Cloud Financial Solutions Drive Success at Any Size
Companies of all shapes and sizes are relying on cloud-based business solutions to support—and supercharge—their operations. The technology itself is affordable, scalable, and highly customizable, making it both accessible and valuable to the smallest businesses and the largest enterprises. Let’s take a closer look at how cloud accounting and ERP solutions are empowering companies at every growth stage—and why cloud technology may become your business’s secret to success.
You may not imagine that a startup business has complex financial operations. It’s easy to assume that the company’s owner or part-time bookkeeper can use spreadsheets or a simple packaged software program to keep track of their basic needs for payroll, invoicing, financial reporting, and the like. While this may be true for many budding professionals—think of the “gig economy” freelancer or solopreneur—other early-stage businesses, such as SaaS companies and subscription-based companies, are powering-up with cloud-based technology tools.
The cloud-based business productivity software and apps that are available to individuals and their growing teams are developed with flexible APIs. That means they’re designed to integrate with one another, maximizing the use of data (and other resources like time and money), and making anywhere, anytime, device-agnostic productivity possible. In fact, the technology is enabling success.
This makes today’s cloud-based financial management and accounting solutions are great fit for startups. Businesses with a healthy growth trajectory can, and should, automate their financial processes from the get-go so they’re ready for what’s next.
Find more insights in Productivity On-the-Go: The Modern (Mobile) Approach to Accounting.
This takes us to the SMBs who are growing…and growing. Companies who didn’t start operating in the cloud may be feeling the pain points of their desktop software and spreadsheet-based system. They need to move out of entry-level accounting in order to support new business requirements—without adding headcount, purchasing new hardware, or taxing their internal IT team. Automating key processes and increasing the visibility of operational and financial data across the organization is what’s required to take the business to the next level.
Companies on the fast-track to growth commonly need to accommodate multiple entities, thanks to M&A activity or the addition of new locations, which impact their ability to consolidate financials and provide timely, insightful reporting. What’s more, they have more payments, more receivables, and more vendors—and greater security concerns. And along the way, team collaboration becomes more important to keep everyone on the same page, whether they’re troubleshooting an issue or participating in an approvals and payment process.
Cloud-based financial and accounting software is “just the ticket” for solving the growing business’s challenge of increasing complexity. Easier to implement than on-premise systems and designed to scale for growth, flexible cloud-based solutions are becoming a strategic necessity for many companies. These solutions are starting out as the backbone for what often ends up being fully customized, robust ERP systems supporting sky-is-the-limit success.
Like the “growing company” it once was, the organization preparing for an IPO is growing in a whole new way. They’ll be subject to more scrutiny, more regulations, and more demands from every stakeholder. Their financials must be accurate, timely, and audit-ready. And the data decision-makers will need to remain competitive will continue to become more complex, more multi-dimensional, and more dynamic.
At the end of the day, their financial systems must rise to the challenge. Legacy systems won’t be able to do the heavy lifting required to handle the IPO process and ensure success post-IPO. If the company isn’t already running on a cloud-based system, time is of the essence. Sage Intacct’s best-in-class business system has been shown to help public companies:
- Save 40% on IPO-related costs
- Gain daily visibility into revenue and treasury activities—instead of waiting 30-45 days
- Trim 2 days off the close process and cut 50+ hours of data entry each month while improving accuracy
- Triple revenues, triple the number of international entities, and grow the number of employees by 1500%—yet slashing quarterly consolidation time from 12 days to less than one hour
To find out which cloud accounting solution can help your business grow to the next level, contact us today!