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.


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.

  • Finance Capabilities Model

    Finance and Accounting Business Capability Model

    Finance and Accounting Business Capability Model: The Finance and Accounting business capability model is a hierarchically decomposed list of Record to Report capabilities which captures the end-to-end entities that span the finance and accounting function. The accounting and finance bu...
  • Sale! Finance and Accounting Transformation Change Management Plan

    Finance and Accounting Transformation Change Management Plan Finance and Accounting Transformation Change Management Plan is a customizable deliverable outlining the concepts and specific action plans required to implement change management plans as a part of significant process re-engineering or systems implementation in the F&A function. Th...
    $149.00$499.00 $99.00$299.00
  • Finance Business Requirements

    Finance Business Requirements

    Accounting and Finance Business Requirements, a CIOPages accelerator, is a comprehensive, industry-agnostic, multi-purpose business requirements list. The Finance Business Requirements list is a starting point for any enterprise F&A transformation, including detailed business requirements gather...
  • 1

    Finance Transformation Software Top 50 Features

    Accounting and Finance Transformation Software Top 50 Features is a handy list of features and functions which are important in a finance and accounting software. Finance and Accounting software have evolved from just a recorder of history to mission critical, real-time decision support system. As y...
  • 7

    Finance Transformation Software Vendor Evaluation Matrix

    Finance Transformation Software Vendor Evaluation Matrix helps firms assess potential software vendors during a finance and accounting transformation. Finance and Accounting software vendors galore – from full-fledged platforms to niche point solutions. Who’s right for you? This Fin...
  • Finance Value Streams

    Finance Value Streams Finance Value Streams (also known as Record to Report Value Streams) deliverable captures the end-to-end activity flows in the finance and accounting areas. These Report to Record Value Streams offer a structural basis to map and define/redefine a stakeholder experience and IT enable th...