The benefit of financial reporting in the cloud during a crisis

June 2, 2020

Businesses worldwide are bracing themselves for the economic implications of the pandemic. Many have already felt the impacts throughout their business structure and have been forced to make a number of changes in order to continue.

In these difficult times, technological advancements have become essential to enable businesses to continue functioning and to progress. Organisations are quickly adapting to operating remotely and applying online systems to continue performing as many of their usual business activities.

Data and new technologies are continuing to evolve and are proving vital in this transitional period, but it is critical that reliable and efficient systems are applied. Using new technology for financial processes can be very beneficial in delivering key insights and information. As more businesses turn towards online systems, the value of these services is becoming more clear.

In a period when time and efficiency is so important, finding financial solutions and support through manual financial reporting services can delay progress. Manual reporting is generally quite time-consuming and can quite often result in a number of errors. Financial managers have quickly realised that online solutions available for financial reporting provide a more reliable and streamlined service. Manual reporting systems are often perceived as being antiquated, prone to errors and duplication.

Financial reporting in the cloud has generated a number of advantages for businesses. Cloud based services enable organisations to manage and consolidate their information. With data collected in a more efficient manner, reports and other information can be generated and compiled efficiently. This information is very useful in delivering strategic decisions for a business.

During these unstable times, reports like this offer clear and concise information that directly influence a business. Combining these services with advanced analytics means businesses can create a clear roadmap for efficient business performance. 

In our existing financial climate, it is vital that financial managers can clearly display the efficiency and sustainability of corporate performance. Placing financial reporting in the cloud helps support this, ensuring businesses meet all regulation requirements and remaining ahead during these uncertain times.

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