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Finance SAAS Software Platforms

Finance SAAS Software Platforms

By: Ciopages Staff Writer

Updated on: Nov 02, 2021

Finance SAAS Software Platforms are the new wave of ERP systems that companies the world over are embracing to power their accounting and finance functions. To satisfy a pressing need for transformation of the finance function, a new wave of finance systems, like NetSuite and Workday, which are cloud-based solutions, have emerged. (Of course, the traditional platforms like Oracle and SAP also have completed their cloud migration.) These systems termed as SAAS software (Software-as-a-Service), and they are accelerating the trend of Finance SAAS Software Platforms. Let’s take a close look why companies should benefit from these cloud-based systems as well as some of the potential adverse consequences.

Benefits of Finance SAAS Software Platforms:

Ease of access

The key advantage to cloud-based finance systems is that they give CFOs easy and quick access to pertinent financial and accounting data. Cloud-based technology systems operate via the Internet, meaning CFOs can access their systems from any computer that has access to the Internet. Performing bookkeeping and accounting tasks through the cloud means all data is updated in real time, providing CFOs with an accurate bird’s eye view of financial operations.

Along with this need of transformation has come the development of a new wave of finance systems, like NetSuite and Workday, which are cloud-based software, and they are accelerating the trend of Finance SAAS Software Platforms.

Scalability

As a company grows, so does its financial and accounting operations. With cloud-based accounting systems, scalability is a key advantage. A business’ needs will increase both its sales and customer count expand, meaning there will also be an enhanced need for better cash flow. An accounting system that can scale as the company grows will become a necessity, and this is the premise of a cloud-based SAAS solution. What happens, though, if a company goes through downsizing? This is another notable advantage of cloud-based finance systems; they can scale down as needed, both in the features they provide as well as in their cost (subscription price) of their operation.

Real-time financial data

When CFOs have access to real-time financial and accounting data, this better enables them to make insight-driven decisions, thus improving their working capital. When business change takes place and requires a prompt response, cloud-based systems give CFOs the information they need to make quick, effective decisions.

Reinventing the entire user experience

Cloud-based systems are reinventing the entire user experience. Take for example Netsuite, which has become an industry leader in the cloud-based financials industry. The program’s new user interface is allowing users to interact with information in a much faster and easier manner than ever before, providing a much more intuitive and visually engaging user experience. This interface enables the seamless and consistent workflow delivered via a platform that breaks down usability barriers that are commonly seen among disparate departmental applications, meaning they require users to switch from one application to another to perform their automated processes. By overcoming this barrier, users are now able to automate their workflow from a single interface that does not require ‘application jumping.’

Potential Negatives of Finance SAAS Software Platforms:

As with any business product, there are pros and cons. Here’s a look at a few cons of Finance SAAS Software Platforms that you need to be aware of so you can avoid them if possible.

Higher cost over a period

Cloud-based accounting systems require companies to pay a monthly subscription, which can get costly over the period of several years. Desktop accounting systems, however, are usually accompanied with only a single price tag (purchase and installation) and only need to be updated once every four to five years. If a company is small enough and does not have a need for enhanced accounting features or online backup, then cloud-based systems may not be the most cost-efficient choice.

Easier to hack

If accounting information is stored in the cloud, this means it is simpler to access by hackers and other entities. Sure, cloud-based system service providers go to extreme measures to secure all data stored on their servers, but still, yet, this means entities (including the government) may have easier access to a company’s data depending on where the servers are located and any local laws and regulations that apply.

Inadequate access to financial information

Cloud-based systems make it simple to access financial information, but when it comes to backing up this data, some just don’t allow it. This means if a company wants to switch service providers or use its accounting software system, the information and data stored on the cloud-based system may not be transferable.

In any finance transformation, picking the right finance software is a critical success factor.  Today, more likely than not, it might be one of the Finance SAAS Software Platforms.  If you need to evaluate multiple finance software platforms, please do consider our finance software assessment template.

 

Licensing Options:

We keep the licensing options – clean and straightforward.

Individual License: Where we offer an individual license, you can use the deliverable for personal use. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.

Enterprise License: If you are representing a company, irrespective of size, and intend to use the deliverables as a part of your enterprise transformation, the enterprise license is applicable in your situation. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.

Consultancy License: A consulting or professional services or IT services company that intends to use the deliverables for their client work need to pay the consultancy license fee. You pay only once for using the deliverable forever. You are entitled any new updates within 12 months.

Product FAQs:

Can I see a Sample Deliverable?

We are sorry, but we cannot send or show sample deliverables. There are two reasons: A) The deliverables are our intellectual property, and we cannot share the same. B) While you may be a genuine buyer, our experience in the past has not been great with too many browsers and not many buyers. We believe the depth of the information in the product description and the snippets we provide are sufficient to understand the scope and quality of our products.

When can I access my deliverables?

We process each transaction manually and hence, processing a deliverable may take anywhere from a few minutes to up to a day. The reason is to ensure appropriate licensing and also validating the deliverables.

Where can I access my deliverables?

Your best bet is to log in to the portal and download the products from the included links. The links do not expire.

Are there any restrictions on Downloads?

Yes. You can only download the products three times. We believe that is sufficient for any genuine usage situation. Of course, once you download, you can save electronic copies to your computer or a cloud drive.

Can I share or sell the deliverables with anyone?

You can share the deliverables within a company for proper use. You cannot share the deliverables outside your company. Selling or giving away free is prohibited, as well.

Can we talk to you on the phone?

Not generally. Compared to our professional services fee, the price of our products is a fraction of what we charge for custom work. Hence, our business model does not support pre-sales support.

Do you offer orientation or support to understand and use your deliverables?

Yes, for a separate fee. You can hire our consultants for remote help and in some cases for onsite assistance. Please Contact Us.