This post originated from Massey Consulting's website and can be found
For today’s businesses, financial management in the cloud is a natural first step to keeping up with market demands. However, many companies are resistant to this change for fear of the unknown or talk around the water cooler.
As experts in financial management solutions for growing businesses, we can shed some light on those myths.
Myth #1: The cloud is more expensive than on-premises solutions.
On-premises programs demand updates, maintenance, and upgrades just to stay current. This means waiting for a consultant, buying an add-on, etc. Further, if you don’t keep current, you could risk compliance. With a cloud-based best-in-class solution like Sage Intacct, ASC 606 and FASB 15 compliant software, maintenance and update releases are automatic, all worked into your expected costs. Reality: The right cloud-based solution can be more cost-effective than on-premises software.
Myth #2: Our data is more vulnerable in the cloud.
Security rests on your shoulders with on-premises systems. If your network security fails, you miss an update, or you store data in an unsecured location, your data is open for attack. From the cloud,
Myth #3: New software won’t integrate with our systems.
What accounting departments really need are a second set of hands and another set of eyes to re-populate data back and forth between their software and their other department’s software. This is a big productivity bottleneck. The best cloud accounting solutions like Sage Intacct
Myth #4: Our multi-entity financials are too complex for cloud systems.
Multi-entity companies may actually be holding themselves back from faster growth with on-premise software. With QuickBooks Enterprise, for example, users have to log in and out repeatedly to manage separate companies, then export into Excel, spending endless hours formatting. This slows productivity, data sharing, and growth strategy to a halt.
Sage Intacct accommodates multi-entities, with easy new entity set-up, currency conversions, and one-click global consolidations all in one place, exporting directly into excel. Reality: Multi-entity companies can work faster, build solid growth strategy and bridge the financial gaps between entities with the cloud.
Myth #5: We won’t have control of cloud-based financials.
Sage Intacct offers a unique tagging feature to make your complicated charts of accounts easier to organize and detail out for faster monthly reporting, and cleaner audits. Data is always current, always accessible, and options can be deeply customizable to optimize your company’s financials. Reality: Companies using strong cloud accounting systems actually have more control over their data, than with on-premises systems.
Myth #6: We’re a growing business – we don’t have time to switch software.