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An integrated platform to manage and handle a range of matters in a secure environment. Litigation is recognized as cost of doing business. The threat of litigations can give rise to significant and substantial indirect cost to company which are time bound and imminent. Managing litigation on an integrated platform increases productivity boosts legal efficiency and cost-effective.
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SOD solutions that worked a decade ago have become unmanageable for many organizations. First-generation GRC tools and manual processes haven’t kept up with today’s auditors, who now want proof of SOD controls. Periodic samplings have given way to demand for all-the-time, no-exception execution. Here are five ways to know you’ve put yourself at risk of SOD noncompliance.
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Understanding and effectively managing financial and operational risk exposures is a challenge faced by companies of all sizes. Finance leaders are increasing taking ownership of risk management at their companies in addition to taking on more direct leadership of company growth initiatives. Discover how Finance leaders from fast-growing start-ups to the Fortune 500 are turning to the Cloud to help them identify, mitigate, and manage dynamic risk exposures across the enterprise, and allowing them to focus more on driving company growth and shareholder value. This webinar will feature a case study detailing how one company has successfully leveraged the cloud in elevating the effectiveness of its risk management programs while subsequently driving successful growth initiatives.
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This white paper compares SaaS-based IT Service Management software with on-premise, legacy solutions.
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Get the white paper and learn how the SaaS approach delivers greater value to your company!
Month- and year-end reconciliation of corporate financial data that relies on spreadsheets is a universal practice that is not fun, not accurate, and not necessary. One goal of many companies implementing an ERP system is to eliminate these spreadsheets.
View the original Blog post: http://www.eprentise.com/blog/trends-and-technology/going-green-in-erp/
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
Ensure your data is Complete, Consistent, and Correct by using eprentise software to transform your Oracle® E-Business Suite.
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Month- and year-end reconciliation of corporate financial data that relies on spreadsheets is a universal practice that is not fun, not accurate, and not necessary. One goal of many companies implementing an ERP system is to eliminate these spreadsheets.
View the original Blog post: http://www.eprentise.com/blog/trends-and-technology/going-green-in-erp/
Website: www.eprentise.com
Twitter: @eprentise
Google+: https://plus.google.com/u/0/+Eprentise/posts
Facebook: https://www.facebook.com/eprentise
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Realize your business potential in the cloud. This guide includes:
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4. Creating governance rules
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7. Moving forward into the cloud - long term management
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Decades of experience and research have shown that organizations maximize their return on investment (ROI) when they build or buy solutions that automate core processes. While making the build versus buy decision for automated or ancillary data integrity controls, an organization needs to determine if it is in the business of controls and how each option impacts Capital Expenditures (CAPEX) and Operational Expenditures (OPEX) budgets. “Buy to standardize, build to compete” has been an IT mantra for many years. Yet, executives responsible for developing an automated controls strategy continue to struggle with this question. The decision not only impacts the ability of an organization to meet its immediate controls needs but also has longstanding influence on the ability to maintain and sustain an internal control environment that is aligned with business needs. The rule of thumb has been: if the system is a requirement for business, “buy” is the answer; conversely if the system provides a competitive advantage, then the answer
is “build.”
In this paper, we propose an alternative way to look at Build vs. Buy by splitting “buy” into two options: – pre- packaged offering and configurable solution. The pre- packaged offering refers to an off-the-shelf product, while a highly configurable solution combines the virtues of a “build” solution with the flexibility and adaptability of a “buy” solution that is faster to deploy and removes the risk inherent in building internal controls. Regardless of the solution, the decision points remain the same: CAPEX vs. OPEX cost, time to deployment, internal politics, regulatory compliance mandates, architecture, IT staff competencies and strategic importance to the organization’s bottom line. However; as IT departments are increasingly stretched thin, in part due to increased data governance, audit, and overall challenges to close fragmented data integrity gaps, the case for a highly configurable data integrity controls solution becomes a compelling consideration to deliver a tailored system that capitalizes on the benefits of both building and buying. Leading organizations that use Infogix Controls have achieved significant cost savings (up to 80%) compared to internal development options. In addition, implementing Infogix Controls has enabled these organizations to rapidly deploy controls to efficiently meet changing business and audit needs. This position paper provides a framework to compare and contrast build versus buy by evaluating buy in two dimensions – pre-packaged vs. configurable – to delve into the financial and non-financial implications of these options.
