Cloud applications are using automation, robotics and other new-gen IT features to put more real-time and real-world capabilities into work flows.
For example, FloQast, a Sherman Oaks, Calif.-based provider of financial close management software created by accountants for accountants, has released new Robotics Process Automation (RPA) connectors for existing on-premises enterprise resource planning solutions.
These connectors provide an automated way to make trial balances available in the cloud—and thus available for accountants wherever they may be.
The financial close management software market is a growing one that also includes companies such as Apttus, Coupa, Mirosoft, SAP, Salesforce, Oracle, Adaptive Insights, LucaNet and others.
Anything that can make an accountant’s life easier to manage or control is a good thing. Floqast simplifies corporate accounting teams’ reconciliations processes by eliminating the tedious manual aspects of running and uploading of reports.
Because it provides near real-time access to business data and historical snapshots over time, FloQast said it helps better organize, categorize and increase the accessibility of on-premise ERP data to improve the month-end close accuracy and process. For organizations that rely on traditional on-premise business applications, Cloud Connect offers a stepping stone to the improved efficiencies of cloud computing.
FloQast’s RPA cloud connectors are initially available for Oracle, and by year-end will also be delivered for both SAP and Microsoft ERP applications. Using Cloud Connect, enterprises can:
- Set-and-forget settings: No ongoing configuration is required, nor is the running of manual reports that are subsequently uploaded
- Existing infrastructure usage: Accounting teams can use their existing infrastructure by integrating with their cloud storage provider to automatically sync on-premise General Ledger balances in the cloud as often as they wish
- Historical data insight: Since FloQast intelligently stores the trial balances over time, accounting teams can analyze trends and compare different time periods for improved business insight and intelligence
“On-premises ERP systems lack the connectivity of today’s modern, cloud-based applications. As a result, organizations find they have islands of important business data that can only be accessed through highly manual, time-consuming processes,” said Michael Whitmire, CPA, chief executive officer and co-founder of FloQast.
“Cloud Connect makes outmoded on-premise ERP systems more like today’s cloud applications, eliminating manual headaches and giving greater utility to organizations’ financial data.”