Although the concept of the Cloud is not new, the idea of organizations moving to a cloud-based ERP is an upcoming trend that presents many opportunities for automation and standardization for organizations.
However, although moving to a cloud-based ERP is a step in the right direction, it is critical to remember that an ERP alone can’t fully support the automation of your Record to Report process. ERPs are designed to manage your daily activities, but when it comes to closing the books, there are multiple manual steps that occur outside the ERP, creating the risk of human error.
Moving to a Cloud ERP enables you to have the flexibility to easily integrate with other best-in-class complementary solutions, such as Record to Report automation. By doing this, you can seamlessly eliminate those manual steps that occur when closing the books to ensure the reliability and accuracy of your period end numbers.
This approach can also be the most time and cost effective, and can provide you with the least project risk. You don’t have to undertake expensive and complicated customization, and you can join a network of other organizations who have been through this process before, learning from their best practices and ensuring a successful project.
For more information on this topic or the other 3 Record to Report trends of 2018, view our webinar recording below.
Written by: Kelli Shoevlin