Similar to Whitepaper-10-Factors-Driving-Rapid-Cloud-Accounting-System-Adoption (1) (20)
1. www.xledger.co.uk
10 Key Factors Driving Rapid Cloud
Accounting Systems Adoption
October 2015
This whitepaper takes a closer look at what’s driving the rapid adoption of cloud accounting systems
and provides an overview of the 10 key factors that are pushing more and more CFO’s into the cloud
for accounting and financial management.
2. www.xledger.co.uk
Executive Summary
Today, as the role of finance becomes ever more
strategic, there is a significant and growing demand
to improve the department’s ability to provide
information and insight to the business.
Organisations running outdated and disparate on-
premise accounting systems, largely dependent on
manual processes, make it difficult for finance
professionals to rise to the challenge of managing and
analysing their financial data.
Such an outdated or non-integrated accounting
systems landscape can also mean that an
organisation is operating at a sub-optimal level.
A recent survey by Deloitte found that nearly 50% of
CFO’s reported that their accounting systems did not
adapt well to changes in business strategy, tactics or
scale.
50% of CFO’s report that
their finance systems did
not adapt well to changes
in business strategy.
Only 40% of CFO’s feel
positively about their
ability to provide
insightful management
information.
Only about 40% felt positively about their ability to
provide information in ways that reveal relevant
business insights and facilitate decision-making.
To cope with this change modern CFO’s are adopting
new and emerging technologies to meet demand.
With the benefits of cloud computing well
established, CFO scepticism about data privacy and
security has now given way to the rapid adoption of
cloud accounting systems due to their lower
ownership costs and more rapidly realised benefits.
In fact, according to a study by Longitude Research
24% of CFO’s have already implemented a cloud
3. www.xledger.co.uk
1. Lower ownership costs & higher ROI
2. Automatic upgrades
3. Faster implementation speed
4. Improved scalability
5. Wider accessibility
6. Increased operational efficiencies
7. Simpler financial systems landscape
8. Value-added integration
9. Complete future-proofing
10. Better management information & reporting
accounting system, and a further 45% are planning to
do so in the next 12 months.
Furthermore, the total cost of ownership of a cloud
accounting system is considered to be 50% less than
that of an on-premise system.
With lower total costs, return on investment (ROI)
can often exceed triple-digit percentages, while
payback timing is typically a fraction of on-premise,
averaging only 3-6 months according to a recent
study.
This whitepaper takes a closer look at what’s driving
this rapid adoption and provides an overview of the
10 key factors that are pushing more and more
CFO’s into the cloud for accounting and financial
management.
24% of CFO’s have
already implemented a
cloud accounting system.
A further 45% of CFO’s
are planning to do so in
the next 12 months.
4. www.xledger.co.uk
Traditional On-premise Accounting Systems
Installed locally on your company’s servers and then
managed and supported by your own IT staff.
Procured via CapEx budget.
Perpetual licence model.
Requires local IT infrastructure.
Requires internal IT support and administration.
Data and system are local.
Requires self-managed upgrades.
Requires local management of integrations to
other applications.
Systems and processes are evolving and complex.
Requires local licencing of supporting software.
The Difference: Cloud versus On-Premise
Cloud Accounting Systems
Hosted externally by the vendor and provided to you as a
service – hence the common term SaaS or Software as a
Service. With cloud deployments the software, and
financial data within, are managed centrally by the vendor
and accessed by customers via the web.
Procured via OpEx budget.
Monthly subscription model.
Local IT infrastructure needs reduced.
Local IT support and administration needs
reduced.
Data and system moved offsite.
Upgrades managed by vendor.
Systems and processes are more standardised.
Before we go any further let’s look at the key differences between traditional on-premise and cloud accounting
systems.
5. www.xledger.co.uk
The total cost of ownership of a cloud accounting
system is considered to be 50% less than that of an
on-premise system.
Not only does this apply to the upfront cost of on-
boarding a new system but also to the ongoing,
sometimes hidden, costs of maintenance and
support.
With lower total costs, return on investment can
often exceed triple-digit percentages, while payback
timing is typically a fraction of on-premise,
averaging only 3-6 months according to a recent
study.
On-premise accounts systems usually require a large
upfront CapEx investment in product licenses and a
large commitment in time and resources for
implementation before any benefits are realised.
In addition, we also have the significant ongoing cost
in time and money to maintain and support the
system internally.
