Skip to content

BILL.COM CFO SURVEY FINDS THAT MOVING FINANCIAL PROCESSES TO THE CLOUD CUTS WORKLOAD IN HALF, SLASHES COSTS UP TO 70 PERCENT

October 15, 2012

BILL.COM CFO SURVEY FINDS THAT MOVING FINANCIAL PROCESSES  TO THE CLOUD CUTS WORKLOAD IN HALF, SLASHES COSTS UP TO 70 PERCENT

Also Uncovers That Most CFOs Are
Unaware of Money Wasted On Paying Bills

PALO ALTO, CALIF. — Oct. 15,
2012 —
Bill.com, the leader in integrated bill payment, invoicing
and cash management solutions for businesses, today announced the results of
its survey of more than 350 CFOs, revealing
that when financial executives adopt the cloud they quickly realize significant
financial benefits to their busineses. However, despite increasing awareness of
the cloud, financial professionals still lag behind other department leaders in
making the move to the cloud. Full survey results are available in the free whitepaper
“For Clarity, CFOs Look to the Cloud,” which can be downloaded from http://cashflow.bill.com/cfo_whitepaper.html.

The
survey is one of the first to provide insight into how CFOs are thinking about
cloud-based financial systems, whether they plan to implement the systems, and
what they see as both the advantages and disadvantages of online tools for
managing tasks like accounts payable, accounts receivable, and cash flow. The
report finds that while CFOs are aware that other departments are moving to the
cloud, few realize that similar solutions exist for the finance department.
However, for early adopters, saving money and time are significant motivating
factors for companies that are considering a cloud-based system, with 65.2% of survey respondents saying that saving dollars
and staff hours would lead them to the cloud.

In addition, when asked how much it
costs their organization to process and send an invoice, 38.7% of respondents
said under $5 and 32.2%
said $5 to $10. In fact, the majority of respondents are likely underestimating
the cost because they’re not fully factoring in the price of labor, materials,
and other inputs. According to industry standards, the average cost of
processing an invoice is actually over $22. In terms of hard numbers, a small
company sending an average of 100 invoices a month would cut their expenses from $2200 to $750 per month by using
the cloud, according to separate research conducted by Bill.com.  

Still, many CFOs remain stuck in the past, continuing to rely on
paper-based processes and Excel spreadsheets to do their work, missing the
opportunity to realize time and cost savings by embracing the cloud. Indeed, when
asked what system they currently use to predict future cash flow, 72.9% of respondents said they still use their old Excel
spreadsheets, 8.5% use an ERP system, and 8.3% said they just do the calculations in their head.
The remaining 10.3% said they don’t use any
tools at all, according to the survey.

CFOs’
frustration with this status quo was clearly expressed in the Bill.com survey.
When asked to name the top three challenges faced by CFOs today, respondents
cited the inability to forecast results (51.1%) and manage cash flow (47.4%) as
their most pressing concerns. These numbers indicate that financial executives
could greatly benefit from tools that provide real-time visibility into the
amount of money they’re paying out and taking in, at any given moment.

Some additional findings from the survey include:

  • 16.5% of financial executives said that, as far as they know, cash
    flow management tools and systems are nonexistent in the market; 22% said they know
    the tools exist but their company doesn’t use them.
  • When asked what they think
    are the biggest challenges in moving to a cloud environment, 64.1% of survey respondents said integration with
    existing systems, 54.7% said system and
    network security, and 43.6% said introducing a
    new process.
  • Financial executives are
    discovering that by putting their AP process in the cloud, they can cut their
    work by more than half and slash the cost by 50%
    to 70%, a saving that amounts to tens of
    thousands of dollars for many organizations.
  • Another
    incentive for moving to the cloud is the chance to reduce the flow of paper
    bills and transition to a paperless work environment. The vast majority of
    survey respondents (85.5%) said reducing paper was either very important or somewhat
    important to them. Only 14.5%
    said it was not important at all.

According
to the survey, these results show cloud-based tools, especially those for cash
flow management, are still emergent in the marketplace. For early adopting
CFOs, deploying tools that are on the brink of changing the financial industry
will give them a competitive advantage as they leapfrog past other companies,
due to their increased efficiency, effectiveness, and cost-savings.  

“Early
adopters who have switched to cloud-based financial systems told Bill.com they
have greatly improved both their accounts payable and accounts receivable
processes,” said René Lacerte, founder and CEO of
Bill.com. “We are gratified to see financial professionals take advantage of
all the savings and efficiencies that only the cloud can bring.”

Bill.com delivers
a complete cloud-based financial solution for businesses and
accountants
that
provides the tools, information and collaboration required to better manage
their financial tasks and optimize cash flow. Bill.com’s cash flow command and
control system is the only solution that connects users’ banks, books, and
businesses, enabling companies of all sizes to finally rid themselves of the
cumbersome, error-prone, and highly manual spreadsheets that have plagued
finance for decades. Combined with Bill.com’s cloud-based AP and AR systems, it
offers the first full picture of a business’s complete cash flow system and
empowers finance leaders to get paid 2 to 3 times faster and save over 50% of
the time spent paying bills – all with unprecedented control, precision, and
security.  

Advertisements
Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: