Moving Finances and Accounting to the Cloud
Of course, they can also have a full-fledged, integrated system connecting crucial business functions such as sales and marketing, purchasing, inventory control and more, with financial systems. Blogger Robert Kugel, who writes for the Big Fat Finance Blog, for example, said in a Ventana Research paper that finance now lives in the cloud.
Think about it: once a company really starts growing, the incumbent desktop-based systems and networks are running at over capacity. The volume and complexity of the data that needs to be processed, and the number of transactions a business has to handle, go beyond the working capabilities of normal financial solutions that smaller businesses employ.
On-premise financial solutions, working on legacy IT systems, can’t cope with the increasing volume of transactions. Moving to more robust on-premise solutions such as Sage, Microsoft Dynamics and Epicor is an expensive proposition for most businesses.
As a result, many small and midsize businesses end up relegating the bulk of their financial operations to underpowered accounting and financial packages that will begin to eat into the quality of services and the speed at which transactions are processed. That’s not good for business.