Other internal costs come in the form of hardware,
servers, databases and training.
Finally, we have the substantial costs of upgrades.
Upgrading to the latest release of an on-premise
system interrupts day to day operations and costs you
time and money when IT staff have to redeploy the
new version.
Any customisations you’ve made to the system need
to be identified, tested, potentially rewritten and
then re-installed. The same goes for any integrations
you’ve made with other systems like reporting tools,
payroll or procurement.
Lower Ownership Costs & Higher ROI
1
The total cost of
ownership of a cloud
accounting system is 50%
less than on-premise.
Return on Investment can
exceed triple-digit
percentages within as
little as 3 months.
6. www.xledger.co.uk
For cloud-based systems the cost scenario changes
completely. The initial CapEx cost for product licences
is replaced by a lower OpEx cost for subscription
given you are likely to be subscribing to use the
system on a monthly basis.
The cloud vendor also hosts and maintains the system
for you negating the need for an internal IT
infrastructure and IT staff to provide support.
The vendor will also ensure your data is secure and
that any upgrades are rolled out painlessly behind the
scenes.
Choose the right cloud accounting system and you
may also be able to avoid signing long-term contracts.
At Xledger our customers pay as you go on a monthly
basis and are able to walk away by giving only 30
days’ notice.
The cost of a monthly subscription with Xledger is
also dependent on usage so, if you use Xledger less
than normal, you pay less in that month.
7. www.xledger.co.uk
Automatic Upgrades
Upgrading a key back office system like finance can
cause significant business disruption. Not only do
you have to factor in the overall cost, in time and
resource, but also the impact of downtime on the
business itself.
The disadvantages of on-premise system upgrades
were covered earlier in this document, however, it’s
vital to note that the complexity and hassle of the
process has far more sinister side effects.
A study by the Aberdeen Group found that just 28%
of companies are using the latest release of their
chosen accounting system.
As for the rest, 31% are 1 release behind, 13% are 2
releases behind, and another 13% are 3 or more
behind.
A grand total of 78% of companies, by declining to
upgrade, are running their businesses in a
suboptimal manner on ageing out of date software.
Not only does this mean a business is not maximising
its initial CapEx investent, it also means the business
ceases to benefit from any future developments or
improvements.
Software companies pour millions into ensuring their
systems remain at the cutting edge. By not upgrading
a business is, in effect, actively opting out of future
improvements in functionality, process, automation
and cost savings whilst still paying for the privilege via
maintenance and support – typically 20% of your
original product licence cost.
2
Just 28% of companies
are using the latest
system release due to the
increasing trend to
decline disruptive system
upgrades.
8. www.xledger.co.uk
By comparison, cloud accounting systems like Xledger
are constantly enhanced and upgraded in the
background - with no impact on your business other
than the occasional new release announcement
detailing improvements.
Business continues as usual without interruption and
your organisation instantly benefits from any
functional improvements like enhanced automation
or those developed in response to high priority user
requests.
9. www.xledger.co.uk
Faster Implementation Speed
A key part of an on-premise implementation is the
installation of essential supporting IT infrastructure.
For those of us running multisite or multi-company
organisations this can be multiplied by the number of
additional locations. This requires time, lots of it, and
will significantly swell the cost of deployment as well
as slowing it.
On-premise deployments can take between 6-12
months depending upon the complexity of your
organisation.
Cloud deployments, on the other hand, do not
require a supporting infrastructure so your business
does not have to dedicate time and money to this
process. All you need is access to the internet via a
browser.
Your business can be up and running on a new cloud
accounting system in only 1-4 months.
Again, for those of us running multisite or multi-
company businesses the story remains positive. Once
configured to your business a cloud accounting
system like Xledger can be rolled out to new locations
in a matter of hours using powerful hierarchical
inheritance templates.
This capability ensures you avoid the additional
hardware and software costs at those locations.
3
On-premise deployments
can take between 6-12
months whilst cloud
accounting systems take
between 1-4 months.
10. www.xledger.co.uk
Improved Scalability
Business growth or change are often the key factors
in a finance team deciding to review what systems
they have in place.
Most commonly this is down to a lack of functionality
due to change or a lack of scalability due to growth.
The ability for your business to remain agile
throughout whatever changes the market dictates is
key to sustained growth and profitability.
Cloud systems are easier to scale, giving you the
flexibility to add more users or locations as your
business grows.
