In a digitally-driven economy, data drives business decisions and helps organisations to become agile and responsive to change. But when an organisations finance system is in need of an upgrade, the ripple effects can be highly damaging.
Repetitive business processes combined with uncompleted tasks lead to problems like high operational costs and frustrated employees.
If this sounds familiar, then you may need to upgrade your finance system. Here are your six warning signs.
1. Can’t access your system anytime and anywhere
Most employees use multiple devices and would benefit from accessing the financial system from various places – office, train, home or from the coffee shop. A modern cloud finance management system will provide the flexibility for your team to access it anytime and anywhere. This can boost adoption, productivity and fit more seamlessly into your workflow.
2. You spend a lot of time managing spreadsheets outside the system
A finance system that doesn’t meet all your requirements isn’t going to fulfil its potential. Pulling reports out of your system and working on a spreadsheet is a time-consuming exercise. A modern system allows you to dissect and drill-down data within the same system – saving you time.
3. Your stakeholders can’t get their reports directly from the system without your help
Modern finance systems offer role-based dashboards that give each stakeholder access to their business needs with just a click of a button. You should have the ability to drill-down to transaction level to make key business decisions.
4. Rising costs on data security
On-premise solutions are usually much more vulnerable to hacks or system failures and human errors than any modern cloud solution. They’re also less flexible for mobile integrations, require significant initial investment and they’re high maintenance.
A modern cloud system protects you from the pain of disruptive upgrades. You also get to avoid paying for expensive IT professionals and infrastructure.
5. Your system struggles to keep up
Your finance system needs to last for a few years, but your business is likely to change during that time. Therefore, map out your future business plans and look at how your system will support these goals. If your organisation plans to expand, for example, you’ll likely need a scalable system that can grow with you.
Ask what developments your provider has planned. This will give an indication of their innovation and ability to keep up with new trends. For instance, do they offer a mobile app?
6. Poor communication from your provider
A finance management system vendor should be a trusted partner, who should regularly meet with customers, understand their challenges and adapt the system features accordingly. They should also be able to provide advice for best practice and run regular webinars. It’s also nice to have if your consultants are qualified accountants.
Saving resources in the long term
By looking at these six areas, you can identify if you need to upgrade your finance system. This will save a lot of time and resources over the long run, helping you avoid expensive customisations or redundant solutions. Doing your groundwork now will set your finance system and your organisation up for success.
At Xledger, we’re champions of a modern cloud system, which will enable easy accessibility and scalability, with less initial outlay. All our consultants are accountants and will understand your pain points.