Why Cloud ERP Offers Better Financial Reporting

With public cloud service adoption expected to top $623.3 billion by 2023 worldwide, it is obvious that cloud ERP is here to stay. There are many reasons to choose cloud ERP for financial reporting. As the global pandemic continues, forcing many companies to adopt hybrid working environments, it has become imperative for companies to adopt strategies enabling both remote and in-person working environments. Cloud ERP is ideal for such situations and offers a cost-effective solution to connect workers with the data they need.

Three Benefits of Cloud ERP

Cloud ERP uses a hosted network of servers to provide uninterrupted access to accounting and financial systems and data. Your company data is kept secure, and your company receives multiple benefits by adopting a cloud ERP strategy. These benefits include:

  1. Scalable and accessible: Cloud ERP systems are easier, faster, and more cost effective to scale as your company grows. You do not need to purchase expensive hardware or hire specialists to maintain it. The ERP software manufacturer maintains the system on its servers and ensures that all you need to do is log in from your internet connected device to access it. It is easy to add additional licenses, users, or locations to the system, too, which means when your company grows, the system easily grows with it. Because cloud ERP offers access through the internet, financial teams in any office, warehouse, or remote location can quickly and easily access reports and data, too.
  2. Timely financial reporting: Financial reports through cloud ERP access up to the minute information. Reports are never outdated and provide quick insights into vital company financial data.
  3. Improved security: While no system is completely impenetrable, cloud ERP offers additional layers of security above and beyond what the average company can afford. Backup systems, often in different geographic locations, ensure that data is kept secure against equipment failures and natural disasters. Additional layers of security also protect better against cybercrimes such as hacking and brute force attacks.

Easier and Better Financial Reporting

Now we get to one of the best benefits of all with cloud ERP: easier and better financial reporting.

Because cloud systems provide up to the minute data, they offer real time insights into finances unlike some other systems. Reports such as balance statements, accounts receivable and aging, and many others provide timely insights to enable better decision making.

Acumatica cloud ERP offers multiple options for financial reporting, making it an ideal system for companies interested in utilizing it for growth. Numerous templates make running standard reports quite easy, but if you wish to customize your financial data, ad hoc queries are also available.

Get to know Acumatica and its reporting features. This video shows how simple it is to close year-end in Acumatica. There are more tips and tricks videos that will help you get the most from your Acumatica reports. Mindover Software is an authorized Acumatica reseller and consultant and can assist you in choosing the right deployment for your needs. Contact us or call 512-990-3994.

By Mindover Software - Acumatica Gold Certified Partner

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