In a world of increasing competitiveness and disruption, where data can be the key to unlocking the inherent value in an organisation, it’s odd that many Finance Directors find themselves having to manage with tired, old software.
Many finance leaders will say that the more flexible, agile and accurate software is, the better the chances of delivering on strategy- imperative in cases where these attributes are mission critical.
Yet many FDs will also tell you that their processes are inhibited by a system’s inflexibility- where it’s often difficult to get the information you need when you’re out of the office.
It is usually the case that senior staff are unable to access key financial information because the system’s too complex and reports have to be fiddled with- hindering the ease of access. Worst of all, the data may be inaccurate because it’s been manually entered from one system to another- something that seems almost prehistoric compared to a modern supplier!
All of these elements add up to a real headache for FDs who are not only responsible for the everyday running of their finance operation. But are also expected to influence the direction and strategy of the organisation. By providing valuable insights from data, they are performing the role of the organisation’s nerve centre.
Fortunately, there are now plenty of ways for finance leaders to benefit from a new generation of finance software that offers Interoperability- an accurate means of reporting with real-time integration. Through Devolved Accounting, the opportunity exists for a wholly more flexible accounting process where various departments can be given access to certain data, spreading tasks across the business. Managers can see their budgets and directors can get up-to-the-minute reports, taking a cubic tonne of stress away from the finance team.
With features such as Cloud Accounting which offers cost savings, speed and equally importantly security, all on the go. A good supplier will offer this on a monthly payment basis with no surprise costs in the hidden blue depths.
These security benefits are pretty weighty, according to a 2016 report by the Cloud Industry Forum (CIF), 99% of UK companies have never experienced a security breach when using a cloud service. There’s a real sense of blue sky opportunity at last.
With everyone in the organisation accessing the same information, communication and business progression can be harmonised and everyone will be progressing with a common sense of purpose. Having the different parts of the business being able to communicate effectively with finance- and vice versa- even while on the go, offering huge possibilities for business efficiency, growth and development.
Ultimately the huge benefit of freeing up their finance team becomes possible- allowing it to perform activities and delivering value across the organisation. Paramount in an age where so much value is created from data insights, that finance is able to generate, instantly at anytime, anywhere – accurately.
Whipping into shape
First, they should be asking technology suppliers about the systems they’re offering, if they fit the needs of the FD, finance team and their organisation? Can it offer accurate, up-to-the-minute data which is accessible anytime, anywhere- all at a smart cost? Then there’s the potential showstopper questions of when it can be delivered and what sort of support is on offer, you need to find a partner, not just a software provider.
Through the combination of Cloud, Devolved Accounting and Interoperability where tasks are shared and systems are brought together seamlessly. Manual inputting becomes a thing of the past and FDs can at last ensure their finance teams deliver real value to their organisation.
Take one simple step to future-proof your business. To see what a modern supplier with modern software looks like, get in touch with bluQube.co.uk