Consulting Services, Technology Services • Published 10/27/2020 Embracing True Cloud for Financial Management Success

In today’s complicated business climate, financial leaders battle the need to manage increasing business complexity and the need for speed. Keeping up with changing regulations and requirements, closing the books on time, producing reports, and making timely decisions is more important now than ever before. Remote teams, which are likely to become a long-term norm at this point, have introduced new opportunities and challenges. The flexibility to be productive anytime and from anywhere is accompanied by the need for tools that support and facilitate seamless collaboration. 

Modern financial technology not only helps finance teams work smarter, it also allows the organization as a whole to quickly navigate changing business conditions. High-priority decisions demand access to real-time data. Cloud-based financial management systems are empowering organizations in ways that older, server-based accounting systems, like Sage 100, cannot.

Why legacy accounting software can’t keep up

Older financial technology pre-dates widespread use of the internet. Sage MAS 90/200, now known as Sage 100, was first released in 1985. While the product has evolved over time, it was not fundamentally designed for today’s always-on and always-connected world. Speed is a guiding factor in sustaining business, and your organization leaders want and need more from the systems that support finance function. It’s understandable to feel trapped in the past when you’re struggling to make an outdated accounting system work for modern expectations.

Using an outdated system can also result in functional limitations, troublesome security risks, and increased overhead costs. While these costs are quite tangible, there is also the less-tangible cost to not being able to gain real-time visibility into financial and operational performance - the cost of not being agile.

Evaluating next-generation financial management

As more companies prioritize technology solutions that support business agility, demand for cloud-based financial applications continues to grow. Once you determine that your existing software isn’t capable of moving forward with you, it’s time to evaluate and implement best-in-class financial management solutions that leverage the cloud to support your business strategy.

When it comes to selecting cloud financial software, accountants, CPAs, and other financial professionals trust the guidance and high standards of the American Institute of Certified Public Accountants (AICPA). Having worked with accounting software for decades, the AICPA named Sage Intacct its first and only preferred provider of accounting applications. In making the decision to not only implement Sage Intacct internally, but to also offer this solution directly to our clients, P&N holds the AICPA’s endorsement in high regard.

Ultimately, cloud computing is about capitalizing on a new software delivery model that supports agility and longevity. No matter what solution you graduate to, you should expect faster financial closes, easier regulatory compliance, less manual work, real-time visibility and reporting, and an outstanding level of service.

It’s time to move away from software that was developed in the last century. Technology will play a key role in getting organizations back on track as we approach 2021, and our knowledgeable team can help you navigate your options when you are ready. Contact us to get started.