One of the best ways to optimize business operations is to transfer your data to a cloud. Time changes the way companies manage their financial resources and many of them start applying tech approaches to cope with that. In this article, we would like to tell you about how to develop cloud-based financial software for your company based on cloud computing.
According to the Financial Executives Research Foundation (FERF) report that has interviewed executives involved in the financial sphere, the total number of cloud-based finance software is rising. Nearly 42% of interviewers in the USA claimed they already use some financial cloud solutions, 20% of them said they actively study the possible scenarios of their usage, and 37% prefer storing their data on in-house databases over cloud.
Cloud computing in financial services -- interview
Before we consider several points you should keep in mind during the cloud software development, let's look through some advantages of this type of software.
Advantages of cloud-based software for finances
Replacing server software with cloud technologies you bring to your company the improved experience of cooperation between employees, instant access to important documents and data from anywhere in the world. Such a solution can be available in real-time and capable of updating data fast. Owners of a small business often point out that cloud-based software solutions increase productivity and facilitate data management.
Let's consider several more advantages in details.
Automatization of manual business processes
The expansion of a business often requires integrating brand-new solutions in order to meet the functional demands of an organization. The automatization of processes allows the financial department to cooperate with the rest of a team more closely. In turn, that allows decision-making to improve and gives department executives an opportunity to do their job having up-to-date information at hand.
Elimination of duplicate records
Data accuracy has paramount importance for successful financial management. Manual data processing is fallible, takes a lot of time and is unnecessarily expensive. For instance, the organization that takes data from one system and puts it into another one can make some mistakes when transferring. Financial cloud software is capable of updating the data, as well as tracking duplicate data. It will help you to avoid that problem.
Hierarchy of access
Growing companies often get certain benefits from moving to more decentralized management structures that are supported by automated mechanisms of control. However, those changes to business processes often make entrepreneurs worry about what data should be provided to different interested parties in a company. Confidential information in the wrong hands may lead to big troubles.