Cloud ERP vs On-Premise: 6 Questions to Ask
For today’s finance leader, it takes the latest technology to stay ahead in an increasingly complex and competitive business climate. As the remote workforce grows, the ability of Cloud ERP to help efficiently run reports, make decisions in real time, and keep up with changing compliance requirements makes it especially appealing.
Businesses leading the way in digital transformation have turned to cloud ERP technology for applications that are configurable and relatively easy to implement and update. Because cloud-based financial applications provide the ability to access and analyze data in near-real time, demand continues to increase.
Is Cloud ERP Right for Your Finance Organization?
If your on-premise financial system is a barrier to your growth, here are six key questions you need to ask.
- Does your team need access outside of the office?
With more people working remotely, “anytime, anywhere” accessibility has never been more important. With a cloud ERP solution your finance team can work anywhere via a secure web browser and Internet browser. No need for extra security, VPN connection, or other hardware.
- Are you under pressure to increase efficiency and productivity—while reducing headcount?
ROI and rapid payback are key benefits of cloud applications. In fact, studies show that cloud-based financial management solutions deliver more than 3 times the ROI than on-premise software.
The clear advantages are avoiding hardware and other expenses associated with an on-premise system. However, ROI is also driven by the time savings and process efficiencies characteristic of cloud-based solutions.
Live and in real time, they accelerate crucial financial processes like collections, consolidations, and closes. With automation and integration capability you can eliminate data entry, external spreadsheets, and paper-based processes.
- Do you need to integrate your system with Salesforce.com or other applications?
Cloud systems enable easy integration through APIs and Web services. So, you not only cut programming and maintenance expense but also have the flexibility to choose the best technology for each functional area of your business.
- Is self-service access to KPIs a requirement for your managers?
Real-time visibility is at the core of today’s cloud ERP systems. You can provide access throughout the business, with dashboards that give managers a real-time view into departmental KPIs. Some companies provide access to a broader range of employees, allowing them to enter and approve expenses and create purchase orders. Others even allow third-party access so real-time information is available to stakeholders such as CPAs and board members.
- Does your organization struggle with operational inefficiencies?
With a cloud ERP solution, not only can you streamline consolidations and period closes, but you can also tie it into functions company wide. Create budget dashboards for department managers, coordinate purchase workflows for all stakeholders. Or connect finance and sales with a 360-degree order-to-cash process.
Unlike QuickBooks and other single-user systems, you’ll avoid the pitfalls of managing financials with spreadsheets, and the limitations of trapping information in data silos.
- Are you competing against bigger businesses, with a smaller budget?
A cloud-based financial system offers a far higher level of performance, reliability, and security than most companies can afford. By amortizing costs across thousands of customers, vendors can maintain world-class 24/7 infrastructure and service as well as disaster recovery and security. Since cloud applications can be provisioned immediately and are scalable, you can get started quickly and adapt as your business changes.
The choice is yours—expect the best
With so many alternatives, it’s important to understand all your options. In the end, choosing a cloud ERP solution like Sage Intacct allows you to capitalize on a software delivery model that accelerates ROI and adapts to the complexities of a growing business.
Regardless of the solution you choose during the buying process you should expect the best from your next financial system. Expect faster closes, easier compliance, less manual work, real time visibility and outstanding service. Learn more about Sage Intacct, watch a product tour.