Is your Legacy Financial Management System Actually Limiting Your Growth?

By Jeremy Taro, Raffa Technology

Cloud-ComputingCloud solutions have changed the way companies and organizations like yours purchase software. Compared to legacy systems, cloud financial systems offer the newest technology at a fraction of the cost of implementing traditional software. The software-as-a-service (SAAS) model is becoming the norm as companies recognize the benefits of subscribing to an online solution rather than taking on hardware, maintenance and security for a new solution.

When is it time to replace your legacy system? Here are a few reasons why you should consider a SAAS financial system, such as Intacct, a specialized cloud accounting solution:

Data-driven analysis: One key benefit of a SAAS solution is the analytics. No longer relegated to process specialists, analytics are a central business driver that are useful for top executives and front-line employees. Analytics provide the information every stakeholder needs to make decisions, but they also inform team members at every level as to how their activities impact other areas of the business and key performance indicators (KPIs).

SAAS Accounting Systems provide your executives with high-quality data for decision-making, using integrated, real-time data to analyze the metrics important to you. You no longer have to wait for a period to close or for another department to deliver the data you need. The analysis is available, with pivoting and dimensional tools ready for advanced analysis.

Integration: Integrating with legacy systems and other software is one of the challenges that companies face when transitioning to a cloud solution. When you choose a SAAS solution, the architecture includes open APIs, which encourage seamless integration with other applications.

Integration with other systems, such as payroll, external billing and membership software makes it easy to share data across systems, eliminating re-keying efforts and the increased possibility of error. It also can create a more intuitive, productive workflow, because you no longer need to click between different systems to capture data.

Multi-tenant: Many companies are slow to warm to the idea of switching from a single-tenant solution, but the cost and maintenance of this legacy model can be more expensive than a multi-tenant solution. With a multi-tenant solution, resources like hardware, security and maintenance are shared. When it’s time for an update, the software provider performs the update one time in a multi-tenant solution, versus one time for each single-tenant company.

Multi-tenancy is becoming increasingly sought after by companies wanting to leverage the newest technology at a streamlined cost. In fact, there are providers that will attempt to sell a “multi-tenant” solution that is truly a single-tenant software that they are hosting. With many SAAS solutions you can leverage the benefits of true multi-tenancy.

When it’s time to evaluate your legacy system and determine whether it’s worth the investment to move on to a cloud solution, please give Raffa a call. We can help you navigate that decision, through a process of understanding your needs and then determining which software is the best for your company.

Contact Jeremy Taro (jtaro@raffa.com or 301.279.6504) to learn more about cloud solutions.

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