Question Answer / Notes Links to Documentation
Evaluating Cloud Options
The cloud might be right for your company if:
• You’re still using spreadsheets for consolidation and close.
• Spreadsheets have caused many data inconsistencies.
• Your accounting software has limitations preventing you
from supporting multiple tax rates and currencies.
• Protecting data from alterations is a challenge you face
daily.
• You can’t or have a hard time performing an audit trail.
• Manual processes leave you little time for strategic work.
The cloud might not be right for you if:
• You have more than 100 users.
• You can’t reconcile the customizations you have with what’s
available in the cloud-based tool.
• Your organization has many complex inter-company
transactions.
• Your company uses journal entry features in your existing
EPM application(s).
A hybrid option of on-premises (or externally hosted private)
and public cloud might be right for you if:
• Your company already uses EPM applications.
• Your organization has a medium-sized user base.
• You have a simple accounting setup with few complexities
(e.g. calculations, hierarchies, reporting structures).
• You’re ready to put planning in the cloud, but not financial
close and consolidation.
• Your company is looking to save on hardware licensing and
shorten the time/cost of implementing an EPM tool.
Current vs. Future State
1. Are you moving to a public cloud, externally hosted private
cloud, or a hybrid cloud?
2. Do you need all your EPM tools to be in the cloud?
3. What on-prem tools are you migrating to cloud-based
tools?
4. Are there any major differences between the cloud-based
tools and their on-prem counterparts? What are they?
5. What on-prem EPM or BI tools, if any, do you plan to
keep? What are they?
6. What customization will you need with your cloud-based
applications?
7. What on-prem version of your tool are you on?
8. How many users will you have on the cloud?
9. How does the TCO between moving to the cloud and
staying on-prem stack up? For a formula, download this
guide.
Selecting Products & Functionality
Does your cloud-based solution need to encompass the past,
present, and future of your financial and business
operations?
10. Financial reporting, consolidations, and disclosure
a. Accounting close
b. Financial consolidation
c. Financial statement preparation
d. Regulatory filings
11. Performance measurement and management reporting
a. Cost and profitability analyses
b. Key performance indicators
c. Internal reporting to executives
d. Scorecard and metrics
e. Strategy and initiatives
12. Planning, budgeting, and forecasting
a. Strategic planning
b. Setting goals and targets
c. Budgeting
d. Rolling forecasts
e. Predictive modeling
f. Scenario planning
13. Does the cloud solution you’re considering include a
simplified interface with interactive reports?
14. Does it allow you to create multidimensional reports?
15. Are you able to use the cloud tool from any device?
Project Strategy & Documentation
16. Are your processes (e.g. workflows, formulas) well-
documented? Provide links to documentation.
17. Does your documentation have standard naming
conventions, color-coding, and table structures?
18. What challenges are you facing in moving to the cloud?
19. Who will be involved in this project? What are their roles?
20. Do you have an implementation partner?
21. Does the partner you’re considering have real-world
corporate experience?
22. Has the partner completed multiple projects like yours?
23. Does the partner use proven project management
methods?
24. How many cloud migrations has the partner you’re
considering completed?
25. Does the partner have references from their cloud
migration customers?
26. Does the partner have a proven competency of functional
expertise, project management, and technical ability?
27. For more information on developing an EPM/BI project
strategy, download the EPM strategy checklist.
Overcoming Challenges
28. Are there any functions or features not yet included in the
cloud application that your organization needs?
29. Will the cloud application you’re implementing limit the
amount of customization your organization needs?
30. What processes will you have to reconcile with the cloud
application’s current functionality?
31. Are you continuing to use any on-premises tools that
need to integrate with the cloud tools?
32. Will you need a third party private cloud to host these on-
prem tools?
33. What additional security measures will you need to put in
place while moving to the cloud?
