For any business financial management is a key part of the operation. As with any component of an enterprise, the move to digital transactions is having a significant impact.
Part of this enterprise evolution is the increasing use of cloud core financial management suites. They have emerged as a pivotal tool for businesses seeking to streamline their financial operations, with more functionality and features with each iteration.
Many organisations have a vast range of complex financial data to collect, process, store and monitor. Naturally, the need for ongoing efficiency in financial processes is key, which is one of the reasons that the adoption of cloud financial management software has become almost ubiquitous.
Our expert buyer’s guide aims to assist buyers and users looking for the best cloud financial management software for their business.
We will detail some of the more essential features and overall considerations that can help an informed decision be reached, and who may benefit from our advice, research and industry leading information.
Professionals who can benefit from our buyer’s guide
Our buyer’s guide is of use to a wide range of professionals. From small to medium, national to global, businesses require astute financial management, and the right software suites can be key.
Though there are many stakeholders who may find our content useful, it offers a particular benefit to financial directors, CFOs, IT managers, and procurement professionals tasked with the responsibility of selecting a Cloud-based financial management system for their company. Each of these will need to secure a system that clearly matches their financial organisational requirements as well as the strategic needs within their digital finance ecosystem.
Key considerations for Cloud financial management software selection
When evaluating options for Cloud core financial management suites, it is crucial to consider several key factors including:
Enhanced integration capabilities
Cloud financial management software should always offer seamless integration capabilities.
Merging new suited with existing systems and software within your organisation is a must, as is the creation of a unified platform for all financial operations within your digital ecosystem.
Ongoing scalability
Business growth requires a financial management system that can evolve alongside it.
Put simply, securing a scalable cloud financial management software solution that will accommodate this growth without is critical.
It saves both time and money as you will not need to constantly spend money on new products to cope with financial growth.
Security and compliance
All financial data is highly sensitive, making cybersecurity provisions a critical element of any company’s digital setup. When selecting cloud based financial management software the inclusion of high-end, constantly updating, and always robust security features is essential.
In addition to this unerring security element, all such software should be in full compliance with all relevant regulations and standards both locally and globally.
Customisation and flexibility
No two businesses will ever require the same digital needs, and every enterprise will need agile software that is bespoke to their company profile.
This means that any Cloud-based financial management software under consideration should offer a wide range of customisable features and ongoing flexibility.
Support and training
Initial training and ongoing support should be a mandatory inclusion within any cloud core financial management suites.
For any company to maximise the benefits of Cloud financial management software, it is imperative to onboard users quickly, ensure they are fully equipped to use it, and that technical support is always available.
Leading Cloud core financial management suites
When exploring the Cloud-based financial software market, buyers need to consider industry-leading providers and the solutions they offer.
Some of the best systems and solutions currently available include:
- Oracle NetSuite
- SAP S/4HANA Cloud
- Microsoft Dynamics 365 Finance
- Workday Financial Management
- Intacct by Sage
- Acumatica Cloud ERP
- FinancialForce
- Infor CloudSuite Financials
- Epicor Financial Management
- Xledger
- Unit4 Financials
- Deltek Vision
- Blackbaud Financial Edge NXT
- Yardi Voyager
- Zoho Books
Technological advancements in Cloud financial management
Cloud core financial management suites are constantly evolving, with technological advancements creating new features, functionalities and capabilities.
Some of the recent technological innovations include, but are not limited to:
- Artificial intelligence (AI) and machine learning (ML) for predictive analytics and automation of routine tasks
- Enhanced data visualisation tools for better financial reporting and decision-making
- Blockchain integration for increased security and transparency in financial transactions
- Real-time data processing capabilities for up-to-the-minute financial insights
- Advanced customisation through APIs, allowing for greater flexibility and integration with third-party services
Cloud core financial management suites: Our conclusion
Researching and, ultimately, buying the most appropriate Cloud core financial management suite is a key strategic decision.
The software used to ensure sound financial management through digital assets can significantly impact an organisation’s efficiency and financial health. This makes it of paramount importance to choose a high-end suite.
Our buyer’s guide outlines and details a range of important considerations and factors that should be involved in this buying process.
From the latest technological advancements to technical features, capabilities, and functionality to leading industry providers, each can help buyers make an informed decision that is propitious for their organisation.
References
- [Oracle NetSuite](https://www.netsuite.com/portal/products/erp/financial-management.shtml)
- [SAP S/4HANA Cloud](https://www.sap.com/uk/products/s4hana-erp-cloud.html)
- [Microsoft Dynamics 365 Finance](https://dynamics.microsoft.com/en-us/finance/overview/)
- [Workday Financial Management](https://www.workday.com/en-us/products/financial-management/overview.html)
- [Intacct by Sage](https://www.sageintacct.com/)
