Hi! My name is Tom and I’ve been a finance professional for many years. As more and more organizations move their operations to the cloud, it’s important to understand why and how best practices can benefit your financial company’s move to a cloud platform.
Cloud services now make it easier to disperse standard best practices across your organization, which can lead to higher productivity and performance. Let’s take a look at five best practices that the cloud has helped finance teams adapt to and embrace.
- Best Practice 1) Gaining a single source of truth for all finance data
- Best Practice 2) Utilizing rolling forecasts
- Best Practice 3) Driver-based planning and budgeting
- Best Practice 4) Fast financial close processes
- Best Practice 5) Speedy external reporting
Moving to a cloud platform will help you know more and show more. The more accurate and complete your view of your financial data and operations, the better results you’re able to deliver and the faster and more efficiently you can deliver them. By moving to a cloud platform, you’ll have access to all the right data, at the right time, giving you total visibility of the information you need to do your job as quickly and accurately as possible.
With a single source of truth for all financial data, the cloud helps your finance teams break down data silos, eliminate slow, manual data processes, and put everything that matters in one place.
A cloud platform also helps to ensure that your finance teams are ready to embrace emerging technologies as they arise. The cloud makes it simple to deploy, integrate, and experiment with new technologies without disruption or major architecture overhauls.
Now that you have a better understanding of why you should move to the cloud, you’re ready to prepare for whatever tomorrow holds for the world of finance.
If you want to learn more about why finance teams are moving to the cloud, click the link below for more information.