5 reasons to implement a cloud-based FP&A solution
FP&A is an essential operation for any organization that wants to optimize their financial health. However, legacy FP&A systems struggle to provide robust data that takes all processes into account, especially as Excel spreadsheets can struggle to scale operations as a business grows.
A cloud-based FP&A solution can increase data consolidation times and sync multiple departments data in one place where you can access it easily, meaning no matter what happens you have control and insight into your financial health.
Unit4’s award-winning cloud-based FP&A solution can make this digital transformation seamless and provide ROI for growing organizations struggling to keep up with their growing financial needs.
Let’s go more in-depth on why a cloud-based approach to FP&A is optimal and provides the most ROI.
1. Efficiency
One of the primary benefits of using an integrated FP&A solution is improved efficiency. By automating many of the repetitive tasks associated with traditional FP&A processes, such as data entry and report generation, businesses can consolidate data quickly and with greater accuracy. Unit4 utilizes the cloud so that you can get all the data you need in a mere glance, allowing you to be efficient when it matters most.
This, in turn, enables areas of growth to get the attention they deserve. By streamlining these processes, organizations can see a return on their investment through operational efficiency and improved productivity.
With growing financial needs, a cloud-based approach is becoming unavoidable for growing or established organizations that want to keep pace with their competitors. Unit4 not only makes your processes more efficient, but the productivity that creates can allow for operational efficiency in other areas too.
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2. Accuracy
Through departmental collaboration, Unit4 can cover all areas of your organization and allow for a level of accuracy spreadsheets can’t provide with both standard and ad-hoc reporting, as well as real-time updates to budgets. CFOs can make informed decisions and reduce risk even when their responsibilities expand with company growth and can do so with confidence.
Through more informed projections organizations can make better decisions and avoid costly mistakes. This, in turn, can result in increased revenue and improved profitability, providing a significant return on investment. With Unit4 this accurate data can be used to provide nuanced projections for the future, allowing for growth to be exponential.
3. Functionality
With legacy systems, organizations often concede to software that isn’t functional, this will inevitably lead to a reduced ROI and increased labor for accounting personnel. With Unit4 you can configure the software to the unique shape of your financial operations, through low-code configuration, leading to increased productivity and a higher ROI.
With our functional software you can be sure that your projections and analysis are reliable and bespoke. While legacy systems can hold you back, Unit4 works with the unique shape of your operations and can easily scale operations when growth occurs. With Unit4’s one-stop solution it scales with your business as it grows, as it doesn’t become defunct like other systems might, the ROI is immeasurable.
4. Adaptation
In today’s world, things change quickly, and change itself can be hard to predict, both within your organization and the wider industry. With Unit4’s cloud-based solution you can be sure that whatever occurs, you can make decisions quickly from informed data you can rely on.
CFOs and finance leaders rely on this accurate, and quick recall, of data to provide the confidence necessary for market disruption and exponential growth. This increased agility allows businesses to mitigate risk and take advantage of time-sensitive opportunities creating even more growth within the company and a greater ROI.
Unit4 is fit-for-purpose so, no matter what happens in the market or in your organization, you can be sure that your financial planning and analysis is always accurate and ready for anything. This adaptability allows for a huge return on investment that companies appreciate.
5. Collaboration
Informed decisions around finance rely on accurate data but also wholistic data that can take everything into account. Unit4’s suite can compare financial analysis with data from other departments, providing insights that take everything into account.
Aging systems rely on accurate referencing and there is often room for human error, especially as financial needs grow. Through automation and collaboration through the cloud, departments gain nuanced understandings of how they fit into the bigger picture as well as how they can operate independently with efficiency. With less risks and labor costs the opportunity for ROI is uncapped.
Conclusively, integrated cloud-based FP&A solution can provide significant ROI benefits for businesses that can accommodate growth effectively. By streamlining processes, providing real-time insights, and enabling effective collaboration, organizations no longer have to fear change but can welcome it with the reliable and fit-for-purpose financial solutions provided by Unit4.
Book a demo today to find out how Unit4 can make your financial operations resilient and efficient.
