It’s no secret the now-commonplace phenomenon of cloud computing continues to trend upward as more businesses are choosing to shift their services to a cloud-based solution, and revenue accounting is no different.
We can attest to that fact, as more and more of our customers – and prospective customers – pursue our RevPro® Cloud solution for the reduced infrastructure and IT involvement, flexible scaling and cost savings.
“Most of the big technology companies are moving their solutions to the cloud to respond to their customers in the most effective way to deploy technology,” said Chris Kradjan, partner with Moss Adams LLP, an accounting and business consulting firm working with us. Kradjan, who heads up his firm’s IT audit and consulting practice, said the increased adoption rate in the marketplace today’s brings with it a higher degree of scrutiny in the quality of controls in place for cloud providers.
We are currently preparing to undergo our third independent service organization control (SOC) 2 Type 2 audit with Moss Adams. The SOC 2 report, endorsed by the Cloud Security Alliance, goes beyond financial reporting controls to examine cloud based systems for security, availability, processing integrity, confidentiality and privacy. We are evaluating whether SOC 1 Type 2 is applicable.
Gerard Genesse, Director of Financial Systems for educational resource firm Chegg, said he selected the RevPro Cloud solution for a number of reasons including speed and agility.
“It is nice to have a scalable professional solution that requires little or no IT involvement, said Genesse. “It can be implemented faster than home-grown hosted solutions and can leverage built-in best practices from across the industry.”
According to a recent survey conducted by Saugatuck Technology, 82 percent of finance and IT executives reported changing, or a need to change, their financial management systems, many of which weren’t designed or equipped to deliver real-time, actionable information amid a climate of ever-changing compliance requirements and increased management expectations.
Based on industry trends including the Saugatuck survey, more corporate leaders believe the answer lies in the cloud.
More than half (57%) of the Saugatuck respondents reported shifting their financial management from on-premises to the cloud. Reasons for the shift, mentioned by respondents, included reduced operational costs of managing, scaling and adapting the system in step with business changes, improved decision-making through access to reports and analysis of real-time financial information, internal controls and auditability built-in as core functionality and improved agility.