As far as accuracy goes, automated updates alleviate the issue of human error. If you have a trusted, secure software platform, you can rely on cloud technology to ensure your data is always exact.
Finally, some cloud-based financial apps—like Budgyt—separate the driver based formulas between formula creation and input management. Regular users only get to update the inputs while admins can build the formulas away from the user interface, which means you’ll never have to worry about a formula error leading to wrong data results. Not only will this keep you happy (and more importantly—sane), but your board will be impressed by your timely and trusted delivery.
Remember, we’re on the cloud here, and that means all your data is in one, single workspace. This not only means you can quickly find what you need, but it also empowers employees to contribute more and handle requests on their own. To ensure sensitive information remains secure and hidden, many software tools have user permission settings so employees only have access to what they need.
“You never want to give all employees access to QuickBooks Online,” says Katherine Machel, Director of Finance at Technology Access Foundation. “So Budgyt is the perfect tool to give them the data they need, without them being able to access everything. It’s taken a ton of inquiries off my lap.”
And here’s even more good news: finance technology and SAAS companies are growing really fast. Newer applications are actively trying to reduce the complexities and cost of their technology, while functionality gets even better. No longer do you have to choose between software priced in the hundreds of thousands, or an affordable option that just doesn’t do enough. With so many new applications introduced in just the last few years, you don’t have to sacrifice affordability for function—no matter the size of your company.
final thoughts: a new cloud-based normal
You don’t have to understand what the cloud is to understand the undeniable benefits of it. It’s no longer the “future” of finance—it's here, alive and well. CFOs and senior finance executives who resist change could soon be seen as expendable, and potentially even replaced by the very technologies they denounced. The good news is there's still time to get started—just don’t put it off until it’s too late.