Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

June 6, 2012

Cloud Accounting Best Practices: Webinar Summary

Posted by Lindy Antonelli

The Cloud Accounting Institute Passed a milestone. We communicated the results of our first study in a well-attended Cloud Accounting Best Practices Webinar on May 30. Today we offer those results as a report, “Software as a Service for Accounting: Benchmark Study (2012),” for the sake of those who could not attend.

We knew this wave was moving fast, but would you believe? Over half the respondents in our survey have deployed at least one cloud application already, and fully 82.5% intend to use SaaS for their accounting needs in the future! This amounts to an unstoppable wave of SaaS migrations. We will conduct this survey annually to provide a continually updated benchmark for the profession.

Our thanks go out to the survey respondents – finance professionals who responded anonymously – for helping us document this phenomenon, along with their expected benefits, concerns, and satisfaction levels with specific software capabilities. More than a third of the respondents also took the time to add comments providing further insight into their situation.

We also thank the panelists in yesterday’s webinar for adding their experiences and understanding. The top-ranked benefits told us that small and medium size businesses (SMBs) are moving to the cloud because they don’t want to be in the IT business. Brandt Kucharski put flesh on the statistical bones. He described how his company, the leading online restaurant delivery service, completed a rapid migration to Intacct in the midst of double-digit corporate growth. Thanks to anytime/anywhere access to the Intacct financials, he was able to direct the effort to merge the disparate financials remotely.

ACCOUNTING TODAY Technology Editor Seth Fineberg pointed out that historically the CPA profession tends to be late adopters, but that the strength of the SaaS wave will likely accelerate the adoption cycle even among conservative firms. Moving to the cloud makes the CPA/Client relationship more collaborative  and offers many opportunities for new, up-market business on the “virtual CFO” model. (By contrast, moving accounting to the PC – the last wave of adoption – took business away from CPAs.)

Copies of the “Software as a Service for Accounting: Benchmark Study (2012)” report are available free to survey respondents, and to Cloud Accounting Institute members. If you have not yet formally joined CAI, you can sign up right now. Membership is free this year. The report is currently in production but we will email it to the address on your registration form as soon as it is released.

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