Cloud is one of the best transformations that businesses experience today. Cloud technology has revolutionized the landscape of the finance industry, including expenses. Around 93% of organizations have switched to cloud technologies due to the following reasons:
Saves time & money
Cloud is more economical – both in terms of cost and time. The demand for cloud-based solutions has gone hand in hand with the rise in digital technology. A research revealed that businesses have reduced costs by 40% in key sectors where expense management turns out to be a key area.
Although security remains a key concern for companies when considering SaaS-based solutions, cloud technology is providing additional security by backing up all your files automatically.
Remote access is one of the biggest impacts that cloud brings to the finance and expense industry. Expense report software allows users to access the system on various devices, so employees can easily submit their expenses while on the road. This will free you from paper receipts and provides greater visibility & control over travel spending. This accessibility has brought cloud and mobile together, thus eliminating the challenges of geography or time zones.
The ability to use cloud technology on various devices had eliminated the floating of paper, particularly in the finance industry. As every process is moved digitally, there is no need for paper receipts. Most companies are processing their operations through cloud technology, replacing the traditional paper-based methods so as to work faster and become more efficient. This would leave a huge impact on information management as digital processes offer extensive reporting capabilities. Data can be easily stored, processed, and updated across any device via cloud technology.
There is no doubt that cloud remains the future for businesses. Enhanced security features, efficiency, and access are a few that streamline the operations of businesses across all industries.