Are you in the process of considering new accounting software? Maybe you’re just starting to see the limitations of your current platform, maybe you’re actively in the process of weighing the benefits and disadvantages of new platforms, or maybe you’re speaking with different vendors as you read this.
So you’ve been seeing the end-of year studies, and the planning webcasts, but we are about to share with you six statistics as a result of the Cloud Accounting Institute’s recent survey focusing on the selecting and implementation of cloud software that either acts as a financial management platform or augments other cloud solutions.
73% of Respondents Currently Use Cloud Accounting Solutions
If you think that your move to cloud accounting would put you in the minority of mid-market and enterprise-level companies, you’d be incorrect. This statistic—that 73% of companies currently use cloud accounting applications—held steady from 2013’s study.
Budgeting and Forecasting Tools Look to be the Future
Second to accounting and financial management solutions (71.43%), was the anticipated implementation of Cloud Budgeting, Forecasting, and Corporate Performance Management platforms like that of Host Analytics. In this, more than half of respondents intend to take advantage of the big data cloud revolution, totaling 52.38% of respondents.
Current Systems Limit Business Efficiency
Many key capabilities needed from accounting software are ranked average at best. For instance, many respondents rank their current system as ‘average’ in terms of contextually managing performance and minimizing fraud. Even more dangerous, companies see their ability to publish complete, relevant information to stakeholders as ‘poor.’ Finding a solution that will be able to report quickly and accurately will continue to be the top priority of finance teams in 2015 and beyond.
Developing an Internal Control Structure and Process Is an Expectation
Something that current systems lack is the ability to gain approval throughout the organization, with 34% currently having, 80% expecting out of a future software. Tools like the new Intacct Collaborate seem to be a godsend, allowing companies to use Salesforce Chatter embedded into the accounting platform—reducing the time taken and giving contextual information about transactions.
Partner Support is the Top Company Selection Criteria
With on-premise implementation a complex and time consuming process, SaaS Companies excel in terms of partner support and this is what companies want. With easy training, simple implementation, and ability to work with other systems, partners are able to better assist businesses seeking cloud accounting software.
Integration is a Challenge and a Demand
A concern that arises with suite-based software, integration is a complex process that companies outsource. Unfortunately in outsourcing this integration, any time an accounting software updates, companies must pay to update the integration. Finding a solution that ‘plays well with others,’ is a must.
So what else does the future of accounting software hold? The Cloud Accounting Institute has shared with us this great selection guide, and we in turn are sharing this with you.
If you’re ready to learn more about your move to the cloud, either through services to augment your cloud financial management software or the software itself, check out case studies, other blogs, and contact us for more details.