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June 2013, Volume 1, Number 3

Moving toward cloud finance? First, some questions

Chief financial officers have long resisted using cloud-based financial management applications. They'd cry "What about security? What about privacy?" Despite assurances from IT experts that a public cloud is often more secure than an internal data center, most CFOs wouldn’t budge. Now the resistance is starting to melt away. A survey conducted by Financial Executives International (FEI), an association of senior finance managers, and IT research company Gartner Inc. showed that a majority of CFOs and controllers expect to move half of their transaction processing to Software as a Service (SaaS) platforms by 2016. And by the look of claims cloud financial software vendors make, demand is taking off. If you want to hop the cloud train, consider your process management strategy. A cloud finance initiative undertaken for sizeable cost savings may not prove so clever in the long run. "Where the financial systems reside is not as important as how well the end-to-end financial process is designed and the level of service you need to ...

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