Enterprise cloud finance applications provide the backbone of the accounting, finance and treasury departments for organizations. These applications automate processes such as financial close cycles, regulatory requirements and cash management. The software supports the financial operations and delivers the core foundation for enterprise resource planning (ERP) and other back-office systems.
The move to the cloud enables financial apps to access unlimited compute power, improve integration across multiple data sources and consume faster cycles of innovation and regulatory updates. While cloud finance apps today have not reached functional parity with legacy on-premises systems, buyers realize they will catch up and surpass them over time.