Author: Team 6e

Do you think your services-based company needs cloud accounting? Is your system ready to handle this new cloud-based software? There may be many such questions in your mind when you are thinking of implementing cloud accounting in your Oracle enterprise business suite. Let us see how to determine whether your system requires to cloud accounting along with its benefits.

While you store numerous documents or images in your cloud, your emails are also stored in the cloud most of all. In a way, the cloud offers us many advantages to store and manage resources. Similarly, the accounting cloud also renders the organizations with several amazing benefits such as:

1. Automation
Cloud-based accounting solutions automate routine jobs and save a lot of time by working in real-time.

2. Accessibility
You can store or manage your data and resources from any place through any device connected to the internet. It can also be accessed by mobile devices as these solutions are mobile-friendly also.

3. Integration with Multiple Apps
The cloud-based solution can be integrated seamlessly to make the tasks more manageable for you. These complementary jobs can easily correspond with the cloud.

4. Less Manual Interference
Since the functions are automated, so with the help of seamless integration, you can move data around conveniently and restore it. Only a small extent of manual assistance is required in this process.

5. Security
Regardless of hardware, your data is stored safely. Easy mitigation of data, even in case of hardware malfunctioning or system crash, is possible when you use a cloud. In addition to it, your provider ensures that all your data is secured and infrastructure is monitored to safeguard your assets.

6. Cost-Effective Solution
Cloud-based solutions are cost-effective. You pay only as per your plan or subscription. Besides, there is no need to install costly hardware on your system. The provider does it all for you.

7. User-driven Innovations
Applications based on the cloud are developed as per the user’s specifications and are updated on a regular basis as per the user’s demand and insight.

8. Energy-efficient Technology
Your data is stored in data centers at offshore locations rather than onsite. This way you can make sure that the cloud service provider is using the latest and most advanced technology.

More About Cloud Accounting
Cloud accounting is the modern way of accessing the accounting software through your browser without even installing it on your system. You can access your cloud-based application anytime anywhere through any device that has an internet connection. This is also known as online accounting and is very much similar to the “Software as a Service” business model. Online accounting makes it easy for employees of a company to stay in touch with their accountants and data whenever they want.
Now when you know about cloud Accounting and all the advantages related to cloud-based solutions, you should also be aware of the questions like “why are you not accounting or invoicing on the cloud?” or “when do you think you will be ready for cloud accounting before it is too late?”

Let us find the answer to the above-asked questions through an assessment test:

Question 1. How do you manage your account processing?
By using excel or word for reports and invoicing
Have installed an accounting software on my computer
An accountant does it for me

Question 2. How do you collaborate?
Through email interactions
Call my staff in my office to share the insights

Question 3. How do you ensure that your business particulars are safe and secure?
I trust my guys
By backing up the data in my drive
By saving the important emails

Are you aware of the market standards and where your business stands? Is your site mobile-friendly?

Or you are least bothered about the latest developments in your business area.
Well, there are innumerable questions that can help you assess your business and where it is positioned in the industry. After answering all these questions, you will know what is lacking and what needs to be done for the progress of your business and to improve your business revenues.

While adding various software and tools to your business might help you in some of the operations of your company, in the long race, managing numerous tools might be a time-consuming task and need more resources than required.

Incorporating enterprise resource planning (ERP) in your business simplifies the operations and manages your business processes automating all the operations and back-office functions.

ERP Accounting Software
More and more firms are implementing cloud ERP in their businesses as it processes the information in real-time from anywhere, anytime. We all know that ERP is the ideal option for storing and processing data, especially when it comes to accounting tools.

Oracle ERP Cloud helps you increase the productivity of every core business process such as financial, accounting, procurement, and much more. This cloud also offers inbuilt features that are specific to a country’s regulations, which means it provides Global adoption. For example, it provides new compliance with GST or Goods and Service tax regulations and facilitates native support for such kind of network in India as many multinational companies operating in India and this country renders offshore data centers to numerous organizations across the globe. So, this is an excellent feature for MNCs whose processing of various operations takes place in this country.

Therefore, accounting software for an Oracle ERP Cloud is an advanced, modern, and sophisticated financial platform that delivers seamlessly through the Oracle Cloud. An Oracle implementation partner can help you implement ERP cloud in your system as per your business needs and market criteria.

