There’s no doubt you’ve likely heard of “The Cloud” by now. In fact, most programs and software, from email accounts to banking, runs on it now. Cloud-based budgeting software makes it easy to access information anytime, anywhere with just an internet connection.
Over the years, more and more software has become cloud-based. And budgeting software is no different. For many CFOs and budgeting managers, a cloud-based system means improved reporting, quicker results, and even budget savings over the long run.
So, it shouldn’t come as a surprise that many businesses are moving their business budgeting software to the cloud. I want to share with you some of the many benefits to using a cloud-based budgeting system, so you can decide if it’s right for your business.
Compared to the large and complex legacy systems of the past, being able to connect to virtually any information via the internet has been a welcome change for many businesses.
It means the budgeting system is no longer tied to a particular desktop in the office that’s only accessible during office hours.
A setup like this can be drag on efficiency as well. If the CFO is out of the office at a conference, for example, they wouldn’t have access to budget information without someone else accessing the system, compiling the data, and sending it over.
Now, things have changed. CFOs, budget managers, and analysts can access budget and forecasting information, create reports, and run scenarios anytime, no matter where they are in the world.
One of the biggest drivers for businesses moving to cloud-based budgeting software is a reduction in operating costs. In a recent survey by KPMG on how the cloud is driving finance transformation, “84 percent of CFOs surveyed said that half their companies’ transactions will be delivered through SaaS in the next four or more years.”
Most cloud software today is offered on a SaaS (software as a service) basis, which means users pay a monthly or yearly subscription fee. This removes quite a bit of cost uncertainty from the budget right away.
Cloud services, therefore, have a predictable capital outlay each month or year, saving cash on hand. Because cloud-based software is often subscription based, it’s much easier to track the return on investment they provide to your business.
Reduced costs also translate to IT department savings as well. New hardware or upgrades aren’t required with cloud-based budgeting systems and services, thus removing potential unexpected costs from the operating budget.
Reduces IT Department Involvement
Another big benefit of moving to cloud-based budgeting software is it removes the need for dedicated IT infrastructure. Complex and expensive, in-house IT resources such as special servers, networks, or hardware are not needed.
Cloud-based software is completely managed by the host. They provide support for any potential issues with the software, operate a help desk, offer necessary upgrades or patches, and ensure compliance.
Cloud-based budgeting software also removes the pressure during budgeting season for the IT department to be on call for immediate fixes because of a time crunch. In addition, not needing dedicated resources also frees up the IT department to work on other tasks.
We discovered how important using technology effectively is to companies in our own survey. We recently found that technology ranked as the number one priority to help the finance team operate more efficiently. As compared to the previous year, 10% more respondents now plan to implement a cloud-based accounting/budgeting solution in the next year.
Over the years, technology has done quite a bit to allow businesses to be more agile and innovative. The same is true with cloud-based software.
With cloud-based budgeting software, your company can not only speed up the budgeting process but improve forecasts as well. Detailed reports can be run anytime, and what-if scenarios played out quickly and easily.
In addition, cloud-based budgeting software can also be used to run year-end regulatory and tax filings, not just budgeting and forecasting projections. Plus, having a system that tracks each user, makes it much easier to perform audits as well, it removes the uncertainty of who was inputting what data.
There are a number of reasons why moving to a cloud-based business budgeting software might be right for you, these are just a few of them.
Businesses of every description rely on the Budget Maestro™ family of software solutions by Centage Corporation to improve the efficiency and effectiveness of their business budgeting and planning, financial forecasting, financial consolidation and reporting processes. For more information, take a tour of Budget Maestro, contact Centage, or call 800-366-5111 now.