Cloud Computing and the Future of Finance and Accounting
Things are changing quickly, and the rate of change is accelerating, this is not new news. Companies that are slow to adapt to new challenges exhaust their resources on outdated business processes. New technology and faster computing are making it easier for solution providers to empower finance and accounting professionals with the tools to work smarter. Those not looking at new ways of doing things may get left behind.
“The Cloud” is something many have heard about but not everyone knows what it is. The cloud brings more flexibility to your operations, a decrease in cost, skilled customer service, and a constant torrent of new functionality. For the purpose of this article we will discuss “Software as a Service” platforms which are accessed in your computer’s browser. Since the code of the software is hosted on another computer these types of solutions are considered cloud based software.
Here are some questions you probably want to ask yourself:
- Do we use any software on a licensing basis?
- How much are the servers that host this software costing us?
- Have we looked at alternatives?
- How much would we save in the long run by opting for a cloud based solution?
- How much time and energy are we spending on upgrading our hardware/software solutions?
New ways of operating may seem daunting and change is usually not easy but weighing the options is vital. Often the cost benefit analysis skews toward the cloud based option. When it comes to accounts payable departments, business processes have to be well thought out and bottlenecks can be debilitating. When work piles up, tensions run high, and accuracy suffers. All business processes are important, but when it comes to accounts payable, any error requires a much larger increase in revenue to compensate.
Often accounts payable departments are left to their own devices and executive leadership doesn’t play a role. Many organizations are realizing that their accounts payable department can be a profit center rather than a cost center and with that realization are beginning to direct more resources to improving how they pay.
Recently at the office, we discussed the future of cloud computing. Cloud computing is changing not only the nature of how we work, but also the job market in general. From our perspective, the changes have only started. To find out more check out “Cloud Computing” by Quentin Hardy.
Who is your cloud solutions expert?
Organizations and internal teams often find their resources getting stretched thin. This can lead to frustrations, yet this is exactly when professionals have the opportunity to really shine at an organization.
Future leaders are those that can quickly learn about and understand newly available solutions. That is why next time you’re thinking… “I don’t have time to learn and use this new technology” realize that doing so frees you up to be more effective and efficient. The future isn’t about working harder but about working smarter.
If you are interested in learning more about how technology is predicted to change society we have a book recommendation for you. We enjoyed it and hope you do too.