What does Cloud mean for the finance function?

The cloud has changed the business landscape

The cloud has changed the business landscape and for the accountancy profession that has meant big changes. The flexibility, agility and mobility that cloud storage and computing offer to business means that the way accounting services are now delivered must necessarily change and arguably, for the better.

The benefits of cloud computing for the finance team

Streamlining data collection and management. The cloud has had a transformative impact on the way that any business is able to collect, manage and organise its data. From ensuring compliance with new data protection regimes, such as the GDPR, to making client and customer data more secure and simple to organise, the cloud is an opportunity to make operating systems more efficient.

Enabling agile business operations. One of the key features of accounting software in the cloud is that it can make business systems available to a workforce in different locations. With the right security and an internet connection, systems and data can be made accessible to key staff no matter where in the world they might be. This is underpinning a revolution in business management, driving operations to be more agile and enabling flexible working and more cost-effective staff structures.

Real time data analysis. The time lag between data being captured and the process of collating and analysing it has been significantly reduced thanks to the widespread use of the cloud. Businesses not longer need to wait as long for data. Expenses receipts, for example, can be scanned directly into the right cloud accounting software, removing the time delay of manual processing and ensuring that income and outgoings figures are always accurate and in real time.

Live, flexible reporting. Cloud based financial management systems enable instant and accurate reporting, broken down into specific areas or locations, for example. This is, of course, often the bread and butter of what accountants do. These reports provide more insight – at greater speed – than was previously the case.

The moving to the cloud provides opportunities for every business, including those in the finance team. Features such as automation of accounting processes and fast reporting using real time data make the business world more accurate and efficient and offer broader opportunities to better understand operations. If you’d like to find out more about what a financial management system, such as SunSystems, can do for your business, please get in touch.