Debunking 5 Common SaaS Myths: Why Cloud-Based Solutions Remain the Future of Finance

Even though Cloud-based Software as a Service (SaaS) solutions are transforming the way businesses manage their operations, misconceptions continue to cloud their advantages for UK SMEs, especially in critical areas like financial planning and analysis (FP&A). Here are the biggest myths versus the reality!

Myth 1: SaaS is Expensive

There’s a lingering perception that ongoing subscription fees make SaaS more expensive than a one-time investment in on-premises software.

The Reality: While SaaS requires recurring payments, it eliminates substantial upfront costs tied to on-premises solutions, such as servers, infrastructure, and IT staff. Additionally, SaaS providers handle system updates, maintenance, and the increasingly expensive problem of cybersecurity, offloading these expenses from your business. Key benefits include predictable, scalable pricing in a secure, on-premises solution.

Myth 2: Setting Up SaaS is Complicated

Some business owners worry that switching to a SaaS-based system will disrupt operations or require extensive IT expertise.

The Reality: SaaS systems are generally designed for simplicity. With cloud-hosted platforms, deployment is fast and remote—there’s no need to install hardware or dedicate in-house resources for system setup. Service providers often offer hands-on support to ensure a smooth transition. For finance teams making the jump to tools like Corporate Planner, implementation is straightforward. The software integrates with your existing accounting systems, reducing disruptions during setup.

Myth 3: SaaS Can’t be Customised

There’s a widespread belief that SaaS solutions are one-size-fits-all, offering less flexibility compared to on-premises software.

The Reality: Modern SaaS platforms are built with customisation in mind. Features like configurable dashboards, adaptable workflows, and seamless integrations ensure that the solution fits your specific business processes. With SaaS-based FP&A tools like Corporate Planner, your software can be shaped around your industry, team requirements, and compliance needs. Many platforms empower finance teams to make these changes independently, without reliance on IT departments.

Myth 4: SaaS is Inflexible

There’s a feeling that a SaaS can be inflexible in terms of updating the software or in managing users and changing licences.

The Reality: For SaaS platforms like Corporate Planner, the complete opposite is the case. The software is regularly and automatically updated to the latest version so that the customer, without the expense of installing updates on-premise, always has the benefit of working with the features, benefits and security of the latest version. Switching users is something which is easily managed, as is adding new licences and modules, usually all within 24 hours.

Myth 5: SaaS Isn’t Secure

Security is a rightful concern when dealing with sensitive financial data. Some worry that using cloud-based systems increases vulnerability to data breaches.

The Reality: Reputable SaaS providers implement robust security measures, often exceeding what businesses can affordably achieve in-house. These include encryption for data in transit and at rest, regular compliance audits, and multi-factor authentication. The platform ensures compliance with data protection regulations such as GDPR, giving businesses peace of mind.

The Overview

SaaS platforms like Corporate Planner continue to evolve with customer needs, providing regular enhancements and industry-leading security while working with clients to address unique operational requirements and preferences. That said, while SaaS has clear advantages, it’s important, of course, as for all things in business, to work closely with its SaaS providers to maximise the benefits that it delivers.

Next Steps

To find out how Corporate Planner can transform your financial operations, please get in touch to schedule a demo and explore its potential for your business.