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11 Reasons Companies Will Move Accounting To The Cloud in 2016
This presentation will NOT discuss
Agenda
• Introduction• Who Is Changing• Reasons• Options• Resources• Q & A
Massey Consulting• Intacct Premier Partner• Intacct Presidents Club
– 2014 and 2015• Silver Microsoft Partner• Founded in 2002• CPA’s, Accountants,
Controllers• Clients all over U.S.• Small Business Award
Philip Massey, CPA• B.S. – Accounting - 1992• CPA in NC since 1994• 20+ years experience in
accounting software• Bookkeeper, Controller, CPA,
Accounting Mgr, Auditor• Blogs and speaks for
NCACPA• UNC Fan & Disney Nut!
ChangesFundamental
Personal Computer IntroducedWindows Hits Mainstream
Cloud Computing Emerges
PIVOT POINTS…
Is Changing?Who
According to a study of accounting software by Vital Analysis, on average eight to ten percent of the financial accounting software market turns over annually.
In 2010, there were 27.9 million small businesses.
That means nearly 3 million small businesses will change their software each year.
11 Reasons…And Now…
INEVITABLE
INEVITABLE…
What if…
Or maybe…
INEVITABLE…
According to a Forbes report, the cloud accounting industry grew to a 1.7 billion dollar industry in 2014. By 2016, this is expected to increase to 2.16 billion dollars.
In the July 2015 TrustRadius.com accounting software survey, cloud solution users out-paced on-premise solution users for the first time in history. Further, a higher percentage of on-premise users are now more likely to consider cloud accounting solutions when they replace their current software.
INEVITABLE…
July 2015 TrustRadius.com survey
INEVITABLE…
July 2015 TrustRadius.com survey
How did we get here?
ANYWHERE
ANYWHERE…
ANYWHERE…
ANYWHERE…
The cost of snow days for businesses is nothing short of astronomical. In 2010, snow days cost the federal government $71 billion in productivity—each day!
Cloud accounting has enabled countless businesses to provide their employees with remote access. For cloud savvy companies, remote access means much more than email and availability by phone – it often now includes accounting!
CONNECTED
CONNECTED…
A connected system that integrates easily with other cloud-based systems helps an organization eliminate time-consuming manual processes and take full advantage of the connectivity and digital features of today’s smart devices and applications.
Cloud accounting systems do not generally give end users access to the database since multiple companies are hosted in one environment. Therefore, they MUST have a very robust API to allow for programming and connectivity.
TIME
&
EXPE
NSE
MANUF
ACTUR
ING
BUDGETING &
PLANNING
HR/PAYROLLSUBSCRIPTION
BILLING
PAYMENT
PROCESSINGAP A
UTOM
ATIO
NDOCUMENT
MANAGEMENT
ASSET
MANAGEMENT
TAX MANAGEMENT
CRMEDI &
ECOMMERCE / POS
CHECKS & SUPPLIES
PROJECT MANAGEMENT
INVENTORY
MANAGEMENT
SELF-SERVICE
SELF-SERVICE…Self-service access to reports and user-friendly editing tools are a familiar characteristic of cloud financials.
Finance teams can easily create reports and make them available to others in the organization for rapid access to up-to-date financial and business metrics.
Self-service relieves the accounting department from having to do manual reports in another system, then download them and send them to the managers. They run them when they need them or they schedule them to run automatically.
AUTOMATION
AUTOMATION…
Established organizations often find it hard to respond because their processes are rooted in passing paper forms and documents from one department or organization to another to get things done.
A single, connected system that integrates easily with other cloud-based systems helps an enterprise eliminate time-consuming manual processes and take full advantage of the connectivity and digital features of today’s smart devices and applications.
COLLABORATE
COLLABORATE…
Organizations making a move toward collaborative accounting would do so based on the perceived benefits associated with such a transition. Among these potential benefits are:
• real-time information and reporting• reduced costs• enhanced accounting functionality• increased security
COLLABORATE…
COLLABORATE…
COLLABORATE…
COLLABORATE…
VISIBILITY
VISIBILITY…
If the business doesn’t have a financial view of day-to-day operations, it can’t control spending or margins effectively.
When financials run in the cloud, the data is available in real-time to stakeholders wherever they are.
Putting finance into a business context allows far more accurate monitoring of how the business is performing.
VISIBILITY…
RevenueAnalysis
Key Metrics
Budget vs. Actual
Utilization
VISIBILITY…
VISIBILITY…
SECURITY
SECURITY…
+
SECURITY…
According to Sys-Con Media, the cloud based security services industry is expected to reach $3.1 billion by next year.
Cloud accounting vendors are keenly aware of the risks they face and spend millions of dollars each year on new equipment and technologies to protect their systems – FAR more than any one small or medium business can afford to spend.
SECURITY…PHYSICAL SECURITY – Armed Guards, CCTV, Retina Scanners, Background Checks, “Plain” Buildings
HARDWARE SECURITY – Intrusion Detection Systems, Hardware Patches, Replace Dated Hardware EARLY
SOFTWARE SECURITY – Malware Detection, Virus Detection, OS Patches, Database Patches, Unix, Oracle
INDEPENDENCE
INDEPENDENCE…
SCALABLE
SCALABLE…
START-UP/ OWNER
OPERATOR
FORTUNE 5,000
Changing needs of growing
companies
True integrated accounting system
Acquisitions/partnerships
Multi-company consolidations
International/multi-currency
Publiccompany
MAINTENANCE
MAINTENANCE…
NO SOFTWARENO HARDWARENO HASSLES
MAINTENANCE…
NetSuite – TWO releases per year
Intacct – FOUR releases per year
Acumatica – TWO releases per year
What Are Your Options?
Small Business…
Courtesy of TrustRadius and G2 Crowd websites.
Larger Small to Enterprise Level Business…
Courtesy of TrustRadius and G2 Crowd websites.
G2Crowd.com
Courtesy of TrustRadius and G2 Crowd websites.
TrustRadius.com
Courtesy of TrustRadius and G2 Crowd websites.
TrustRadius.com
Courtesy of TrustRadius and G2 Crowd websites.
11 REASONS…
INEVITABLE
ANYWHERE
CONNECTEDSELF-SERVICE
AUTOMATION
COLLABORATE
VISIBILITY
SECURITY
INDEPENDENCESCALABLE
MAINTENANCE
Resources
www.g2crowd.com/categories/accounting
www.trustradius.com/accounting#products
www.masseycloud.com/ncmoa
