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What are cloud financials?

01/18/2018

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Cloud financials is the concept that encompasses the principles, costs and benefits of cloud computing. And when it comes to accounting, many clients come to us looking for a solution that lowers costs, provides higher level of security, while increasing productivity and efficiency.

Sounds like a dream? Thankfully it’s not.

Cloud Accounting Software equals greater ROI

One of the key benefits of having a cloud based accounting software is maintenance, or lack thereof. Leading products provide quarterly upgrades that are automatic, and causes no business disruptions or costly upgrade projects. This helps you to eliminate hardware costs and IT efforts from your TOC (Total Cost of Ownership).

Works with your favorite solutions

We understand that integration with your other applications is critical to your business. It's important to find a cloud software that includes pre-built connections. If those connections are not possible, then finding a technology partner that can create custom connection using web service API is crucial to streamlining processes and increasing efficiency. 

Embracing cloud financials

When considering cloud solutions, a company must consider not only the TCO but also the ROI. It's important to select a software that has a lower TCO than traditional on-premise solutions. LBMC Technology Solutions paints the bigger picture, by assisting clients in determining both the TCO and ROI. When shopping for a new solution, businesses should identify not only the hard savings, but also the soft savings. Examples of these savings are:

Hard Savings:

  • Reduced spending on hardware
  • Reductions of operational costs
  • Reductions of personnel (or not having to increase personnel)

Soft Savings:

  • Increased productivity
  • Improved customer satisfaction
  • Improved employee morale by simplifying tasks
  • Increased business growth

LBMC Technology Solutions can help ensure accountants and controllers save significant time, eliminate redundant processes, streamline reporting and always be audit-ready. By working with various products and software partners, LBMC can implement strategic ways to make things easier by automating billing, accounting workflows, and provide custom dashboards. 

LBMC Technology Solutions has already helped many companies embrace cloud financials. Contact us today to learn more about  cloud ERP software solutions.