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The financial management software market is transforming, as companies seek to deploy cloud-based finance applications. It is projected that cloud-based financial management systems will replace on-premise systems over the next few years. Moving to the Cloud most often includes less cost and maintenance. However, there is much more to this shift than these benefits alone, since the Cloud is one global system.
Compared to on-premise ERP systems, which are based on architectures developed several years ago and were designed to support financial accounting only, cloud-based financial management can deliver, anytime and anywhere, access to one system, ensuring that management gets the same view of the business from the same source. This can be a tremendous advantage in analyzing business performance issues, especially when analytics are embedded within a cloud-based financial management application. Reports and key
performance indicators are based on this single source using data that is more likely to be current and accurate, thereby enhancing a company’s competitive edge. A single global system also makes it possible to support multiple currencies, accounting standards, internal controls, and global and local compliance, in one place.