If there is one thing most finance directors are in agreement about, it is the day to day challenge of not having joined up processes.
For finance leaders in many organisations, the inability to integrate their systems with IT can result in all sorts of problems.
These can include inaccurate reports due to having to re-key information into different systems or being pursued by departments for overdue information which can be out of date when automation isn’t in play.
Then there is the expense of lengthy month end processes and the pain of staff having to undertake tedious manual manipulation tasks, draining the finance team’s resources and morale.
But for many FDs that have been seeking a better way of doing things, the answer may be much closer to home than they thought.
It’s a technology that already exists in our smartphones, where Facebook events and birthdays sync with an iPhone calendar, LinkedIn updates can instantly be shared on Twitter and Apps such as Uber can show how far away your taxi is on Google maps.
In the home, smart central heating thermostats access current weather information to efficiently control your home’s heating, smart fridges can place orders with your favourite supermarket and smart TVs access data from services such as BBC iPlayer, Netflix and YouTube, to recommend your new favourite thriller.
By having an interoperable finance system, information will be accurate, will not require a time consuming integration and what will please finance heads everywhere-it will be cheaper.
Interoperability- which allows different systems from different suppliers to share information in real-time, can solve multiple challenges faced by FDs .
It’s an approach used in personal tech that you can really benefit from- the ability for multiple software applications to exchange information in real time, without human intervention. A kind of blue sky breakthrough that all finance chiefs can warm to – when it comes to improved data accuracy and utilising their teams elsewhere.
How it works
Imagine one system generating a transaction that is sent to another system- with no need for batching things up and waiting for a scheduled transfer; also known as integration, by those Accountancy Software suppliers that aren’t embracing the latest tech. Information is constantly shared back and forth with no delay in 2018.
When it comes to the nuts and bolts, a holding area for data is set up in the first system, a similar structure is set up in the second system, connecting with the holding system in the first so the data can move across in real time. If the connection is down the data can be held for transmission until a connection is restored automatically. It’s that straightforward.
The upshot is that you can keep data in-sync cross your entire business. So, an FD can ensure that his or her organisation can do anything from process a sales invoice to change a supplier’s address, across multiple platforms at once, all in real time, great for all businesses, not just those managing stock.
Even if a system needs to be upgraded, a new solution can be added without losing the integration, unlike the past when this was all done by database link and out-dated trigger technology.
If anything, Interoperability is becoming even easier, with the use of efficient Web Service technologies.
Reaping the benefits
As a result, interoperability can make life easier for FDs by relieving stress with accurate, up-to-date reports.
Through the effect of saving time and money- finance chiefs, and the finance function they run, can be freed up to drive their organisations forward.
What’s stopping them now? It’s probably something to do with suppliers having a vested interest in tying them into their full suite and ignoring the technology now available.
Some FDs might also think it’s a hassle to switch finance systems, that it may be costly to change and/or the software not delivering on expectations.
But an experienced provider with a strong team can do it in as little as 4 weeks and can offer an effective implementation plan and systems which talk to each other.
Using intuitive reporting dashboards, that offer tailored and easy access to key information, a new approach is available.
Making the switch
What will make every FD sing with joy is that unlike a standard integration system, interoperability isn’t limited to systems from the same supplier- so information can be shared regardless of who the provider is.
After all, finance chiefs running finance across organisations with countless IT systems understand it’s totally unrealistic to expect one supplier to perfectly meet the needs of each and every department. Being tied into one supplier can not only be extremely costly, but may have limited functionality.
So having the ability to pick and choose software that best fits the need of every department in the organisation is vital, and in tune with how most organisations function, which can only be good for any FD.
There’s never been a better time to switch to interoperability. By removing systems that tend to be clunky, slow and far too labour intensive, FDs will be able to gain not just accuracy but also great cost savings.
Wouldn’t it be great if you could enjoy all these benefits with your business systems?
Well…yes! But unfortunately, many pieces of financial software lack this feature – and just ‘old school’ integrate.
But bluQube is different, they’ve worked hard to ensure that their software plays nice with others and that it’s as easy to use as possible. All of this is done to save your team time and resource, along with improving data accuracy – allowing you to channel energy elsewhere. Change the way your business works today by visiting bluQube.co.uk