At many organizations, finance officers are taking note of the significant savings and operational benefits offered by today’s cloud-computing solutions. According to a recent article on wiredFINANCE, a blog from Business Finance magazine, cloud-based services and tools offer a number of advantages, including low cost and efficiency. Here are five benefits to consider in relation to your company’s expense management solutions and online expense reporting.
- Increased mobility and flexibility. Cloud-based software and mobile devices allow employees to work from anywhere. For example, an employee on the go can use a mobile web app for expenses to quickly log travel expenses from a smartphone, turning spare moments into productive ones.
- Reduced IT and other admin needs. Instead of devoting internal staff resources to running their own software, network and servers, organizations can have cloud providers take over many standard IT chores. This outsourcing can result in cost savings and free up employees for more important strategic tasks.
- Scalable services that optimize resources. Many cloud-based services are designed to scale alongside your business, offering flexible support for changing business needs. With Chrome River’s online expense reporting, for example, an organization can begin by using the core expense management software and implement additional functions—like auditing, invoicing and analytics modules—only as needed.
- Minimal upfront investment. A popular type of cloud solution is known as “Software-as-a-Service,” or SaaS. With these tools, customers pay to access software that the provider hosts and maintains. This often means there are no upfront hardware or software costs. Plus, SaaS provides a solution that can quickly be delivered to users worldwide.
- Customized solutions. Instead of a rigid IT infrastructure that makes changing course difficult, the cloud isn’t a fixed, all-or-nothing situation, according to wiredFINANCE. It’s highly scalable, making it easier for companies to add resources and services as needed to quickly seize opportunities.
The examples above highlight why so many CFOs are taking note of the advantages that cloud computing offers. Of course, the advantages don’t stop with those five. What other cloud computing benefits do you think are important to highlight? Share your thoughts in the comments section!
Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.