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The Partnership. You Can Count On. Seth Pomeroy, Partner NDH Group, Ltd May, PDF

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The Partnership You Can Count On Seth Pomeroy, Partner NDH Group, Ltd May, Proposed Agenda The Value of Cloud Financial Management Systems & Reporting Prospective Review: Gain a mutual understand
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The Partnership You Can Count On Seth Pomeroy, Partner NDH Group, Ltd May, Proposed Agenda The Value of Cloud Financial Management Systems & Reporting Prospective Review: Gain a mutual understand of your options for accounting tech & reporting Define Cloud and contrast to on-premise technology Survey What is a cloud financial management system today? Agreed Upon Outcome: Identify your challenges and vision for financial management & reporting Commence an assessment of the cloud delivery method Understand your process for evaluation and options for a diagnostic review For Information on Cloud Financial Management Systems Contact: Seth Pomeroy, CPA, MIS / / Setbacks of On-Premise and Fake Cloud Systems Current Constraints: Manage financial accounting w/premise-based ERP and reporting tools Tolerate risk of data loss by onsite hosting, or by unknown 3 rd parties Updates to current ERP software require rewrite of customizations Workforce gains access to ERP system via remote connection Operate using multiple systems approach, with inefficient integrations Data mart is used to consolidate data required for financial analysis Decisions delayed by lack of real-time and detailed reports, dashboards Proposals for new on-premise and fake cloud solutions questionable 3 What is Cloud? Contrast to On-Premise Technology Evaluation / Model Cloud On-Premise Architecture Multi-tenancy Single-tenancy Define Single instance of software for user group Single instance of software for single user Delivery Method Browser, tablet, PDA Remote connection Browser (possible) Management Software partner Self (or vendors providing update, hosting, backup) Transformation for Organization Transformation for Finance Visual Infrastructure eliminated, focus on core business Custom financial process, and built by finance Multiple tenants single software Some data sharing, but still inhibited by systems Limited financial process, but dependent on IT Single tenant single software 4 What is Cloud? Contrast to On-Premise Technology Evaluation / Model Cloud Economies-of-Scale: Application and Infrastructure Fortune 100-Class Data Center Uptime ~99.98% (supported SLA) Non-Disruptive Maintenance and Upgrades Rapid Innovation Yes No Yes Yes Yes On-Premise No No No Natively Designed for Universal Web-Access Forward Compatible Customizations Modern-Day Web-Services API Yes No Yes Yes No No 5 What is a Cloud Financial Management System Today? Given the delivery method, and the architecture supporting Cloud are unique, how does cloud financial management take advantage of these differences, and what do these systems offer anyway? Or, what is a cloud financial management system today? 6 Cloud Financial Management: Secure System of controls to mitigate both internal and external threats to data, report, and application security. Infrastructure World-class data centers with the highest-level of physical, network, application, and data protections System of Controls Permissions, IP authentication, audit trail, complex passwords, and human interaction SLA Guarantees Disaster recovery, data ownership Accreditations SSAE 16 TII audit (controls at service org.), Digicert Cloud financial management aggregates requirements of large buyers, and allows economic feasibility for highly secure system. 7 Cloud Financial Management: Transparent Real-time reporting of system status and service level agreements reflect accountability of stated purpose. Third-parties provide endorsements. General System Status Published history of uptime, daily average response time, daily incident reports Global Segmentation of Status Global monitoring stations SLA Guarantees 99.8% availability (TTM avg. closer to 99.99%) Endorsements Proving high-level of controls, functionality, and technological acumen from organizations like AICPA, CODiE, Gartner Cloud financial management leverages uniform monitoring of all participants, and significant cost distribution to adv. technology. 8 Cloud Financial Management: Scalable Infrastructure, and vendor foresight in architecture of applications, allow a virtually unlimited scaling of transactions, data, and methods. Hardware Vendors keep utilization low, allowing quick response Future System designed for scale and growth Specifics Records, users, transactions, dimensions (data attributes), book methods, and entities are practically unlimited in expansion. Concurrency Simultaneous use has little functional bearing Multi-tenancy allows for economics of scale; Cloud financial system developers used in build-out (especially multi-entity). Evaluation Total Transactions Booked 100,000,000 Monthly Web Services Calls 30,000,000 Customers 600,000 Sample of Single Large Customer 9 Cloud Financial Management: Global Cloud architecture is ideally suited to global businesses who depend on concurrent use, collaboration, multi-entities, and consolidation. System for Unlimited Multi Entities, currencies, books Global Consolidation Real-time consolidation into any reporting currency, book, or statutory method User Permissioning Sets applicable filtered access for a single report Hardware/Infrastructure World-wide performance monitoring Cloud means world-wide browser access to common application and data. Cloud financial management adds specific functionality. 