.

Remote Workers are More Productive

When the pandemic hit, companies were very concerned about employee productivity while working remotely. The last several months have shown accounting and finance teams can be just as productive, and in some cases even more productive while they work from home. In a recent New York Times article, one company, Chegg, in an internal survey, “reported that 86 percent of employees said their productivity was as good as or better than before. They attributed the uptick to not commuting and not having boundaries to the workday.”

Remote Workers Collaborate Better

Now that meeting in a conference room is more challenging, employees have had to find a new ways and new tools to collaborate. The rise of products like trello, Microsoft teams and Zoom enabled remote workers to collaborate easily and remotely. In a recent MIT Sloan webinar with executives from 42 companies across 19 countries, “47% said they believed productive collaboration seemed stronger than before the pandemic. They talked about the positive impact of dismantling bureaucratic processes, using newfound digital skills, and unleashing the energy of shared goals.” Having the right technology in place to make sure accounting and finance teams can collaborate will be key to advancing organizations into the new normal.

Your Systems Must be Remote-Ready

The success of a remote work program will ultimately come down to how well systems and solutions can handle this new work environment. Premise based finance systems, like Dynamics GP and QuickBooks, can no longer support the new remote worker environment. Sure, there are solutions to access these tools, but they depend on available internal technology that cannot be reliably managed or quickly backed up in case of failure. More importantly, locally managed technology is more vulnerable to attackers and other cyber threats.

To ensure success in a remote work environment, the best long-term solution is to move finance operations to a cloud-based solution.

Working with a cloud-based accounting and software solution provides the following benefits:

  • Access Anytime Anywhere – All that’s needed is a web browser and internet connection…nothing more.
  • Real Time Insight – Develop and track, in real time, the key metrics and KPIs that are critical to business.
  • No More Paper: Most cloud-based solutions allow instant drill down into the corresponding details associated with the business. eliminating the need for paper reports.
  • Reliable Remote Security – Company data is safe and secure with two factor authentication, password requirements and a team of white hat hackers constantly testing and upgrading security as new threats arise.
  • Collaborate in Real Time – Collaborative compliance tool will enable finance teams to collaborate in real time to discuss and resolve issues. These conversations are permanently stored with the corresponding record (bill, invoice, vendor card).
  • Automated Audit Trails – Every transaction, as well as every change in the system, is tracked with the date, time and the person making each change. Any change in processing workflow is also tracked.

To learn more about how a cloud-based financial system can move your organization into the new normal please contact us and our team can help review your systems and determine if moving to the cloud makes sense for your company.

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