{"id":3070,"date":"2022-08-11T15:38:23","date_gmt":"2022-08-11T05:38:23","guid":{"rendered":"https:\/\/www.sage.com\/en-au\/blog\/?p=3070"},"modified":"2022-08-17T11:07:04","modified_gmt":"2022-08-17T01:07:04","slug":"cloud-revolutionise-business-financial-management","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-au\/blog\/cloud-revolutionise-business-financial-management\/","title":{"rendered":"How the cloud can revolutionise business financial management"},"content":{"rendered":"<header class=\"entry-header has-dark-background-color entry-header--has-illustration entry-header--has-illustration--generic\">\n\t<div class=\"container\">\n\t\t<div class=\"entry-header__row row align-center\">\n\t\t\t<div class=\"col col-lg-7 col-xlg-6 entry-header__content\">\n\t\t\t\t\t\t\t<div class=\"component component-single-header\">\n\t\t\t\t\t\t\t\t\t\t<div class=\"entry-header__misc text--subtitle text--uppercase text--small\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.sage.com\/en-au\/blog\/category\/technology-innovation\/\" class=\"entry-header__link\">Technology &amp; Innovation<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<div class=\"entry-title-wrapper\">\n\t\t\t\t\t<h1 class=\"entry-title\">\n\t\t\t\t\t\tHow the cloud can revolutionise business financial management\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t<p class=\"entry-header__description\">\n\t\t\t\t\t\t\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\n\t\t\t\t\n\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n\t<div class=\"single-post-details container\">\n\t\t<div class=\"col\">\n\t\t\t<span class=\"posted-on \"><time class=\"entry-date published\" datetime=\"2022-08-11T15:38:23+10:00\">August 11, 2022<\/time><\/span><span class=\"reading-time\"> min read<\/span>\n\t\t<button\n\t\t\ttype=\"button\"\n\t\t\tclass=\"social-share-button button button--icon button--secondary js-social-share-button\"\n\t\t\tdata-share-title=\"How the cloud can revolutionise business financial management\"\n\t\t\tdata-share-url=\"https:\/\/www.sage.com\/en-au\/blog\/cloud-revolutionise-business-financial-management\/\"\n\t\t\tdata-share-text=\"Please read this interesting article\"\n\t\t>\n\t\t\t<span class=\"social-share-button__share-label\">Share<\/span>\n\t\t\t<span class=\"social-share-button__copy-label\" hidden>Copy Link<\/span>\n\t\t\t<span class=\"social-share-button__copy-tooltip\" aria-hidden=\"true\" hidden>Copied<\/span>\n\t\t<\/button>\n\n\t\t\t\t<\/div>\n\t<\/div>\n<\/header>\n\n\n<div class=\"wp-block-post-author has-dark-background-color alignfull\">\n\t<div class=\"container\">\n\t\t<div class=\"col\">\n\t\t\t\t\t\t\t<div class=\"co-authors\">\n\t\t\t\t\t\n\t\t<div class=\"entry-author-wrapper\">\n\t\t\t<a class=\"entry-author\" href=\"https:\/\/www.sage.com\/en-au\/blog\/author\/asavinwattanajantra\/\">\n\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"40\" height=\"40\" src=\"https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2026\/03\/Asavin-350x350.jpg\" class=\"entry-author__image\" alt=\"Asavin\" srcset=\"https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2026\/03\/Asavin-350x350.jpg 350w, https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2026\/03\/Asavin-768x768.jpg 768w, https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2026\/03\/Asavin-810x810.jpg 810w, https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2026\/03\/Asavin.jpg 1000w\" sizes=\"auto, (max-width: 40px) 100vw, 40px\" \/>\t\t\t\t<span class=\"entry-author__name\">Asavin Wattanajantra<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\r\n<p class=\"\">You might be a CFO or in a leadership position at a small or medium-sized enterprise (SME).<\/p>\r\n\r\n\r\n\r\n<p class=\"\">If so, you may have attempted to manage the impact of the pandemic by adjusting your technology strategy.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">In this article, we look at considerations that businesses have around tech investment, the power of the cloud, and how both can help your company with financial management.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Here\u2019s what we cover:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li><a href=\"#holding\">Holding back on tech spend vs reinvesting in IT<\/a><\/li>\r\n<li><a href=\"#legacy\">Legacy software and the problems with manual processes<\/a><\/li>\r\n<li><a href=\"#why\">Why moving to the cloud will help the finance team<\/a><\/li>\r\n<li><a href=\"#could\">Could automation be crucial to the future of your finance team?