On-premise systems don't offer the same freedom—
to give more employees access to the system it's
often necessary to provision additional hardware.
To bring new sites or locations into play a new
implementation and product licences are required.
With systems like Xledger the benefits of cloud reach
even further. Xledger customers only pay for what
they use. If they need to scale back the number of
users the amount they pay per month decreases –
that’s only fair after all.
Conversely, if you experience major growth you can
bring new sites or locations online in a matter of
hours.
Any demands for increased hardware or processing
capacity are met by Xledger. This ensures a high level
of service availability is maintained.
4
Cloud systems are easier
to scale, giving you the
flexibility to add more
users or locations as your
business grows.
11. www.xledger.co.uk
Wider Accessibility
Our 24/7 mobile world has caused many businesses
with on-premise accounting systems to opt for client
or terminal server technology.
This will, to a certain extent, enable employees to
gain limited out of office hour’s access to an on-
premise accounting system.
Whilst not yet outmoded, these technologies still
need to be acquired, implemented and supported
and will significantly add to the overall cost of
ownership of your accounts system.
Cloud accounting systems, on the other hand, do not
require that additional technology or spend. They are
built, from the ground up, as web-based systems.
Xledger, for example, can be accessed from anywhere
in the world, whenever you want, from any device
whether desktop or mobile.
All you need is a browser to access the internet.
Cloud accessibility also brings with it far wider
business benefits.
Xledger provide real-time dashboards at management
level enabling your senior team to review business
information and KPI’s on the go, at board meetings or
from home.
Accessibility is particularly important for organisations
with mobile workforces like professional services firms
booking time and expenses or busy executives with
approval responsibilities.
5
Anytime anywhere cloud
system accessibility
brings with it far wider
business benefits than
restrictive on-premise
systems.
12. www.xledger.co.uk
Increased Operational Efficiencies
Any system, whether on-premise or cloud, that
automates an otherwise manual administrative
process will enable you to deliver efficiency gains.
Traditional on-premise accounting systems can help
you to streamline many core financial processes but
struggle if a process involves more than one location
or division and if the people involved in the process
are not firmly tethered to their desks.
Cloud accounting systems allow you to leverage their
inherent accessibility and take automation to the next
level.
Multi-company consolidation, multi-currency
conversion and purchase to pay are key examples of
processes that on-premise system struggle to deliver
without additional spreadsheet workarounds
required at headquarter or subsidiary level.
Cloud accounting systems like Xledger enable you to
consolidate globally, in real-time, leading to an
instantaneous close because the system is used
companywide via a browser.
Collating spreadsheets from subsidiary businesses
and uploading them to a central accounting system is
a thing of the past.
The same applies to the purchase to pay process.
Xledger users are able to post and pay supplier
invoices within 3 clicks of a mouse from any location
at any time.
6
Cloud accounting systems
enable you to consolidate
globally in real-time
leading to an
instantaneous close.
13. www.xledger.co.uk
Simpler Financial Systems Landscape
According to a report by Longitude Research the
accounting systems landscape within businesses is
highly fragmented.
By mid-2014 only 19% of businesses had managed to
standardise on just one accounting system. In fact,
32% had between 2-5, 24% between 6-10, 17%
between 11-20 and 8% had even more.
Few CFOs, if any, would dispute that this has been
driven by the inflexibility of on-premise accounting
systems that require a standalone implementation at
individual locations, divisions or group businesses.
Again, even fewer CFOs would dispute the
advantages of standardising all these systems onto a
common platform across their entire business.
The advantages are both crystal clear and compelling:
Standardisation drives huge efficiency and
productivity gains as businesses are able to
streamline key financial processes.
It is also costly to maintain disparate systems
and to provide bespoke interfaces between
them.
Cloud accounting systems remove this complexity.
They enable your entire business – regardless of
location – to adopt the same solution and the same
processes companywide.
With Xledger you can have new operations or
subsidiaries up and running on the system in hours.
No need for a costly separate implementation and
this splintering of your financial systems landscape.
7
By mid-2014 only 19% of
businesses had managed
to standardise on just one
accounting system
companywide.
14. www.xledger.co.uk
Value-Added Integration
8
Live integration with
banks enables you to
benefit from automatic
bank reconciliation and
live visibility of your
balance sheet and future
cashflow.
Integrating an on-premise accounting system with
other systems within your organisation can be
challenging.
