Chris OsborneCloud Adoption in Finance is Rising

Cloud technology has fundamentally transformed the way we run our businesses, and it represents a huge opportunity for finance. As old-fashioned spreadsheets and legacy accounting solutions are falling short, more and more finance departments are turning to cloud based applications. According to the 2016 CFO Sentiment Study conducted by the CFO Alliance, 79% percent of companies surveyed are currently leveraging cloud-based applications. Although finance has historically been slower to embrace the cloud, it’s clear the focus has shifted. Finance executives are now realizing the huge benefits to be gained from the cloud in terms of faster order-to-cash cycles, tax automation, revenue management, reporting and more.

The Single Platform Advantage

But while finance departments are racing to the cloud, it’s important to remember that not all clouds are built the same. Hastily adopting multiple cloud applications may provide short-term solutions, but these disparate systems can lead to bigger pains down the line – desynchronized data and time-consuming integration just to name a few. The key is to choose a platform on which finance can effectively and efficiently operate with the rest of your business, all within a single database. Here are three reasons why finance thrives on one platform:

  1. One true source of data: One unified platform gives your finance, sales and services teams a complete 360 ̊ view of customer data, allowing them to see across the entire organization and drill into real-time data using one set of reporting and analytics tools.
  1. Eliminate departmental silos: With a common platform, finance can share real-time financial data with others in the organization and field questions regarding revenue and costs from across the entire business, breaking down those departmental barriers. Social collaboration tools promote teamwork in an engaging way that siloed systems are unable to achieve.
  1. Optimize close periods: One platform allows finance to manage financial data continuously, right up to the close cycle. Complete visibility of data, real-time reporting and better compliance support all add up to one huge benefit: a faster close cycle.

Cloud financial management is about much more than simply replacing on-site software or systems; it’s about empowering your finance team with the tools to work smarter, not harder by aligning your financials with the rest of the business.

Want to learn how your finance team can thrive on one cloud platform? Join Avalara and FinancialForce for an upcoming webinar on Why Accounting on Salesforce Makes Perfect Cents” on April 13, 2016 at 10:00am PT to hear how our joint customer has taken finance to the next level with FinancialForce Financial Management and Avalara AvaTax for FinancialForce on the Salesforce App Cloud.

Want to learn how your finance team can thrive on one cloud platform? Join Avalara and FinancialForce for an upcoming webinar on Why Accounting on Salesforce Makes Perfect Cents” on April 13, 2016 at 10:00am PT to hear how our joint customer has taken finance to the next level with FinancialForce Financial Management and Avalara AvaTax for FinancialForce on the Salesforce App Cloud.

About FinancialForce
Founded in 2009, FinancialForce is a leading Cloud ERP vendor with apps built entirely on the Salesforce App Cloud. The company’s Financial Management, Professional Services Automation (PSA), and Human Capital Management (HCM) offerings provide services-centric businesses with a platform that organizes sales, services, finance and HR entirely around their customers. Headquartered in San Francisco, FinancialForce is backed by Salesforce Ventures, Technology Crossover Ventures, Advent International and UNIT4.

FinancialForce is also a platinum sponsor of our National Tax Compliance Automation conference, CRUSH 2016, in New Orleans, May 10-11.  Avalara CRUSH includes over 70 hours of CPE credit via training and expert-led classroom, panel and roundtable discussions; priceless networking opportunities and all-inclusive food and beverage (also cocktails!) throughout the conference. Learn more here.