<\/a><\/li>\r\n<li><a href=\"#steps\">5 steps to move to the cloud<\/a><\/li>\r\n<li><a href=\"#final\">Final thoughts: Advocate for the cloud and digital transformation<\/a><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-c1e59bc5-ef3d-4b26-afc0-163a40a821b7\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-c1e59bc5-ef3d-4b26-afc0-163a40a821b7\"\n\t>Download your free copy of The Redefined CFO to see where the role of the chief financial officer is going and how to be better prepared for the future<\/a>\n<\/div>\n<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"holding\">Holding back on tech spend vs reinvesting in IT<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">According to <a href=\"https:\/\/www.idc.com\/getdoc.jsp?containerId=US48945722\" target=\"_blank\" rel=\"noopener noreferrer\">IDC\u2019s 2021 Cloud Pulse Survey<\/a>, some businesses tried to hold back on spending.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">In fact, 18% of SMEs worldwide aimed to save money by turning off selected IT services, 16% negotiated pricing with vendors, and 15% halted new IT projects completely.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">All completely understandable actions.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">But perhaps surprisingly, almost a quarter (23%) of global SMEs reinvested in IT.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">As offices and stores closed during various lockdowns, you may have rapidly invested in cloud technology to support remote working and gain supply chain efficiencies to combat sourcing issues\u2014something your finance team would have a big eye on.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">More than half (60%) of SMEs say they planned to increase their IT budgets during 2022, with 32% significantly increasing their cloud budget, and only 5% planning to decrease it.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">If you\u2019re in charge of your business\u2019 finance team and not spending money on cloud technology, you should be.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Typically, cloud software can be more secure than desktop legacy solutions, as cloud providers should guarantee the safety and security of their platforms.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You benefit from additional safety measures, such as password protection, encryption and access limitations based on user profiles.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You should also expect from cloud providers 24\/7 monitoring and dedicated cybersecurity teams that can rapidly identify and respond to potential threats.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"legacy\">Legacy software and the problems with manual processes<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">It\u2019s perhaps easy for businesses to hold back on investment in financial management business software\u2014it involves work to find the right cloud vendor, and budgets might dictate nobody is keen on spending money.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You wouldn\u2019t blame a business for having an \u2018if it isn\u2019t broken, why fix it?\u2019 attitude. Legacy software can still perform basic functions that finance teams require to maintain day-to-day operations, so it\u2019s natural to stay with existing systems.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">However, outdated accounting software can lead to a multitude of problems, such as the following:<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Inaccurate data<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">With desktop legacy financial management software, you lack real time, up-to-date information for accurate reporting. If you\u2019re still working with spreadsheets, you may have to manually key in data\u2014and it\u2019s easy to make mistakes.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Inefficient processes<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">As well as risking errors, manual processes such as retyping and rekeying data from spreadsheet to spreadsheet take up a lot of time.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">That\u2019s time better spent on more critical business activities, such as strategy and planning.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Lost data<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">As your business grows, you\u2019ll build up a mass of documents and data, which will be highly challenging to keep organised if you\u2019re still reliant on paper and on-premises storage.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">As you grow, you may also be subject to increased regulation, which demands accurate record keeping. If you end up becoming a public company, that may present new challenges.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">Poor visibility<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">If you can\u2019t actively see what\u2019s going on in your company\u2019s finances, it opens you to a world of pain when looking for mistakes or ways to stop them before they become an issue.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">It\u2019s also more complicated than necessary to identify trends and patterns and make accurate financial projections.