Survey finds finance industry moving to the cloud
PALO ALTO, CA -- A recent study of financial industry leaders showed a growing trend towards mobile financial management, with more than 66 per cent of respondents now processing transactions from their devices, according to Bill.com.
In January 2013, Bill.com surveyed 510 CFOs and finance managers across multiple industries who have automated their payables and receivables process in order to better understand their usage of mobile technology for business financial transactions. 46 per cent of respondents were CFOs, 36 per cent were controllers and 18 per cent were other financial managers. The study discovered that a majority of financial professionals are moving to conducting business via the Cloud and mobile devices. While many respondents only used devices to process transactions while still clinging to manual processes for cash flow management, those who had embraced the Cloud wholeheartedly and moved to mobile financial management have found themselves to be more efficient, effective and competitive.
Indeed, 44 per cent of respondents said that the ability to process mobile transactions is a business requirement. When asked what percentage of financial transactions were being conducted via their mobile devices, 30 per cent of mobile users are processing more than 25 per cent of their transactions on mobile devices while 11 per cent are processing more than 50 per cent of transactions on their mobile devices. In contrast to past conceptions of mobility, 70 per cent of respondents felt that the reliability of mobile financial transactions is good or excellent. In addition, 83 per cent found mobility to be secure.
Due to this increased confidence in the security and reliability of mobile computing, almost half of the respondents stated that they wanted to expand the use of their mobile devices beyond approving transactions to sending reminders, adding notes to documents stored on the cloud and, most importantly, managing their cash flow. 43 per cent already see managing cash flow from their mobile device as important and, as the nations increasingly move into an economy run by "No Check" CEOs, the comfort level and need for comprehensive financial solutions on mobile devices will become more and more critical.
"No Check" CEOs are a new generation using game-changing technology to replace time-consuming paper processes with fast, efficient cloud-based systems everywhere in their businesses. These "No Check" CEOs aren't tied to their offices, but free to manage their companies from wherever they need to be, with instant, real-time access to their business and financial data from anywhere, 24 hours a day.
"As more and more businesses move to the 'No Check' CEO paradigm, having financial solutions such as Bill.com that can be effectively used to manage all aspects of cash flow from anywhere at any time will be increasingly important," said René Lacerte, founder and CEO of Bill.com. "As this survey has shown, the move to mobility represented by this new generation of leaders is already underway. It can be seen in financial professionals' desire to move not just transactions but account payables, receivables and cash flow management to their mobile devices. We look forward to helping usher in this more efficient and effective way to conduct business."
Bill.com delivers a complete web-based financial solution for businesses and accountants that provides the tools, information, and collaboration required to better manage their financial tasks and optimize cash flow. Bill.com's game-changing technology allows users to access online bill payments, e-invoicing, document management, and automated workflow through one easy system. In addition to seamlessly integrating with businesses' existing accounting software programs, Bill.com provides financial leaders with a comprehensive view of their cash forecast -- making it the only solution that connects a user's banks, bookkeeping and business.