How to choose the right cloud finance solution for your tech start-up

September 21, 2020

How to choose the right cloud finance solution for your tech start-up

Synopsis
3 Minute Read

Why finding the right cloud finance application begins with finding the right advisor.

Reece Hiland
Reece Hiland, CPA, CA
Partner, Assurance & Accounting

From early March, when the COVID-19 pandemic forced employees around the world to begin working from home, companies have been forced to examine how to make their processes more efficient and effective online. Rather than tackle these challenges individually, cloud and digital solutions can integrate essential processes like accounting, bookkeeping and finance into one system - reducing costs and improving sales. 

As a start-up, you're not bogged down by on-premise legacy systems many enterprises use. That puts you in a great position to harness software-as-a-service (SaaS) solutions and customize these as your business grows. These also allow you to better manage your finances, which is critical to success.

Some use cases for a cloud solution include: 

Timely financial and business modelling solutions that help you identify and capitalize on positive growth opportunities
Accounting solutions that optimize accounts receivable and accounts payable cycles
Organizing business expenses and income for better reporting, which can provide insight for fundraising efforts, potential investors or banks
Efficient invoicing and payments which Improve customer and vendor experience 
Automating manual processes, such as building spreadsheets, so you can allocate resources towards other critical aspects of your business

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