Could the software your finance team is using be holding them back? It’s a question worth asking, especially in today’s business climate where the competition is only getting tougher and the margin for error is slim to none.
After all, the finance function is responsible for ensuring the financial health of your organisation.
And yet, many finance teams are still using outdated software that was never designed to meet the needs of modern businesses.
So, what is the difference between finance teams that use modern software and those that don’t?
The difference between finance teams that use modern software and those that do not
Finance teams that use modern software have a decided advantage over those that do not. The former can quickly and easily generate reports, track expenses, and manage projects. They can also take advantage of features such as real-time collaboration, data visualisation, and predictive analytics.
On the other hand, finance teams that rely on legacy systems or spreadsheets often find themselves struggling to keep up. They may spend hours manually inputting data, only to have it become outdated the next day. Reports can be difficult to generate, and it can be nearly impossible to get a clear picture of where money is being spent.
This is a problem because it means those teams are not able to work as efficiently or effectively as they could be. And it ultimately has a negative impact on the bottom line.
Signs your finance system is outdated
If you’re not sure whether or not your finance team’s software is up to par, here are a few key indicators that you can look for:
- They’re using multiple software platforms to do their job: Finance teams that are using modern software typically only need one or two platforms to do their job effectively. This is because the best finance software solutions are designed to be comprehensive, offering a wide range of features and functionality all in one place.
- They’re still relying on spreadsheets: If your finance team is still using a lot of spreadsheets to do their work, it’s a good sign that they could benefit from a modern finance software solution. Spreadsheets are often error-prone and can be time-consuming to update and maintain.
- They’re struggling to generate reports: If your finance team is finding it difficult to generate reports, it’s likely because their software is not robust enough. Modern finance software solutions make it easy to generate reports with just a few clicks.
- It takes too long to get a clear picture of where money is being spent: Do you feel like it takes forever to get a clear understanding of where your organisation’s money is being spent? If so, it’s probably because your finance team is using outdated software. The best finance software solutions offer features such as data visualisation and expense tracking, which make it easy to see where money is being spent.
- Consolidation is a struggle: If your finance team is having a hard time consolidating data from multiple sources, it’s another sign that their software is not up to par. Modern finance software solutions offer features such as data integration and data warehousing, which make it easy to consolidate data from multiple sources.
- No integration with other systems: If your finance software is not integrated with other systems, it’s likely because it’s outdated. The best finance software solutions offer seamless integration with a wide variety of other business systems.
What to do if you’re still using legacy systems
In today’s fast-paced business world, the ability to make decisions quickly is critical. That’s why more and more organisations are turning to modern finance software solutions that can keep pace with the ever-changing needs of their businesses.
If your finance team is still using outdated software, now is the time to make a change. Modern finance software can give you the insights you need to make better decisions, drive growth, and improve your bottom line.
The good news is that there are now many modern finance software solutions available such as SunSystems, and they are more affordable than ever before. So if your team is still using an outdated system, it may be time to make the switch. You could see a significant difference in efficiency and productivity.
Do you think your finance team could benefit from using modern software? Book a free, no-obligation call with us to find out more about how SunSystems can help you.