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"why\">Why moving to the cloud will help the finance team<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">The more you use <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/cloud-technology-buy-in-csuite\/\" target=\"_blank\" rel=\"noopener noreferrer\">cloud technology<\/a>, the more you\u2019ll expand areas where the technology can bring value.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You can measure the financial impact of decision-making, identifying and validating your most valuable revenue streams.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You may have to steer the ship when it comes to getting value out of data, working with IT in moving your business to the cloud and implementing technologies such as automation, analytics and artificial intelligence.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">However, the cloud allows you to set up a foundational framework for your finance team to manage, measure and monetise data as an asset.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Through working with cloud data, your finance team can build insights into new revenue streams, and support tech and finance to work together in improving efficiencies.<\/p>\r\n\r\n\r\n\r\n<p class=\"\"><div class=\"single-cta\">\n\t<a\n\t\tclass=\"button button--primary gate-c1e59bc5-ef3d-4b26-afc0-163a40a821b7\"\n\t\trole=\"button\"\n\t\tdata-button-location=\"content_area\"\n\t\thref=\"#gate-c1e59bc5-ef3d-4b26-afc0-163a40a821b7\"\n\t>Download your free copy of The Redefined CFO to see where the role of the chief financial officer is going and how to be better prepared for the future<\/a>\n<\/div>\n<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"could\">Could automation be crucial to the future of your finance team?<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">Automation stops people from <a href=\"https:\/\/www.sage.com\/en-gb\/blog\/finance-teams-automation-save-time\/\" target=\"_blank\" rel=\"noopener noreferrer\">spending large chunks of time on repetitive and low-value tasks<\/a>, costing your business thousands of pounds each year\u2014funds you could use for reinvestment.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">As we already noted, the time you spend on manual processing is time your business can\u2019t spend on more valuable tasks, such as winning new business.<\/p>\r\n\r\n\r\n\r\n<p class=\"\"><a href=\"https:\/\/www.sage.com\/en-gb\/sage-business-cloud\/intacct\/\" target=\"_blank\" rel=\"noopener noreferrer\">Cloud finance software<\/a> can automate those dull and pesky accounting tasks, crunch those numbers, produce reports, and provide valuable analytics.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">It\u2019s not just about getting rid of old technology\u2014it\u2019s about taking advantage of the strategic value and edge in the marketplace that cloud technology can give you.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"steps\">5 steps to move to the cloud<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">Here are a few pointers if you want to move your business to the cloud.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">1. Develop a business case<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">With the cloud, your finance team can become more agile and faster, gaining efficiencies through the time you save by removing time-intensive manual tasks.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">2. Support IT in setting up the systems<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">To extract value from the cloud, it\u2019ll be up to you to assess commercial models, look at the risks, recognise and account for value, and apply controls and governance.<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">3. Plan and get strategic<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">Examine your financial management business goals and what will drive your use of the cloud.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Do you want to modernise your operations and adopt digital transformation?<\/p>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">4. Examine what cloud technologies will work for you<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">Create a clear roadmap for implementation. You will have to work closely with your people, who will drive the use of new technology.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">With the tech in place, you\u2019ll need to work at measuring your progress and ask a few questions of your finance team:<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>How are you using the cloud tech, and are you doing it right?<\/li>\r\n<li>How effective are your new processes?<\/li>\r\n<li>Are they leading to the productivity and efficiency improvements you expect?<\/li>\r\n<li>What outcomes do you see with the new technology?<\/li>\r\n<li>How can you get business metrics for your intended goals?