The modern CFO is a driver and executor of global strategy. A typical CFO constantly re-evaluates the strategic direction, competition, potential new business models, operational structures, processes, and the approach needed to to support the business.
More and more companies are seeking an ERP implementation partner to move their businesses to the cloud. CFOs consider a range of factors before implementing cloud-based ERP systems; this can depend on business needs, the best-in-class, standardised functionality of modern systems which can force a rethinking of obsolete financial processes, controls and roles.
“CFOs need to focus on understanding the new guidance and their own specific contracts to be able to determine their accounting policy and what the impact will be to their accounting processes and ERP systems,” says Kimberly Ellison-Taylor, chairman of the American Institute of CPAs and executive director of Oracle’s Health and Human Services Industry Solutions Public Sector unit.
Strengthening the Core of the Business with an ERP Implementation Partner
A common priority among CFOs in a new role begins with strengthening the core of the business. A well functioning finance system is imperative in providing necessary support; without this, it can be incredibly difficult to have the credibility and hard data to make informed decisions and arguments. Many new CFOs find that disjointed IT systems, timely manual processes and disorganised business structures are a huge hindrance in carrying out day-to-day tasks.
CFOs whose businesses are operating on legacy or even sometimes disparate on-premises ERP systems are challenged to shift their team members to more strategic tasks.
Implementing cloud-based software frees people up to do higher-level analytical and business development work as basic things like risk and regulatory compliance are monitored in the background.
Cloud technology Enables Security and Visibility
Cloud technology is consistently seen as one of the biggest driving forces in business growth. A solid system brings security and visibility.
“The cloud shift is not just about cloud,” says Ed Anderson, a Gartner research vice president, in a press release. “As organisations pursue a new IT architecture and operating philosophy, they become prepared for new opportunities in digital business, including next-generation IT solutions such as the Internet of Things. Organisations embracing dynamic, cloud-based operating models position themselves better for cost optimisation and increased competitiveness.
“These are all things that the savvy business owner is looking for. They’re looking at tools that can help automate, they’re looking for tools that can help speed up and simply processes. They’re looking for tools that can drive their business success, so that’s important.”
If you’d like to find out how cloud technology can help grow your business, please get in touch with one of our experts today.