Professional services organisations traditionally struggle with cash flow and working capital management. While payroll represents a substantial and unavoidable cost, cash inflows are uncertain; with inefficient and outdated billing processes exacerbating the struggle to get cash in the door and paid fairly for the work carried out. Although this issue isn’t wholly unavoidable, by utilising a finance system with an automated invoicing function, many organisations can overcome these issues and minimise working capital by streamlining invoicing processes.
There are plenty of finance systems out there which are great for small businesses. They are simple, easy to use, and are often available for free or for bargain-basement prices. But, as organisations grow, requirements change. We take a closer look at the seven signs you’ve outgrown your finance system so that you can identify the warning signals early on.
Complex company structures are a headache for finance departments. While from an operational perspective, we want to gain efficiency by creating synergy, removing silos, and eliminating duplication of effort. From a finance system perspective, maintaining separate, discreet databases for each statutory entity does little to facilitate this effort. The best way to overcome these issues to opt for a finance system that can achieve a live consolidation and this article will explain why.
Finance departments are choosing to adopt cloud finance systems over traditional on-premise solutions in the leap to digitally transform organisations. But with variations of cloud on the market – such as private cloud and hybrid cloud – identifying why ‘true cloud’ will add the most value to your organisation early in the selection process can save a lot of headache down the line.
Implementing a new finance system can feel like a daunting prospect for many organisations. But, when you invest in the right software and choose the right finance system provider, the implementation of your new system can be a seamless transition. Find out how to successfully implement a new finance system.