<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h3 class=\"wp-block-heading\">5. Communicate the changes with your team<\/h3>\r\n\r\n\r\n\r\n<p class=\"\">Keeping your finance team (and the wider business) up to date with the move to cloud software is important. After all, they\u2019ll be using the new technology, so they have to be clear on what\u2019s happening.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">And get them involved in the new ways of working\u2014they\u2019ll be able to support and offer valuable day-to-day insights that will result in the move being a smooth one.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"final\">Final thoughts: Advocate for the cloud and digital transformation<\/h2>\r\n\r\n\r\n\r\n<p class=\"\">You and your finance team could have a critical role in the digitalisation of the business.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">You may have a central part to play in a future where you tie success with your ability to extract value from the immense amount of data available to your business.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">By developing your cloud data capabilities, you can make the right decisions about what to invest in.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Make that connection between cloud tech and business value.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Advocate for digital transformation and elevate the role of your finance team.<\/p>\r\n\r\n\r\n\r\n<p class=\"\">Prove the value of the cloud and win your battles by making your business more agile, forward thinking and data driven.<\/p>\r\n\r\n\r\n<p>[skyword_tracking \/]<\/p>\n\n\n<div class=\"single-cta\">\n\t<div class=\"single-cta__positioner\">\n\t\t<div class=\"single-cta__wrapper has-dark-background-color\">\n\t\t\t<div class=\"single-cta__content\">\n\t\t\t\t\t\t\t\t<h2 class=\"single-cta__title h3\">Subscribe to the Sage Advice Newsletter<\/h2>\n\n\t\t\t\t\t\t\t\t\t<div class=\"single-cta__description\">\n\t\t\t\t\t\t<p>Get a roundup of our best business advice in your inbox every month<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a\n\t\t\t\t\t\thref=\"#gate-20ec4af6-53dd-41ab-81ed-95d438e3bb90\"\n\t\t\t\t\t\tclass=\"single-cta__button button button--primary\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t>Subscribe<\/a>\n\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t<img decoding=\"async\" width=\"1064\" height=\"810\" src=\"https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2019\/01\/GettyImages-626184462-1064x810.jpg\" class=\"single-cta__image\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2019\/01\/GettyImages-626184462-1064x810.jpg 1064w\" sizes=\"auto, (min-width: 48em) 33vw, 100vw\" \/>\t\t\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Are you a CFO looking to move your business to the cloud? Here&#8217;s a few pointers to think about and steps to make it a reality.<\/p>\n","protected":false},"author":356,"featured_media":2737,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sage_video":false,"post_featured_image_hide":false,"footnotes":""},"categories":[81,76,92],"tags":[248,141,207],"business_type":[9],"context":[],"industry":[],"persona":[],"imagine_tag":[],"coauthors":[294],"class_list":["post-3070","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-planning","category-technology-innovation","category-today","tag-cfo","tag-cloud","tag-technology","business_type-medium-sized-business"],"sage_meta":{"region":"en-au","author_name":"Asavin Wattanajantra","featured_image":"https:\/\/www.sage.com\/en-au\/blog\/wp-content\/uploads\/sites\/5\/2022\/04\/GettyImages-1288428995.jpg","imagine_tags":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"Sage Advice Australia","distributor_original_site_url":"https:\/\/www.sage.com\/en-au\/blog","push-errors":false,"_links":{"self":[{"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/posts\/3070","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/users\/356"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/comments?post=3070"}],"version-history":[{"count":0,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/posts\/3070\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/media\/2737"}],"wp:attachment":[{"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/media?parent=3070"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/categories?post=3070"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/tags?post=3070"},{"taxonomy":"business_type","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/business_type?post=3070"},{"taxonomy":"context","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/context?post=3070"},{"taxonomy":"industry","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/industry?post=3070"},{"taxonomy":"persona","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/persona?post=3070"},{"taxonomy":"imagine_tag","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/imagine_tag?post=3070"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.sage.com\/en-au\/blog\/api\/wp\/v2\/coauthors?post=3070"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}