How to Buy Cloud Finance Apps / Finance and accounting (F&A) is one of the newest application categories to move to the cloud.

Drew Robb for Enterprise Apps Today writes:  The cloud has invaded many areas of the enterprise, and recently it has been the turn of finance and accounting applications to become cloud enabled. It is now possible to run just about any finance function in the cloud. But is it wise, and if so, how can it be done to ensure that it does not compromise the security or performance of what are typically mission-critical workloads?

Rene Lacerte, founder and CEO of Bill.com, believes it is not only wise, but an essential element of organizational evolution. He points to the mountains of paperwork that typically weigh down an accounting department, even one with sophisticated in-house software tools.

It will take a move to the cloud to fully eliminate what are largely 19^th and 20^th century workflows from the enterprise, he said. "The days of overloaded file cabinets and towering stacks of paper are over."

Lacerte insists it is possible to go completely paperless with smooth and efficient electronic workflows that don’t rely on the postal service or overflowing inboxes. Once you move your finance/accounting to the cloud, he said, it makes no difference whether you have an in-house team or an outsourced team.

"The cloud allows anyone who needs access to connect, whether they’re sitting in the same room or halfway around the world," said John Shapiro, group product manager, QuickBooks Online. "This helps a business to maximize productivity by collaborating in the cloud with clients or bookkeepers, reduces paper invoices and receipts, and connects them with online banking so transactions are automatically reconciled."

F&A Features and Functionality

Lacerte cautions users to pay attention to the details. For example, accounting service should be able to incorporate supporting documents such as contracts and cleared check images.

"I can’t tell you how many times I tried to drill down on a profit and loss statement only to be stumped when I got to the original transaction and wasn’t able to see the actual invoice or supporting contract," Lacerte said.

Another important consideration is how well the cloud application connects with banking institutions. This allows users to have all the information they need, whether it is a vendor inquiring about a payment or the customer inquiring about a pending payment to them. With the speed of business today, online bank integration is a must.

Lacerte also recommends that users insist upon mobile-centric financial cloud services, which enable access to review bills, schedule payments and invoice customers from anywhere. Such apps should be able to work with any smartphone or tablet. A recent survey of Bill.com users found that over 70 percent rated the ability to access their data from a mobile device as a must-have.  

There are other factors to take into account, as well. It is probably smart to find a service that integrates and syncs with popular finance apps such as QuickBooks for Windows, QuickBooks Online and Xero. Chris Farrell, CEO of expense management vendor Tallie, advises users to look for automated workflows that provide value in term of process simplification and integrate with existing accounting systems

Short List of Cloud Finance Apps [snip]  The article continues @ Enterprise Apps Today, click here to continue reading.

Drew Robb is a freelance writer specializing in technology and engineering. Currently living in Florida, he is originally from Scotland, where he received a degree in geology and geography from the University of Strathclyde. He is the author of Server Disk Management in a Windows Environment (CRC Press). Click here to buy the book, here to buy or rent the Kindle Edition.