Not only do you require costly in-house expertise to
achieve this but also the time to commit to the
process.
These days it’s common for finance systems to be
integrated with additional reporting tools and
procurement systems to improve the quality of
management information you can extract.
Moving to a cloud accounting system negates the
cost, time and expertise require to do this. The cloud
vendor often takes responsibility for these projects.
Integration programmes developed for one customer
are available to all.
Not only does this mean you can swiftly and
seamlessly integrate with other popular systems it
also means you benefit from wider third party
integrations.
Xledger provide live integration with banks enabling
you to benefit from automatic bank reconciliation
and live visibility of your balance sheet and cashflow
forecast.
Other integrations with Companies House and the
VIES database mean that customer and supplier
records are automatically populated when you add
them to Xledger.
15. www.xledger.co.uk
Complete Future-Proofing
A recent study by Thomson Reuters highlighted that
63% of finance teams had failed to update or
upgrade their on-premise accounts systems for 5
years or more.
They key reasons for this?
The effort required and costs associated with a full
upgrade and worries that customisations wouldn’t
translate into the new release.
Many businesses, then, are making do with
technology 5+ years old to run their organisations.
Herein lies one of the fundamental differences
between on-premise and cloud systems.
Had these finance teams been using cloud
accounting systems they would have automatically
been using the most up to date version of the
software. No upgrades required.
At Xledger we update our system 4 times a year. This
happens in the background, with no impact on our
6,000 customers.
With each update we provide information and
training on new and improved functionality. The
result, our system remains at the forefront of
technology and is fully future proof.
9
63% of finance teams fail
to update or upgrade
their on-premise finance
systems for 5 years or
more.
16. www.xledger.co.uk
Improved Management Information & Reporting
Advisory firm PwC revealed, in their recent
benchmark report, that the best finance
professionals today are producing actionable
information - not circulating numbers that are likely
to be out of date as soon as they are released.
These top performing teams are spending far more
time analysing information, sometimes up to 40%
more time, than gathering it. The actionable
intelligence this provides is invaluable to those
responsible for making decisions.
There are 2 key principles to the provision of this kind
of insightful management information. The first is
that it’s up-to-date and accurate and the second is
that it’s immediately accessible for use.
On-premise solutions struggle on both these counts
due to their inflexibility.
The need to use spreadsheet workarounds to bolster
the gathering and analysis of information within an
on-premise system leads to both inaccuracies (due to
double and, sometimes, triple data entry) and major
time lags slowing the process and, in the end,
providing out of date information.
Then there’s accessibility. With many senior
professionals now out on the road, or hopping from
meeting to meeting, vital information needs to be
available on the go from anywhere on any device –
not only via your desktop in the office.
These on-premise issues are supported by findings in
a recent benchmark study by Deloitte. Deloitte
found that 60% of businesses agreed their finance
10
60% of businesses agreed
their finance team’s
management information
was not sufficiently
insightful.
17. www.xledger.co.uk
team’s management information was not
sufficiently insightful.
One of the key reasons identified for this were the
limitations of traditional on-premise accounting
systems.
Cloud systems solve this issue instantly with access to
information assured instantaneously from anywhere
with a browser.
In Xledger data is communicated via real-time online
dashboards tailored at role level to the individual.
Because Xledger is accessible to everyone in an
organisation, via any device at all times, there are
none of the inaccuracy issues associated with double
keying and all data entered is available for immediate
analysis.
18. www.xledger.co.uk
Xledger UK
10 Victoria Street
Bristol
BS1 6BN
Tel +44 (0)117 3291050
About Xledger
Xledger is a leading supplier of Cloud Accounting and
Financial Management systems to over 6,000
organisations in 40 countries.
We operate in the UK, US, Norway and Sweden and
via a global network of 80 Partners.
Xledger is designed to meet the accounting and
financial management needs of ambitious project-
based, multi-company and multi-site organisations.
Our customers achieve significant benefits in greater
flexibility, improved control and understanding of
their businesses along with significant savings in both
cost (25% - 75% savings) and management time.
Xledger positively impacts our customers’ businesses
across 3 key value pillars:
Operations - Simplify day to day operations
through process automation for efficiency
gains, cost reduction and increased
productivity.
Management - Improve confidence and
control through real-time business insight for
effective decision-making.
Strategic - Step back from the grind of day to
day operations and focus your energies on
strategy and business growth.
Please visit www.xledger.co.uk for more information.