And the 5 ways cloud-based ERP can help
As a CFO, you’ve got a lot of responsibility, and a natural response to that responsibility is to worry. And since your role is inherently sensitive, you may be loath to admit to some of the reasons for your worry. What are some of the “secret truths” that keep CFO’s up at night? Here we’ve assemble five of the most common CFO stressors, and how can a cloud-based ERP help you put the worries aside and focus on running a successful business.
- Is our technology up to the task?
A recent Robert Half Management Resources survey found that 41 percent of CFOs believe staying current with changing technology is the greatest pressure their accounting and finance teams face. It’s a valid concern, as companies that lag behind in technology can quickly lose profitability and market share.
How Cloud ERP Can Help: When you invest in a modern cloud-based ERP solution, you are always running the most current version of the application and can take advantage of new features and efficiencies. Updates are seamless and require little to none of your time and effort. Cloud ERP is fast, scalable and extensible – helping you best compete in a rapid-fire marketplace.
- I don’t have timely access to decision-making data
As the role of a modern CFO is evolves from backoffice accountant to boardroom advisor, they need data to fill that role. In a new survey by the consulting firm Kaufman Hall, 70 percent of CFOs polled said improving reporting and analysis functions is their number one goal for 2017. Over 90 percent say they need to do more with the financial and operations data they do have, to help make critical management decisions.
How Cloud ERP Can Help: Today’s ERP solutions gather a tremendous volume of data – but making meaningful use of that data can be a struggle. Cloud ERP solutions include powerful and easy-to-use reporting and analysis tools that enable you to look at your data in new and strategic ways, providing timely information to those who need it.
- How quickly can we respond to unforeseen business obstacles?
The same Kaufman Hall survey showed that business agility remains another top concern. Less than 23 percent of respondents are very confident about their company’s ability to quickly respond and adapt to unforeseen business obstacles, due in part to outdated financial planning and analysis tools and processes.
How Cloud ERP Can Help: Cloud ERP solutions are inherently flexible, configurable and adaptable. Many also interface with industry or function-specific applications when your business model needs to change course. Powerful reporting and analysis tools make data available in real time so you can take proactive action when an obstacle arises.
- How can we ensure continuing regulatory compliance?
Forty percent of CFOs cited “changing regulatory requirements,” as their top concern in a recent Deloitte poll. Case in point: the new Revenue from Contracts with Customers (ASC 606) rules (which we’ve written extensively about) impact an enormous number of companies across many industries and can require major changes in the processes and procedures of an organization.
How Cloud ERP Can Help: Cloud-based ERP solutions are designed to help you maintain compliance in a constantly changing marketplace. For example, Intacct is the only solution in its class that delivers the functionality companies need to obtain, retain and document compliance with ASC 606.
- How can we find and retain top talent?
Finding and retaining top talent isn’t just the concern of Human Resources professionals, CFOs cite it as a continual - and increasing - concern.
How Cloud ERP Can Help: Millennials now represent most of the available workforce. This is a generation that has grown up with technology and cannot recall life without the Internet. Ask one if he or she has ever heard of a “Blockbuster rewind fee”. Also, Millennials won’t put up with poor enterprise technology. They wouldn’t know what to do with an installation CD nor would they understand the need for one. A modern, cloud-based ERP works the way this generation works. Not insignificantly, cloud ERP delivers the anytime, anywhere, any device access this vital segment of the workforce takes for granted.
Are you losing sleep over any of these stressors? We’d love to speak with you about how the move to cloud ERP can help reduce some of that stress and keep your organization moving forward. Schedule a free consultation today.
By BTerrell Group, Texas- based Intacct Partner