10 Cloud Financial Management: Custom Conventional software packages can t accommodate change without involving IT specialists. (7 Reasons to Move to Cloud Financials Now, Phil Wainewright) Driver Finance is driver of change; data modeling, workflows, approvals, custom objects, and reporting are all non-programmatic. Data Modeling Unlimited dimensions can be created for analysis Custom Apps Custom apps can be deployed (SaaS partner hosts) Pushed Forward Customizations guaranteed with new releases Architecture of cloud financials allow finance to focus on making own improvements to data collection, reporting, and workflows. 11 Cloud Financial Management: Enabling Cloud gives rise to better and quicker decision-making, and provides a more complete picture of the health of the business and marketplace. Data Rich Means of data collection, type, and attribution are unique Means Type Attribution Web Services Other Applications Currency, Statistical Reporting Books Dimensions Other Data Tags o Dimensions allow you to match rev. and cost to underlying source Presentation Rich Financial, metrics, multi-dimension, statutory Cloud financial management allows you to streamline data capture, attribution, and reporting for quicker decision-making. 12 Cloud Financial Management: Integrated No system will provide 100% of the functionality you need or want SaaS Financial System Approaches: Best in Class Options for integrating with other best of systems. Tends to specialize in one type of functionality, or focus on a constituent group. Suite All-in-one solution. Attempts to sponsor a broad application set that works better for extended processes, especially non-financial Co. s Web Services APIs Allows accurate posting of trade activity, with highly detailed segmentation, from other systems. Other Applications Both pre-integrated and marketplace apps Architecture of cloud financials offer choices for extended use. 13 Cloud Financial Management: Manageable Finance no longer held back on new initiatives for lack of proper systems to support them. (7 Reasons to Move to Cloud Financials Now, Phil Wainewright) Implementation Avoids risks associated with conventional software; separates risk of managing infrastructure from finance initiatives. Data Modeling Manage all dimensions as public objects or allow a mix of public and private objects depending on entity requirements. Testing Constituents can view, and complete user acceptance testing on a live basis, for any object in the system. Using cloud financials, implementation and changes to the system are more rapidly completed, tested, and deployed. 14 Cloud Financial Management: Automated Cloud financials are built to automate workflows and reduce staff time, errors, and admin focus. They also allow reduction of risk. Automate Basic Functions Invoicing, collections, bill payment, data input, and reporting (financial, metrics, dashboard) Automate Advanced Functions Consolidation, scheduling, metrics calc., and forecasting Scriptless Some cloud financial systems do not require scripting to complete custom workflow processing (done using standard UI) SaaS financial management vendors continue to leverage costs of developing further workflow automation to network of users. 15 Cloud Financial Management: Evolving The model is working. Leading cloud financial systems are realizing significant increases in market share over traditional systems. Public Co. s More public companies are seeing the value of Cloud, and trust infrastructure as they would their own. Development Releases made quarterly or semi-annually (depending on partner). All releases are automatically applied, with customizations preserved. Release features are robust and increasing. New Options Some Cloud vendors have options for private data infrastructure, and hardware Market share gains by cloud financial Co. s allow economics of developing new products and relationships to be realized. 16 Cloud Financial Management: Profitable Decision-making enhancement, staff time reduction, and infrastructure elimination drive ROI, but risk mitigation trumps ROI. Visibility of Costs Costs are planned, as subscriptions; capital and operating costs related to ERP infrastructure are eliminated. Risk Mitigation While not typically considered in ROI, risk reduction significant, with offsite and world-class data host. Integration & Automation Time reduction for mgm t and staff Visibility of Results More lead time on results, and action thereof ROI from cloud financials should be obvious and remarkable. Reduction of risk, and improved visibility, factors in assessment. 17 Understanding Your Process for Evaluation Prospective Considerations: Management assessment of the Cloud delivery model Board consideration of the Cloud approach, vendors, service providers Options for a proof-of-concept or pilot program Options for a Diagnostic Review Potential for discovery process, including ROI study Requirements review Research on Cloud options and prospects For Information on Cloud Financial Management Systems Contact: Seth Pomeroy, CPA, MIS / /
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