Truly Tech Savvy: How Executives Are Focusing on Cloud Accounting to Improve Financial Tracking and Overall Business Performance [Blog Post]
August 17, 2016 - By: SC&H Group
The following SC&H Group blog post reveals how executives at fast-growth companies are using advanced cloud applications to meet operational and financial challenges, allowing them to deliver greater business performance and financial control.
Keeping up with today’s demands can be difficult for any growth-minded technology executive. Big data and digital communication are expanding. Operational and funding challenges are growing more complex. And while strategic initiatives are receiving the most attention, long-term success is often requiring optimal financial tracking processes.
Confronting Modern Financial and Operational Challenges
For instance, employee and customer interactions are now occurring primarily through digital and mobile channels, changing the way people engage with each other, products, and services. Also, with the continual growth of data volume, velocity, and variety, data management has become essential for improving business analytics, productivity, and decision-making.
At the same time, fast-growth companies are facing a wide array of operational challenges—from fulfilling customer needs and acquiring new customers to strategically scaling—requiring them to have a strong financial core and funding.
However, gaining access to funds for future growth is presenting its own unique challenges. For example, the SEC is currently reviewing proposed changes to requirements for being an accredited investor, which if approved, could shrink the pool of potential investors. In addition, alternative methods for raising capital, such as crowdfunding, have surfaced as a way for new individual investors to fund seed and start-up innovations.
To overcome these challenges and achieve long-term success and efficiency, executives must optimize their financial tracking processes—not just product/service development and strategic initiatives.
Using Cloud Financial Tracking Applications to Enhance Fiscal Performance
Forward-thinking executives are working to ensure that financial tracking obligations are equipped to effectively collect financial data, meet all fiscal requirements, and project future growth.
For example, some executives are adopting cloud accounting applications. By using these web-based tools, executives are enhancing their workplace with accurate, efficient, and real-time solutions.
In addition, cloud accounting practices are helping executives to cultivate a more productive work culture. For instance, with cloud applications like Intacct, employees are able to access dual reporting and forecasting, as well as new functions on a quarterly basis, to see the impact of accounting rule changes and accurately predict metrics like cash and billing.
Ensuring Full Financial Flexibility and Control
Most cloud applications are also scalable and flexible, enabling accounting and reporting processes to change with growing business demands.
And, since cloud technology can be deployed with on-premise applications, companies are easily transitioning between data locations. Depending on where data is located, this strategy is yielding greater efficiency and productivity by adjusting for rapidly shifting data needs.
Ultimately, executives at fast-growth companies are recognizing the benefit of innovating all organizational components. As a result, they are updating their financial tracking processes to achieve overall greater business performance, gaining a powerful competitive advantage, improving essential financial components, and increasing flexibility to any business environment.
Want to learn more about how cloud accounting applications can benefit your business by enhancing your financial tracking processes? Contact SC&H Group’s CFO Advisory Services team today to discuss how Intacct cloud financial applications can enhance your long-term success with improved efficiency, accuracy, and flexibility.