COVID-19: Futureproof your finance system with true cloud
How prepared are you and your finance system in the event of a second coronavirus wave? If the answer is unprepared, then the best thing you can do right now is to future-proof your finance system with true cloud.
By choosing to adopt a ‘true cloud’ finance system, you are actively equipping your organisation with the technology required to ensure your finance department can continue working seamlessly, whatever the situation.
What is true cloud?
‘True cloud’ is a term coined for multi-tenanted systems. In layman's terms, this means that everyone utilises the same version of the software - some well-known examples being Google and Facebook.
With true cloud systems, the software provider manages the infrastructure on behalf of its customers. This is why many systems are frequently labelled ‘fake cloud,' as they simply host an on-premise solution in an alternative location. So, with countless providers describing their software as ‘cloud,’ even when it is not, it’s important to know that you’re implementing the most forward-thinking solution – that being, a true cloud one.
Here are the major advantages a true cloud system offers.
True cloud finance systems enable your organisation to spread finance functions out across the business, providing insight to key users and distributing the workload, regardless of location. They can be accessed at any time on any web-enabled device and can run off a low bandwidth such as a 4G mobile connection - a particularly powerful tool for remote working.
True cloud finance systems help to substantially reduce costs, as your organisation is not required to manage its technical infrastructure. As the software is hosted by the vendor, you can share in the economies of scale achieved by the vendor managing and paying for the hardware and infrastructure on your behalf, meaning no expensive hardware and maintenance fees.
Effectively, you pay only for what you consume.
With a true cloud, multi-tenanted solution, upgrades to the software are simple and seamless as the system automatically upgrades to the latest version at no extra cost.
Since there is only one version of the software, the vendor does not need to undergo the time-consuming and disjointed process of pushing out upgrades to individual customers, so you can always operate with the latest technology regardless of where you’re based.
As customers are always using the same software version, true cloud systems are inherently easier to support. Not only will your organisation receive the most advanced security patches and fixes, but support queries are also dealt with faster because support teams don’t need to worry about which version of the software a customer is utilising.
Whether to facilitate organic growth or through acquisitions, true cloud systems are built with growth in mind and are designed to make business expansion as seamless as possible.
By investing in a true cloud system, you are actively investing in your organisation’s future. Using financial software that can scale with your organisation means you need not worry about outgrowing the new system a few years down the line.
A true cloud vendor is responsible for maintaining the security of its customers. Given this, true cloud vendors recruit specialists with the sole responsibility of ensuring the security and availability of the system.
Out of the box Integrations
True cloud systems lend themselves to out of the box integrations, which have gained substantial popularity as they facilitate the real time exchange of data and processes by connecting various applications, systems, and repositories.
Integrations reduce the need for rekeying information, therefore optimising business processes, improving accuracy and enhancing visibility.
Find out more about how Xledger can help you maintain the same efficiency in the office - anywhere, anytime. Request a demo and we'll go through the functionalities in Xledger that are important to your company. Your demo will take 20 minutes.