As with many non-profit organisations, UK housing associations must manage their finance team’s time and budget effectively to provide high-quality services to their tenants. Advances in technology over the past ten to fifteen years means that cloud software – where data is held in a secure cloud-based data centre – is now easily accessible and can be integrated to seamlessly share data with housing management systems.
A best of breed finance system will provide finance teams with an easy to use, agile, system that’s configurable to their individual needs.
In today’s market, budget holders need access to timely and accurate financial information to make informed decisions. Self-service reporting tools can provide budget holders with the information they need to make sound financial decisions quickly and easily. A cloud finance system with self-service reporting capabilities is an excellent way to achieve this.
What is a cloud finance system?
A cloud finance system is a software-as-a-service (SaaS) solution that enables housing associations to manage their finances in the cloud, rather than with software that is downloaded onto local computers on the premises. This means that finance teams can access financial data from anywhere with an internet connection, delivering real-time answers whether they’re working from home, in an office, or off-site.
Cloud finance systems also offer a range of features that can make financial management more efficient, including automated workflows, data analytics, and forecasting tools. This automation allows reporting to be done immediately within the system, without the need to work through complicated spreadsheets validating data.
What benefits can cloud finance software bring?
A cloud finance system will be delivered with inbuilt self-service reporting tools, empowering finance teams to easily produce accurate, real-time reports. Intuitive reporting tools can be used to create custom reports that meet the needs of the business, analyse financial data at any time during the month, monitor budgets, track expenses, and identify trends as they occur, rather than waiting for periodic reports. This allows CFOs and senior management to respond to financial challenges in a positive, proactive way.
A cloud-based system will be automatically kept up to date without the need to re-purchase the next version of a system to keep on top of new tools and security features. Cloud finance systems also bring the reassurance of greater data security. Data centres that use the latest security protocols and encryption methods will protect sensitive financial data, and this added level of security provides reassurance to housing associations that their data is safe, even in the event of an on-site security breach.
Why is cloud finance software right for you?
Modern, forward-thinking housing associations are already thinking about how to speed up routine tasks, freeing up the time of their finance team to deliver more complex projects. Automation, seamless integration into housing management systems, and real-time access to data allow housing associations to deliver on their core purpose: delivering services to their tenants.
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