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Cloud Accounting Evaluation Guide

05 February 2013 by FinancialForce.com

Accounting software has been around for decades. Functional areas, such as accounts payable, accounts receivable, fixed asset accounting and general ledger accounting, have been using automated financial accounting software to greatly improve the productivity of their functions and better protect and manage key assets of an organisation.

Prior to the mid-1960s, many organisations often spent approximately four percent of total corporate revenue on back-office functions, such as financial accounting and payroll. Today, most large organisations spend approximately one percent of total revenues on such functions with some, remarkably, spending even less. These incredible productivity improvements have helped businesses and local economies improve their gross domestic product.

These solutions have continued to improve in capability over the years and are now some of the most mature and technically sophisticated applications that an organisation may utilise. Users of these solutions expect these products to not only provide the basics of financial accounting (e.g., double entry accounting, trial balances, etc.) but to also support sophisticated managerial and operational accounting requirements. As a result, core financial accounting software functions have been supplemented over the years with more robust budgeting, planning, forecasting and analytical functions.

Today, the newest financial accounting solutions are powered by cloud technology and the myriad of complementary technologies that are enabled and enhanced by cloud computing platforms. These new solutions have significant functionality to support mobile computing devices, such as cell phones and tablet computers.

Collaboration software is another exciting dimension being incorporated into new financial accounting solutions. Likewise, powerful platform computing environments are propelling the development of new financial accounting solutions as well as thousands of complementary add-on functional applications built by all-new armies of independent software developers.

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