Many companies are turning to cloud financial reporting software for its scalability and the many advantages it can offer their business. Contrary to what many may believe, cloud financial solutions are secure, much less costly, and easier to maintain than legacy systems. On top of the integrated features and capabilities that cloud financial solutions are equipped with, setting it up is more manageable than most people think.
But there are a few tips to keep in mind to ensure you can successfully implement your preferred business management solution as seamlessly as possible.
When you’re thinking about moving to a cloud SaaS financial reporting software, it can seem daunting to think about how you can implement it successfully without any hiccups. But planning can make all the difference to ensure the software you go with has the right solutions to meet your growing business’s needs.
It’s essential for companies first to do a deep-dive into their current processes, determine which methods are not working or are only taking too much time, and then match these to the capabilities they should be looking for in their next business management solution.
Taking the time to do this beforehand can save extra costs, and the trouble of investing in a solution that does not have the right fit for your business’s changing needs. It also allows you to control the project’s scope so you do not bite more than you can chew.
For those in financial services, having to deal with regulations and data integration can be challenging. Still, by understanding your company’s needs beforehand, it’s easier to find the right finance software that has everything you’re looking for.
Once you figure out what you need, your software requirements, and roughly how long you have to implement, ensure that you earmark extra time for delays. It is prevalent to encounter delays in projects because you might change your mind along the way or discover problems that have not been foreseen.
Understand How Your Data Should Be Handled
Migrating to the cloud is easy, but when your business revolves around data, as with most financial services companies, this can be challenging when you have to deal with strict regulations. The key here is to establish a rule of thumb regarding how your data should be handled, who can see it, and where it can be accessed. Setting these important guidelines beforehand can make it easier to choose software that puts a prime in ensuring your data’s privacy and integrity.
Remember that moving to the cloud not only makes your data more accessible, but it can also expose your company to specific threats that you should be prepared to meet head-on.
It is imperative that you look into your vendor´s data privacy and security certifications. For example, look at whether or not they are compliant with industry standards such as SOC2 certification. You have to understand where they host their data, their disaster management, and recovery processes, among others. There is also compliance with different geographic data regulations like GDPR, and you have to look at their service level agreements.
Do Your Research
Businesses considering migrating to the cloud should do their research beforehand and find out everything they can about the types of cloud financial solutions available in the market. How do these solutions address strict government regulations? What features do they have that can potentially make it easier for you to deal with these issues in the future? What are the downsides of the application?
Carefully observe what your competitors are using. Check reviews and pay attention to first-hand testimonials from cloud users, so you can assess whether the software you choose does what it is meant to.
For those in the banking industry, it’s worth noting that many banks are already opting for cloud financial solutions because of how flexible they are. The work from home setup has undoubtedly forced many banks to revisit their infrastructure investments.
Pay Attention to Your Data and Integration Strategies
Having more than one solution in place for your business is not uncommon, so before choosing the right software fit for your business, make sure you verify whether this solution can easily integrate with these systems. Ensure this software will have no problems integrating with your current business model and set up and whether they can collaborate effectively with one another. Talk to existing customers with similar system integrations. Better yet, ask for a time-limited trial, so you truly see how the system works with your own financial data.
Ask Help from the Experts
As with launching anything new for the first time, adopting a new cloud financial software may include a learning curve for your employees and other essential business stakeholders. Even with a capable IT team, not everyone may be flexible enough to jump into it quickly. Pay particular attention to the ease of use of the application to ordinary business users – those that are not technically inclined because they are the ones who will deal with the financial solution day in and day out.
Cloud technology comes with many benefits, but the only way to fully enjoy it is to implement it effectively. Consulting with internal and external resources who have experience in cloud technology and migration can offer the support you need to make the switch as painless as possible.
Many try to cut costs by setting up the software themselves, but we have found that this is a more costly thing to do over the years. In contrast, if your system is correctly configured by a seasoned and skilled consultant taking into consideration all of your business needs and requirements and your organizational hierarchy and processes, the adoption and maintenance tend to be a lot smoother and with fewer headaches as you go deeper into the project.
Choosing the Right Cloud Financial Solution
Deciding to use cloud financial software for your business is a big step, but taking note of the points discussed can make the transition as seamless as possible.
Choosing the right software that fits your business’s needs can mean all the difference. By exploring available solutions and the features they offer and planning based on your business targets, adopting a cloud-based solution can put you in a better position to achieve them faster.
Explore why many businesses using Performance Canvas Financials have never looked back and are hitting their targets successfully with easy integration.
Try out the software yourself and explore how this solution can be the right one for you too. Schedule a demo with us today.