Why legacy Finance systems are holding you back

Even if it doesn’t feel like that long ago since you last updated your accounting software, it’s surprising how quickly accounts packages can start to slow things down when the volume of activity thrown at them increases.

For plenty of companies, keeping Finance systems updated, streamlined and working at an optimal level is difficult (if not impossible) to manage effectively. And if you’re also collecting and manipulating data across a multitude of disparate spreadsheets and from various other business systems, it’s really difficult to see the full picture. Sound familiar?

Obviously it’s important to maintain simplicity at the same time as being able to handle the complexities that any growing business comes up against – and technology is the main driver for achieving all of that.

Plus the most up-to-date finance systems include automated technology which simplifies many aspects of day-to-day production and financial management, saving time, increasing efficiency and improving security into the bargain. To benefit fully from this, however, you will need to keep your solution up-to-date and steer clear of outdated systems.

Lacking a joined-up approach is certain to be causing issues

If you are using unintegrated software, employees will be having to go to several places (applications, systems, spreadsheets, filing cabinets (!) or individual desktops) simply to complete a task and access the data they need.

This is risky for lots of reasons and can cause real problems such as undercharging clients or missing payments which impacts client and supplier relationships; struggling to navigate through your own data which impacts productivity and decision-making; and lack of co-ordination with colleagues and internal departments.

The other big issue with unintegrated systems is that manually rekeying information from one place to another is often required. This can create major errors and discrepancies, and increase long-term maintenance costs.

This in turn can cause problems further down the line when inaccuracies become embedded and impact budgets or project costs for example.

Using an automated and integrated financial management system removes this risk because it presents one version of the truth by pulling data from various places into one central dashboard.

But the problems won’t just be related to practical frustrations. Sticking with a legacy finance system that the business has clearly outgrown is likely to lead to even more serious problems sooner or later.  

• Growing unease around the business about the reliability of finance data
• Frustration from business leaders at difficulties in seeing the full picture
• Potentially missing out on strategic and time-sensitive opportunities
• Increasing levels of in efficiency caused by unwieldy Finance processes
• Vulnerabilities in the security of financial and business information

Modern Finance software with automation built in will not only resolve these issues, it will also help to enhance business performance and help to accelerate growth.

Time to up the ante

Business is competitive. Slow response times, lack of clarity, problems and disputes: no business wants to deal with these issues either internally with other departments or externally with customers or suppliers.

Efficiency is the top priority for everyone. Scattering information across multiple platforms within a company may degrade the entire process of communication between departments, and clients will sense this and move on to look for companies that create a more professional impression.

Integration using automation can help streamline your operations and therefore improve the quality of your customer service and exceed customer expectations, strengthening your business as a whole.

Investing in new software means that you can enjoy reduced costs due to increased efficiency, throughput and better margins, while your sales are likely to increase as the customer experience becomes smoother.

You may also see a reduction in waste (due to stock loss) or increased flexibility from enhanced features that speed up processing (for example using a web-based timesheet function that enables staff to enter their time quickly, easily and remotely).

Find the right partner

It’s important to work with a technology and automation specialist that really understands your business. Take time to check the track record of each potential provider. You need to be confident that they’re as knowledgeable about your sector as they say they are. Ask for a free demo to get you started on what to look for.

Look for a provider that’s willing to challenge you. Be absolutely sure that what you think you want for your business is the best option. It’s not just about the software but how they can help you improve your business.

And bear in mind that the stability of your chosen provider is also important. You need to know they’ll be there to support you tomorrow. It’s also good to check what’s on their software development roadmap and that you agree with their vision of what the future looks like.

The final piece of this puzzle is the ease of migration and implementation. Linking your new system with existing products and software is essential if you want to minimise team workflow disruption. Access Financials seamlessly integrates with Access Workspace products, ensuring a smooth transition while providing you with all the tools you need in just one cloud-based platform.

Next steps

There’s a lot to consider. The good news is that there is lots of information available on the latest technology and tools available to support Finance teams.

If you’re considering upgrading your Finance system and/or perhaps moving to the cloud, talk to Access – we’d be happy to help you decide on your next steps to achieve your business goals.