When was the last time you upgraded your ERP system? If the answer is “not in recent memory,” then you aren’t alone. About two-thirds of mid-sized businesses are running old versions of their enterprise resource planning (ERP) system—in some cases, it’s software that’s three or more versions old. This is the legacy of decades of on-premise (in-house) software deployments, incremental releases that never seemed worth the pain of a major upgrade migration project, and fear of losing critical customization.

But in the midst of rapidly changing revenue recognition rules and a constantly evolving regulatory environment, it’s more important than ever to have your business systems reflect the current business environment. Implementing the RIGHT ERP system, your business will always be running on the latest version of the software. In contrast, the fact that the bulk of finance organizations are running traditional, on-premise accounting systems that are too painful to upgrade is just one pain point that the era of cloud computing promises to transform for the finance organization.