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Go for a Trick, Not a Treat This Year! Move to the Cloud.

October 19, 2012

GhostWhen I was young, store-bought Halloween
costumes were far and few between. People walked around as ghosts, with
eye holes poked out of (mainly) white sheets. Girls were gypsies for years on
end. A sports uniform became your go-to costume.

Now, I’m not saying that these weren’t the
good old days. And I’m not saying that nowadays kids (and by which I mean, us
parents) don’t spend way too much on costumes. But check out that amazing
costume your son has already bought for Halloween. Maybe it’s a super hero. Maybe
it’s a pirate costume with a bird on its shoulder. Maybe it’s a ghost that
actually looks like a ghost. Don’t you wish you could have had something as
cool as that rather than hobbling together the same old odds and ends every
year? If you had known those costumes were out there, wouldn’t you have begged
to get them?

Unfortunately, many of today’s CFOs are still
wandering around in “hobo” costumes dug out of their parents’ old clothes. In a
recent survey we conducted of 350+ CFOs, we found that 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.

Why are
they still using these relics of the past? The survey found that while CFOs are
aware that other departments are moving to the cloud, few realize that similar
solutions exist for the finance department.  And CFOs’ frustration with this status quo also
came through loud and clear. 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.

Now of
course there are great solutions like Bill.com out there to simplify CFO’s
lives.  And some early adopters are
already making the change, with 65.2% of survey respondents saying that saving
dollars and staff hours would lead them to the cloud. And beyond the savings of
reducing paper (which was either very of somewhat important to more than 85
percent of respondents), 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.

So, go
for a trick not a treat this year. Move to the cloud. We promise you, it’s
easy. Just like taking candy from a baby. Or, better yet, collecting some good
loot this Halloween.

 

 

 

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