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Where do you see the biggest cost and efficiency gains from moving to the cloud?

This question was asked by an attendee during the Proformative webinar "The Evolving Role of Finance Leaders: Owning Technology" held on November 14, 2012.  A video of the webinar can be viewed here:

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Tom Kelly
Title: Managing Director
Company: T > Edward, Inc.
(Managing Director, T > Edward, Inc.) |

It's tough to say that I always see the biggest cost and efficiency gains from moving to the cloud here. It depends on your company and the processes that are employed. I would refer you to some of my experiences with the Cloud by following these links:

Topic Expert
Edward Abbati
Title: Vice President of Finance
Company: Location Labs
LinkedIn Profile
(Vice President of Finance, Location Labs) |

Here is a huge benefit of moving our Accounting system to the cloud which we did not think of when we purchased the system. We had two accounting teams, one in the US and one in India. I had just hire a new controller which gave me a total team of 2 in the US office and another 2 employees in the India office. I was very understaffed in the US, but my folks in India had a lot more capacity.

I decided to move all of our AP and Expense process in the cloud and let the India team handle all of the process of those invoices and expense reports. Because we eliminated all paperwork and scanned the invoices/receipts and attached them to the invoice/expense report, it allowed me the opportunity to process everything in India. Furthermore, I eliminated all of the filing and access the source documentation was a breeze especially while going through the audit.

Bottom-line, going to cloud allowed me to utilize some capacity I had that I could not do with a standard client/server software.

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