How Cloud Financial Management System Empowers Digital Transformation
Since the onset of the COVID-19 pandemic, digital transformation has become an urgent priority for finance leaders. As organizations face unprecedented uncertainty, CFOs take on a more strategic role and turn to cloud-native financial software vendors for help. The adoption of cloud financial management systems, powered by Software-as-a-Service (SaaS) architecture is on the rise as firms seek new levels of agility and endurance.
This blog explores how cloud financial management systems empower digital transformation and the key attributes finance leaders should look for in a SaaS solution.
The Urgency of Digital Transformation
The COVID-19 pandemic has accelerated the need for technology-led digital transformation projects, with 75% of organizations prioritizing them as a response to the crisis.
Finance leaders recognize the importance of adopting cloud-based solutions, with 60% of organizations with optimized digital transformation maturity increasing their spending on SaaS solutions. The pandemic has prompted CFOs to take on a more strategic role and seek out proven cloud-native financial software vendors to navigate the challenges ahead.
The Power of Financial App Integration
In a rapidly changing landscape, finance leaders use SaaS app integrations to enhance agility and endurance. The number of firms planning to use financial SaaS apps has seen a remarkable 41% growth from 2019 to 2020.
With 81% of firms strongly preferring applications as part of an integrated software ecosystem, the ability to integrate with key financial apps is crucial. Financial management systems with open APIs provide the flexibility to choose and integrate the right apps for seamless workflows, enabling real-time reporting and access controls that are vital to overall business health.
The Pillars of Success: 5 Key Attributes When Choosing a SaaS Financial Management System
- Robust functionality: A comprehensive solution that offers core accounting capabilities, real-time collaboration, and seamless communication with extended teams.
- Visibility: Real-time financial and operational insights that enable faster, data-driven decision-making.
- Efficiency: Workflow automation, including push-button multi-entity consolidations, to streamline financial processes and provide a rolled-up view of financials in minutes.
- Flexibility: Built on an advanced SaaS cloud architecture that provides real-time insight into a firm’s finances, facilitating performance tracking, expense management, and more.
- Security: Compliance with generally accepted accounting principles (GAAP), internal controls, and audit trails that ensure data integrity and protect against potential risks.
As finance leaders navigate market uncertainties and digital disruption, cloud financial management systems powered by SaaS offer a transformative solution. The urgency of digital transformation and the need for agility and endurance have driven CFOs to embrace cloud-native solutions.
By integrating key financial apps, leveraging robust functionality, gaining visibility, improving efficiency, and ensuring security, finance leaders can empower their organizations with the tools needed for successful digital transformation and future growth.