Change is scary, especially if it will bring out an unfamiliar setting as the company fears that it may bring loss, which it has not incurred with its current process and system.
However, change is inevitable, especially with the fast-paced development in the technology that affects the business climate. Hence, the company must adapt and change so that it is not at a disadvantaged position compared to its competitors.
And for a rigid financial process, moving to a cloud-based business budgeting software is a significant change; hence, CFOs may likely hesitate. CFOs assume that cloud-based budgeting comes with issues on reliability, effectivity, and efficiency, as well as poses security risks on the data that the company will store in the cloud. Upskilling workers to learn and adapt to the new cloud-based software is another thing that CFOs may worry about. Disrupting finance work too much will bring down the productivity of the team.
However, while there is truth to those fears to a certain degree, cloud-based budgeting software today has done a lot to address those. More CFOs are now are realizing the need to push towards faster and more accurate budgeting, planning, and forecasting processes.
CFOs now see that the way to streamline financial reporting, budgeting, planning, and consolidation is through cloud-based business budgeting software. And with the streamlined financial process, CFOs are allowed to increase value across the organization as it results in improved productivity, efficiency, and cheaply doing things.
Contrary to what many CFOs fear, a good and robust cloud-based business budgeting software that is implemented well can afford an organization reliable, secure, and predictable processes. Moreover, not all companies have the financial resources to allocate precious IT time to a software implementation. Hence, it is imperative to shift to the cloud software which will require minimal IT involvement and will have automatic updates without demanding IT time.
One of the best cloud-based business budgeting software in the market today is Performance Canvas Financials. It offers its users, cloud-based FP&A solution that promises to streamline your process and intelligently automate your entire FP&A process from end to end.
The cloud-based business budgeting software is easy to install as it only takes approximately 5 minutes for its automated setup. What follows then is just a mapping exercise done together with the finance department and setting up of business rules to calculate those which they want in their reports. It is a solution that is truly designed to be owned and maintained by finance, not IT.
It also provides its users with automatic updates to ensure that the reporting tools are up to date with the latest improvements and practices. Moreover, it ensures the security of the users’ data from any breach. The cloud-based business budgeting software also provides a sleek-looking and user-friendly dashboard to ensure ease of use for its users without the need for rigorous and long hours of training.
CFOs and other finance professionals should, therefore, not hesitate to migrate to cloud-based business budgeting software on the condition they do their due diligence in choosing the right software for their business. They should not let their misconceptions about cloud computing stop them from enjoying the benefits and the value that it brings to the company. However, if CFOs still are a little hesitant, they can always research more about it and carefully select the cloud-based business budgeting software that would best add value to the company. A free trial with their own data would be the best way to move forward in this case.
If you want to do a free trial just to test the waters, Performance Canvas Financials offers such for a time-limited period. Visit www.performancecanvas.com for more information on the free trial offer.