Case

what is traditional financial system?

Traditional financial systems mean financial systems are used in companies before.

Risks of traditional financial systems

1. Delays – The CEO needs the latest consolidated financials. The best finance can do is offer reports that are already weeks old – or reports based on today’s numbers that will be available next week.

2. Security Risks – Security is compromised when someone accidentally emails confidential reports to a vendor instead of the board of directors.

3. Errors – To create reports, the finance staff has to download data from one or more financial systems and aggregate, manipulate, and format the data in a spreadsheet – providing ample opportunity for errors and reducing finance productivity.

4. Increased Software Costs – The controller gets a $100,000 invoice for add-on data warehousing and reporting software – plus an HR request for $100,000/year for IT staff to manage them.

Traditional Financial Systems vs. the Cloud

The business world today is highly competitive, collaborative, and distributed. In order to gain a sustainable advantage, every stakeholder must make intelligent decisions based on real-time information. Companies rely on their financial systems to provide them with real-time, actionable, and relevant data that will help them build, plan, define, measure, and drive performance.

Moving to a cloud-based financial system like Intact can help companies achieve the real-time visibility they need, without the cost, risk, and complexity of a traditional, on-premises system. Companies who have implemented cloud-based financial systems highlight several significant benefits over their previous on-premises system, including:

* Real-time access to the information they need, from a single system

* Instantly view business information customized to the needs of each user

* Easily create ad-hoc reports to support specific initiatives

* Provide a visual snapshot of the company’s...