How Your Finance Department Benefits from Cloud ERP
Organizations depend on technology for productivity and maintaining a competitive advantage. With cloud technology sweeping the business landscape, those opportunities multiply. With ERP in the cloud, the finance department can also take full advantage of technology. Here are several opportunities for your finance department to leverage your ERP.
Reporting
Your leadership needs to know how your organization is performing to make informed decisions. This requires immediate access to that data, so they can respond quickly to changing conditions or issues before they become bigger problems. With ERP in the cloud, the finance team can support overall goals of the company. You get real-time dashboards and standard reporting that let you quickly identify issues and analyze data faster to arrive at the reasons behind the changes, suggest corrective actions, and offer possible future outcomes.
Compliance
A major concern for all organizations is the ability to meet audit and compliance requirements. Even a minor oversight can lead to significant financial and legal penalties. Automation, workflows, and transaction details are features available in most cloud ERP systems today, and these can go a long way to reducing exposure to risk, including: reducing or eliminating human error, ensuring policies and procedures are followed, and auditors have access to the detail they need.
Data Security
Your financial data is one of your organization’s most valuable assets. Maintaining the security of your data is key, so it’s important to clear the air on a common misconception: that on-premises systems are more secure than cloud-based systems. In fact, platforms from major cloud hosting providers like Microsoft have levels of security that no single organization could ever afford or manage, including secure facilities, systems and procedures to ensure regular backups, maintenance, and uninterrupted power and network connectivity.
Change and Growth
Every organization should prepare for change and growth—whatever that might be. Regardless, the finance department will be expected to help support any initiative, typically in the form of providing data. Cloud ERP solutions allow you to get to the data, so you can be more proactive and provide more detailed insights. In addition to growth, cloud ERP can help you manage change, because you’re able to more quickly identify and react to change.
Take Advantage of ERP in the Cloud
If you’re still operating with an on-premises ERP solution, you’re missing out on opportunities, not only in the finance department, but across your organization. Talk to the ERP experts at ArcherPoint about how Microsoft Dynamics 365 Business Central can help you get ahead and stay ahead.