It gives you effortless access to the data over the internet. And the best part is that it is easily customizable as per your business demands and incorporates your business-specific functionalities in your system. For example, you can add inventory control capability along with payroll function in case you are a manufacturing firm.

Besides, Oracle cloud helps you power intelligent business operations, enable growth, reduce the complexity of operations, reduced costs, differentiate your business from the competitors and boost your ROI through proven ERP practices.

To Sum Up…
Financial data is critical information for any business, and if you want to move it to a cloud, the service provider should be well-known and trustworthy. So, once you decide that you need to move your accounting to the cloud, you are required to find a cloud service provider that has great infrastructure, platform, storage, and application services. It is crucial to check the capability, security measures, and reliability of the provider before you subscribe. Hire the provider with the best performance, quality, and timely delivery.

Successful Cloud ERP Implementation- Points to Consider

Are you planning to migrate your existing Enterprise Resource Planning (ERP) to the cloud? If you have never done this before, you might face a few issues while moving your ERP. There are uncertainties and complexities involved in this kind of software implementation. Since it involves enormous investments and of capital and other resources and can affect any aspect of business drastically, Cloud ERP implementation is considered quite a challenging task.

For ERP implementation to be successful, you need to be very careful with your planning and provisioning. Since we have years of experience in implementation, consultation, and customization of Oracle ERP cloud, we have come to know about the nitty-gritty of these ERP projects. We are offering you several factors to ensure that your ERP project is booming from the onset.

1. Include Expert Implementation Professionals
It is the most crucial decision to involve the right kind of professionals in your implementation team. Whether you have your internal team or have hired Oracle implementation partners, you need to make sure that you are contented with the methodologies that the implementation staff is using and these people are helpful.

2. ERP Implementation Methodologies
Defining the implementation approach in advance is critical. The team should acknowledge your current business processes and offer a tailored solution as per your business requirements. If you are hiring a third-party for ERP implementation, then the methodologies followed can be

Complete Service Implementation Approach
Here your Oracle implementation partners work full-time and provide hands-on services to the customers. They do all kinds of designs, application configuration, and other heavy liftings. Mostly larger organizations with complex processes go for the full-service approach.

Guided Approach
This is a short-term approach followed by companies with straight-forward and well-defined business processes. Additionally, the organizations that have resources and expertise for ERP implementation themselves take this guided approach. Here, the implementation partner is hired to render their clients with standard project flows and project management while customer conducts the system configuration.

3. Outline Your Fundamental Business Requirements
When you define your business requirements, these lay the foundation of resources and time needed for the application design as well as configuration strategies. They also help to determine the project scope and timeline.

Below are some suggestions to make sure that your requirement collection process is fruitful:

Recognize your Unique Business Requirements

• Identify your business rules, logic, and hence, needs along with applications that are to be configured on the ERP to ascertain that the new software implementation support all your business processes.
• Develop the consistent and comprehensive understanding of how your Oracle enterprise business suite is going to manage the standard flow of any business process and special use cases.
• If the business requirements are not adequately defined, they can cause significant financial and timeline complications.

Modifications in Project Scope
During the implementation process, there are chances that the project scope might need changes. This happens mainly because of unidentified business undertakings that may occur during new business acquisitions, product line expansion, sales process or numerous other reasons. Hence, it becomes necessary to establish new strategies to handle the alterations in the scope of the project.

While analyzing the modifications in scope, budget, timeline, and quality are the three factors that are taken into account and considered most critical factors. Therefore, effective and well-defined strategies are designed to achieve the project goal efficiently.

Phased Approach to ERP Implementation
If your organization is large and areas of improvements are vast, then EPR implementation process might take a long time to cover your implementation goals. In such case, you may consider adopting the phased approach to accomplish gradual implementation.

This way you can prioritize your areas of requirement, and critical functionalities can be delivered based on their importance. It also helps you communicate your business requirements along with pending design decisions based on embraced business processes after the completion of one or more phases during implementation.

At the End to Sum Up..
Implementation of ERP cloud may be an arduous task, but by incorporating the above actions in your in your ERP implementation strategies, you can save a lot of money and efforts. An ERP consultation firm may assist you in ensuring that your ERP project is on track and migration to ERP cloud is successful and timely.