Cloud-Based Financial Management Systems for Modern Enterprises

  • Authors

    • Sophia White Operations Director, Amazon, USA. Author
    • Benjamin Scott Cloud Solutions Architect, Oracle, USA. Author

    DOI:

    https://doi.org/10.67228/3071642X/IJCFDE-2020PII5E9K

    Published 09-01-2020

  • Cloud Computing, Financial Management System, Enterprise Resource Planning, SaaS, Data Security, Financial Analytics, Digital Transformation, Business Intelligence, Cloud Accounting, Financial Automation

    Issue

    Vol. 3 No. 2 (2020)

    Section

    Articles

    How to Cite

    White, S., & Scott, B. (2020). Cloud-Based Financial Management Systems for Modern Enterprises. International Journal of Commerce, Finance and Digital Economy, 3(2), 01-15. https://doi.org/10.67228/3071642X/IJCFDE-2020PII5E9K

  • Abstract

    Cloud computing has transformed business operations by providing scalable, flexible, and cost-effective solutions. Cloud-Based Financial Management Systems (CFMS) enhance accounting, budgeting, auditing, compliance, and real-time reporting while overcoming the limitations of traditional financial systems, such as high infrastructure costs, restricted accessibility, and complex maintenance. By integrating accounting, ERP, payroll, taxation, procurement, and business intelligence functions into a unified platform, cloud solutions improve organizational efficiency, transparency, and collaboration. Features such as automated workflows, secure remote access, disaster recovery, and data backup support business continuity and operational effectiveness. Advanced technologies including virtualization, big data analytics, and machine learning further enable predictive financial insights and strategic decision-making. Despite benefits, challenges such as security risks, privacy concerns, regulatory compliance, vendor dependency, and integration issues remain. This study reviews the architecture, deployment models, security mechanisms, benefits, and challenges of cloud financial management systems, while proposing a conceptual framework to improve financial process automation. The findings indicate that cloud adoption significantly enhances cost optimization, data accessibility, transaction efficiency, and decision support, making cloud computing a key driver of digital financial transformation and enterprise sustainability.

  • References

    [1] M. Armbrust, A. Fox, R. Griffith, A. D. Joseph, R. Katz, A. Konwinski, G. Lee, D. Patterson, A. Rabkin, I. Stoica, and M. Zaharia, "A View of Cloud Computing," Communications of the ACM, vol. 53, no. 4, pp. 50–58, 2010.

    [2] S. Marston, Z. Li, S. Bandyopadhyay, J. Zhang, and A. Ghalsasi, "Cloud Computing—The Business Perspective," Decision Support Systems, vol. 51, no. 1, pp. 176–189, 2011.

    [3] R. Buyya, C. S. Yeo, S. Venugopal, J. Broberg, and I. Brandic, "Cloud Computing and Emerging IT Platforms: Vision, Hype, and Reality for Delivering Computing as the 5th Utility," Future Generation Computer Systems, vol. 25, no. 6, pp. 599–616, 2009.

    [4] H. Takabi, J. B. D. Joshi, and G. J. Ahn, "Security and Privacy Challenges in Cloud Computing Environments," IEEE Security & Privacy, vol. 8, no. 6, pp. 24–31, 2010.

    [5] S. Subashini and V. Kavitha, "A Survey on Security Issues in Service Delivery Models of Cloud Computing," Journal of Network and Computer Applications, vol. 34, no. 1, pp. 1–11, 2011.

    [6] P. Mell and T. Grance, "The NIST Definition of Cloud Computing," National Institute of Standards and Technology (NIST), Special Publication 800-145, 2011.

    [7] L. M. Vaquero, L. Rodero-Merino, J. Caceres, and M. Lindner, "A Break in the Clouds: Towards a Cloud Definition," ACM SIGCOMM Computer Communication Review, vol. 39, no. 1, pp. 50–55, 2009.

    [8] Q. Zhang, L. Cheng, and R. Boutaba, "Cloud Computing: State-of-the-Art and Research Challenges," Journal of Internet Services and Applications, vol. 1, no. 1, pp. 7–18, 2010.

    [9] K. Hwang, G. Fox, and J. Dongarra, Distributed and Cloud Computing: From Parallel Processing to the Internet of Things. San Francisco, CA: Morgan Kaufmann, 2012.

    [10] T. Erl, R. Puttini, and Z. Mahmood, Cloud Computing: Concepts, Technology & Architecture. Upper Saddle River, NJ: Prentice Hall, 2013.

    [11] M. Jensen, J. Schwenk, N. Gruschka, and L. L. Iacono, "On Technical Security Issues in Cloud Computing," in Proceedings of the IEEE International Conference on Cloud Computing, 2009, pp. 109–116.

    [12] D. Zissis and D. Lekkas, "Addressing Cloud Computing Security Issues," Future Generation Computer Systems, vol. 28, no. 3, pp. 583–592, 2012.

    [13] A. Khajeh-Hosseini, D. Greenwood, and I. Sommerville, "Cloud Migration: A Case Study of Migrating an Enterprise IT System to IaaS," in Proceedings of the IEEE International Conference on Cloud Computing, 2010, pp. 450–457.

    [14] C. Weinhardt, A. Anandasivam, B. Blau, and J. Stosser, "Business Models in the Service World," IT Professional, vol. 11, no. 2, pp. 28–33, 2009.

    [15] M. Ali, S. U. Khan, and A. V. Vasilakos, "Security in Cloud Computing: Opportunities and Challenges," Information Sciences, vol. 305, pp. 357–383, 2015.

  • Downloads

Similar Articles

31-40 of 90

You may also start an advanced similarity search for this article.