17 Apr Accounting Software Online | Going Public in the Cloud Part 2
You are a publicly traded company, or soon will be, and financial management just got a whole lot more complex. You need more sophisticated accounting software fast.
Finding the right enterprise software solution for a publicly traded company is tricky. You want to save on costs but you also want the sophistication and power necessary to streamline the book building process, gain reporting efficiency and accuracy while reducing waste. The cloud offers significant costs savings over on-premises deployments, but are all cloud solutions qualified to handle the needs of a publicly traded business? To help you answer this question and find the best solution for your needs we created a blog series on considerations for going public in the cloud.
In our first post of the series we discussed cloud compliance solutions. In this second installment of the series we will be discussing accounting software online for publicly traded businesses.
When the economy is strong there are about 750 to 1,000 companies that go public every year on offerings underwritten by investment-banking firms, according an article at Entrepreneur.com. Just getting to this point requires sophisticated financial management and robust reporting and analytics. And once these companies do go public they have to juggle more rigorous reporting, SOX compliance, proxies, and shareholder meetings, while keeping the company moving forward at pace.
Forecasting is also more complicated as a public company and the stakes are higher. Missing forecasted numbers can severely tarnish a company’s reputation. Being able to accurately plan and forecast with role based analytics and real-time data is critical to success in public markets.
“It doesn’t have to be complicated but it must be reliable,” said a recent article at CFO.com about forecasting for publicly traded companies. “Once again, if your current forecasting system is not sufficient, now would be a prime time to bring it up to par.”
While there are a lot of products that call themselves “ accounting software online ” many are supported on public cloud infrastructure. These solutions are not all fit for public companies and lack sophisticated enterprise resource planning tools and built-in forecasting, robust reporting and online accounting modules.
Here are 5 questions you should ask about accounting software online to determine if a solution is the right fit for your public company:
- Does the solution offer hundreds of standard reports, predefined chart of accounts, plus consolidated financials, multi-entity reporting and multi-currency reporting?
- Will the solution integrate with existing applications and work seamlessly with Microsoft Office products such as Word and Excel for streamlined reporting with the data you need, in the format you want?
- Does the solution deliver role-based analytics, KPIs, and real-time business intelligence, plus social insights to help you become proactive and predictive for more accurate forecasting and planning?
- Will the solution help you avoid risk through intelligent cash-flow management, automation for compliance backstops, role based access restrictions and detailed audit reports with traceability?
- Is the solution accessed through a public cloud infrastructure or is it secured through a compliance-validated hosting environment that satisfies SSAE 16 Type II reporting?
Check back soon for the next article in the series, or contact us to learn more about RoseASP’s Cloud Compliance Solutions.
Check out this case study to see how one emergency services company stays compliant in the cloud: