As organisations strive for enhanced efficiency and adaptability, the quest for superior financial management software becomes paramount. Highly functional, modern applications, fitting the budget of even smaller organisations, make the limitations of outdated finance software a thing of the past for all.

Amidst a plethora of options, finding the best fit for your team and business – both now and in the future – can be daunting.

The selection process is intricate, especially without a comprehensive understanding of the technology available. However, for many seeking to overcome the frustrations of legacy systems, the clear path forward is cloud software. Recognising this can significantly streamline your decision-making journey and revolutionise the future of finance in your organisation.

Identifying “fake cloud” solutions

A fake cloud or hosted cloud solution refers to traditional on-premise software adapted to function in a cloud setting, often termed “SoSaaS” (Same old Software as a Service). Characteristics include:
• Private cloud storage: Data resides in a private cloud environment.
• Additional hosting fees: Payments to hosting providers for off-premise server operations.
• User-managed maintenance: Responsibility for software ownership, updates, security, and infrastructure falls on you.
• Integration challenges: Difficult or impossible to integrate with other true cloud applications.

Due to non-shared infrastructure costs, these solutions are often more expensive, with complex and costly integrations and customisations. Ultimately, fake cloud solutions fail to meet the demands of today’s dynamic, flexible, and hybrid work environments. Eliminating them from your consideration simplifies the path to a viable solution.

The present and future of true cloud finance

True cloud software is not merely a future trend – it’s the current standard among industry innovators. Gartner says Cloud will become a business necessity by 2028. It also predicts that by 2025, cloud will dominate deployment models across all financial management applications.  

Delaying the transition to a true cloud solution can place your organisation at a competitive disadvantage:
• Remote work limitations: On-premise systems restrict remote work capabilities, hindering talent acquisition and retention in an era where hybrid working is highly valued.
• Operational inefficiencies: Competitors leveraging cloud technology achieve more with fewer resources, reallocating financial savings to strategic business initiatives that you may be unable to budget for.
• Integration shortcomings: Systems that seamlessly connect as a unified virtual hub, reduce administrative tasks and errors, and enhance data accuracy for informed decision-making. Manual effort costs your business both time and money!

Let us help you choose

Deciding on new financial management software doesn’t need to be stressful. At Accounting Precision, our product specialist are here to ensure it’s straight-forward and you select the best fit for your business.