What 172 Companies Tell Us About Moving Financial Management to the Cloud

You’ve probably heard about the advantages of using cloud technologies and how they’re particularly useful for financial management with improved accessibility, flexibility, and collaboration. You may also feel cautious about adopting cloud tools when it means moving away from traditional accounting systems.

A peer-reviewed study, recently published in Humanities and Social Sciences Communications by Giang Nguyen Phu of Thuongmai University, shared interesting insights about the shift. The study used data from 172 businesses in Vietnam’s stock exchange and explored how these companies decided to adopt cloud technology for financial management. 

The findings outlined five critical areas for consideration.

Security & Privacy

Protecting financial data is crucial for any organization, so no surprise the study found that robust security measures and privacy safeguards were primary drivers for cloud adoption. Encryption, access controls, and trusted cloud providers are essential for maintaining data integrity and stakeholder confidence.

Integrations With Other Systems

One of the biggest advantages of cloud-based financial management systems is their seamless integration with existing core business systems (e.g., ERP, CRM, and HR). Integrations reduce data silos, improve accuracy, and support real-time insights for improved decision making.

Legal Compliance

Interestingly, compliance was less of an influence for these companies compared to strategic system integrations and data security. It was viewed as important, but more of a baseline requirement than a differentiator. 

Cost-Benefit Analysis

Conducting a comprehensive cost-benefit analysis to consider the financial implications of implementing cloud tools was identified as a successful exercise. These analyses helped companies weigh upfront costs, subscription fees, training, long-term ROI, scalability, and more. The businesses that took this structured approach were more likely to implement cloud solutions effectively. 

Customized Solutions

Generic cloud solutions often lack specialized functionality, advanced security practices, and seamless integration capabilities needed for many companies’ extensive financial management needs. Findings highlighted that businesses require industry-specific, enterprise level cloud financial management systems built for their complex workflows. 

The Takeaway

Overall, the study found that investing in secure, well-integrated, specialized solutions positioned businesses to effectively leverage the full benefits of cloud tools and enhance their financial management practices. 

To read the full study, you can find it here.

Asyma Solutions has decades of experience implementing and supporting financial management systems in Canadian businesses and organizations. When you’re ready to explore how an industry-specific, cloud financial management system can help you reach your goals, book a meeting with me through this link.