As a company grows, many are challenged to make financial planning and budgeting more adaptable to its changing needs. Deciding to retain their current on-premise financial software or shifting to more scalable cloud solutions often puts many businesses to a standstill.
Although slow to adapt at first, many organizations are starting to understand what the fuss is about (after being able to use the software themselves) and now turn to cloud-based software for budgeting and planning.
Even banks and financial institutions are adopting and benefitting from how efficient and cost-effective cloud FP&A software can provide.
If you’re worried about the impact of making the transition, we’ve highlighted a few more reasons why it may be time for you to invest in cloud planning and budgeting software.
Ease of Operation with Robust Integration Capabilities
If you’re still trying to ascertain whether to continue with your on-premise FP&A software or adopt one on the cloud, your decision should be based on the features that can deliver more value to your organization and the kind of support you may need. It’s an important decision that should start with understanding your current limitations and other process bottlenecks that may hinder you from achieving your business goals. Cloud FP&A software has grown so much in the past few years. If you’re worried about adoption and implementation, it’s worth noting that ease of operation is one of the many benefits of adopting a cloud FP&A software like Performance Canvas.
Working on a cloud environment can make admin tasks much more straightforward. The service provider themselves often addresses software and system issues, so you never have to investigate and resolve yourself.
Greater Flexibility with Additional Features
Cloud planning and budgeting software like PCF Cloud offer greater flexibility, offering organizations the ability to harness data and gain new insights that were just not possible using spreadsheets and their on-premise system. It provides users with more significant opportunities that go beyond finance. PCF Cloud also empowers organizations with the ability to automate data imports and extracts to either on-premise or on the cloud.
Better Cost Savings
Cloud solutions may cost more at face value, but organizations can save so much more from the total cost of ownership than an on-premise license. PCF Cloud, for example, does not require any hardware investments. Organizations can end up saving more when considering the ease of installation alone. The finance department can maintain full ownership of the solution.
Software updates can be costly but are essential to ensure teams are always working with a system that offers the greatest compatibility with other software and apps. Cloud solutions like PCF Cloud roll out updates automatically for free with flawless monthly patching to ensure teams always have the latest software version. PCF’s subscription pricing also provides organizations can choose what features best fit their business need. With a fully integrated software solution and multiple secure environments, PCF cloud is an easy and strategic choice for robust cloud planning, budgeting, reporting, and forecasting for your growing business.
Best-in-Class Reporting Capabilities
Reports are essential not only to the C-suites but also to other business stakeholders and investors, which give them a better understanding of where the company stands. Accurate data gathering is crucial to efficient and consistent reporting. PCF Cloud offers capable reporting and ad hoc analysis capabilities with an easy-to-use financial dashboard with a full drag-and-drop environment for quick and easy financial consolidation. Though PCF Cloud supports excel, users enjoy greater freedom to use advanced reporting capabilities that deliver greater transparency and accuracy in their everyday reporting needs.
PCF Cloud: The Ideal Cloud Planning and Budgeting Software
Every organization will need to decide for themselves whether they need on-premise planning and budgeting software or transition to one on the cloud. No matter the reason, the benefits mentioned above for cloud planning and budgeting software explain why many organizations are starting to adapt.
If you’re thinking about how best to integrate cloud features to your current on-premise system, get in touch with Performance Canvas today, and our team can explain what packages and features are best suited for your everyday needs.
Learn more about PCF Cloud today.