As a business professional, you rely on your financial data to make informed decisions that will help your company grow and succeed. But what if you're not using the most up-to-date software to manage that data?
You could be putting your business at risk...
Cloud ERP systems are becoming increasingly popular because they offer many benefits over traditional Excel spreadsheets.
In this article, we'll cover 5 reasons why you should ditch excel spreadsheets for Cloud-based financials. We'll also discuss the benefits of using Cloud-managed software and why it's critical for businesses of all sizes.
What is Cloud ERP Software?
Cloud enterprise resource planning software helps growing businesses manage their financial data using the cloud. This means that businesses can access their financial data from anywhere in the world, in real-time, as long as they have an internet connection. While Spreadsheets are often used by businesses because they are easy to use and offer a lot of flexibility, they can also be difficult to manage and keep up to date across an entire organization.
Keep reading to learn how your business can make the jump from disparate excel data, and take advantage of the benefits of using cloud-based financial software.
Cloud ERP Systems vs. Excel Spreadsheets
If you're still using Excel spreadsheets to manage your finances, you may be putting your business at a competitive disadvantage. Here are 5 reasons why you should make the switch to a cloud-based ERP software system today:
1. Access your data anytime, anywhere with Cloud ERP Financials
One of the biggest benefits of using a cloud-based ERP solution is that it allows businesses to access real-time data. With your data in the cloud and advanced reporting tools at your disposal, you'll be able to make timely decisions that can help your business grow and succeed.
With traditional Excel spreadsheets, data can be hard to track down. Oftentimes, a spreadsheet is located in someone's personal folders on their local machine. This can lead to managers having different versions of the same data, which can make it difficult to get an accurate picture of your business's finances.
It might take days or even weeks to gather the data, aggregate it, and then produce a report. This is especially time-consuming when managing allocations and consolidations across locations or entities.
With Cloud ERP Solutions, businesses can get real-time data from anywhere in the world as long as they have an internet connection. This means that managers can make decisions based on the most up-to-date information available.
2. Cloud ERP Software can create more seamless work processes
Additionally, Cloud ERP systems offer powerful dashboards and reporting tools that can help businesses maximize efficiency, while minimizing the need for communication.
With real-time data at your fingertips, you'll be able to quickly produce actionable reports that can help you make informed decisions.
Cloud ERP systems also offer a variety of customizable dashboards that can help you track critical business metrics. With the ability to see all of your data in one place, you'll be able to quickly identify areas of opportunity and make changes that can improve your bottom line.
Businesses can also take advantage of pre-built integrations and an open API to optimize efficiency. This means that your data will flow seamlessly between systems, and your employees will be able to focus on their work instead of trying to figure out how to use the software.
3. Security is at the forefront with Cloud ERP Software
When it comes to managing your finances, security is always a top concern. With a cloud-based ERP system, you can be sure that your data is safe and secure.
If you're using Excel spreadsheets to manage your finances, your data may be at risk. Spreadsheets are often stored on local machines, which makes them susceptible to viruses and malware. Additionally, if an employee accidentally deletes a file or saves over it, your data may be lost forever.
Cloud ERP systems are much more secure than Excel spreadsheets and use multiple layers of security to protect data. With a Cloud ERP system, you can rest assured that your data is backed up and secure.
4. Get Accurate and Uniform Reporting with Cloud ERP Software
When it comes to financial reporting, it's crucial to have accurate and uniform data. This is especially important for businesses that need to adhere to specific reporting standards.
Cloud ERP software makes it easier to ensure accuracy and uniformity of data by providing a centralized system for all financial information. With accurate and consistent data, businesses can make better-informed decisions about their finances.
5. Cloud ERP Software Grows with Your Company
Scalability is important for businesses because it allows them to grow and expand their operations without having to worry about the software they're using. With traditional Excel spreadsheets, businesses often have to purchase new software or upgrade their existing software when they want to expand their operations.
This can be expensive and time-consuming. With cloud ERP financial software, however, businesses can easily scale their operations up or down as needed. This is because the software is designed to grow with you.
Even more so, cloud ERP systems allow you to create a custom experience based on the needs of your team. Sync financials and data between platforms (like CRM) for departments to effectively execute their work.
Conclusion
There are many benefits to using cloud ERP financial software over traditional Excel spreadsheets. Some of these benefits include real-time data, saved time and money, security, accuracy, uniformity of reporting, and scalability. If you're not currently using cloud ERP software, we recommend making the switch. It could be the best decision your business makes this year.
If you're interested in learning more about the benefits of using cloud ERP financial software, start a conversation towards better business efficiency.
FAQs
What is the difference between On-Premises ERP systems and Cloud ERP?
On-Premises ERP systems are installed on local servers and accessed through a network. Cloud ERP systems are hosted remotely and accessed through the internet.
What is enterprise resource planning software?
Enterprise resource planning (ERP) software helps businesses manage their resources and gain visibility through one source of truth.
What can a Cloud ERP system help me with?
A Cloud ERP system can help businesses with a variety of tasks related to managing their finances and operations such as track inventory, supply chain management, manufacturing resource planning, financial management, and streamlined business processes.
What are examples of common ERP systems?
ERP systems including Oracle NetSuite, Deltek Vantagepoint, Sage Intacct, Microsoft Dynamics GP, Oracle Financials Cloud, and SAP Business One are used by businesses to manage their resources. This includes employee hours, inventory, finances, and much more.
