August signaled some major shifts for several industries when it comes to finance and accounting trends. We are beginning to see how certain circumstances like first-time ERP introduction and third party firm expertise make ERP implementation less arduous, while the security of cloud-based accounting is continuing to improve.
Here are the top three trends we saw in August:
Emerging Ways to Shorten ERP Implementation Time
ERP projects are notoriously intensive and can take a long time to implement. Of course, this is something to expect, as implementing ERP means changing an organization’s core system. However, IT industry trends reveal that companies adopting an ERP system for the first time may find themselves more advantageous. According to CIO, it took software company GoGuardian approximately three months to adopt its new ERP system, since it was a completely new implementation and not an upgrade or transition from another ERP. Implementation was further sped up in being completed by a third-party firm, whose expertise eliminated wait time and ensured no mistakes were made nor data lost.
Read More: 6 ERP Trends for 2018 – August
Cloud-Based Accounting Security Improving
Just a few short years ago, there was a great amount of uncertainty surrounding cloud capabilities and, above all, security. In the past, there have been many instances of leaked data and security breaches through the cloud, causing many to shy away from using it completely. With passing years, however, the cloud has gone through a huge transformation; for accountants especially, the cloud is now one of the most secure ways to store information. If your computer is stolen and is equipped with a non-cloud accounting system, that person would have access to all of your accounting details. Unless they have your login information, cloud-based accounting makes it nearly impossible for others to access your data. Companies that do their accounting in the cloud ensure the privacy of their information, and cloud technology is constantly updated to maintain this.
Cloud ERP/EPM Systems Accommodating Tax Changes
Recently, we have seen changes in corporate tax laws and regulations worldwide, according to Forbes. More companies are are making the switch to cloud ERP and EPM systems, which are built to accommodate these changes. Managing multiple ERP systems increases the very real risk of penalties and accruing interest if a company’s financial reporting to any tax authority isn’t accurate. A fully integrated cloud system can make it much easier to provide tax reporting without having to connect the dots between disconnected systems.
“If companies don’t get this right, they’re going to face another 10 to 15 years of continuing to struggle with countless hours of reconciliations, manual reports and consultant fees around the world in order to meet their increasingly complex tax obligations.”
-Marc Seewald, Senior Director of Product Management for Oracle EPM Cloud
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