How Finance Teams Can Reclaim Control of Cloud Data

In an era of economic uncertainty and rapid digital transformation, finance and accounting professionals face a paradox: their data has never been more abundant, yet access to it has never been more challenging. Kevin Gibson, CPA and Principal Solutions Engineer at insightsoftware, recently sat down with Scott Taylor on an episode of the Don’t Panic! It’s Just Data podcast titled “Is Your Financial Reporting Ready for the Future?" They discussed how organizations can navigate this complex landscape.

Today's finance teams have many questions and few answers. As Gibson explained, economic volatility means companies constantly need to “pivot, slice, and dice” their data in new ways. Tariffs are implemented, regulations shift, and suddenly the analysis completed yesterday is obsolete. The ideal state? Immediate access to any data, anytime, without barriers. The reality? Far from it.

The irony is that the data exists—it's just unreachable. Organizations can see their information on one side but struggle to use it. By the time they figure out how to access what they need, the business environment has changed again.

The Cloud Access Challenge

The migration to cloud-based ERP systems promises reduced costs, better security, and streamlined operations. Organizations eagerly embraced platforms like NetSuite, Oracle, and others, eliminating the need for on-site database administrators and infrastructure. However, this transition came with an unexpected cost: loss of data control.

The decision to move your data to the cloud is based on cost and resources to maintain it. “Here’s the problem. You don't control it anymore,” Gibson said. Cloud providers have become gatekeepers, often requiring expensive add-ons just to access data through familiar tools. Finance teams that once connected directly to their systems through Excel, now find themselves either locked out or paying fees for basic functionality.

This has created tension between IT and finance departments. While IT appreciates cloud security and cost benefits, finance teams feel handicapped without their traditional analytical tools. Some organizations have reversed course, moving back to on-site systems simply to regain data access. This trend suggests that companies may be moving toward the middle ground.

Getting Live Connections to Excel

With between 750 million to 1.2 billion users worldwide, according to research from Senecea, Excel remains the largest data warehouse on the planet. Despite IT departments' reservations, finance professionals continue to use Excel. “Finance lives and breathes in it,” Gibson said.

The solution is to embrace this reality. Modern tools can now provide live connections between cloud-based ERPs and Excel, allowing for real-time access to comprehensive data. This approach restores the comfort and functionality finance professionals had while maintaining the cloud's operational benefits.

Accessing Data for Your KPIs

Financial data needs vary by industry. Hospitals track patients; manufacturers monitor production speed and waste allocation. All organizations ask the same question: are we profitable?

The operational KPIs differ depending on the industry, but the common goals are to meet business objectives and stay ahead of the competition. “If you can't get to the data, how do you prove out that the company's even moving in the right direction?” Gibson asked.

Solutions must be flexible enough to serve diverse industries while addressing the common challenge of data accessibility. Organizations need to analyze the data that matters most to their specific operations.

Finding a Solution to Data Access Needs

The future of financial reporting will continue to revolve around familiar tools like Excel. As organizations find balance between cloud and on-site solutions, insightsoftware provides the connections that restore data access to cloud ERPs like NetSuite and Oracle without sacrificing cloud benefits.

Gibson's advice for decision-makers is straightforward: CTOs should ask their finance teams if they're happy with their data access. CFOs should research solutions that provide live reporting capabilities in Excel. Technology exists to satisfy both security requirements and analytical needs by implementing the right connections.

In uncertain economic times, the ability to quickly access, analyze, and act on financial data is essential. The good news? Organizations now have options that restore data access while keeping cloud benefits.

Watch the podcast episode now to learn how to regain control of your cloud data with Spreadsheet Server.

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Takeaways

• Evaluate whether your cloud security benefits justify data access limits.

• Consider hybrid approaches that balance cloud benefits with data accessibility.

• Excel remains a critical tool for finance professionals despite the rise of cloud-based solutions.

• Organizations must find ways to connect their financial data with familiar reporting tools.

• Schedule a meeting between IT and finance to assess current data access satisfaction.

Chapters

• 00:00 Introduction

• 00:59 Understanding the Role of Finance in Uncertain Times

• 04:00 The Good, Bad, and Ugly of Financial Reporting

• 08:13 Types of Data and Industry-Specific Challenges

• 10:00 Connecting Financial Data With Reporting Tools

• 13:59 The Future of Financial Reporting and Technology

• 17:58 Key Takeaways for C-Level Executives