Recognising the Signs: When to Switch Finance Systems

Is your current finance system holding your organisation back from reaching its full potential?

Is your current finance system holding your organisation back from reaching its full potential as it continues to grow? Recognising the signs that your current solution may not be equipped to handle your evolving needs is crucial. Here, we delve into four key indicators that suggest it's time for your business to transition from smaller book-keeping systems such as Xero, to a more advanced and sophisticated system like Sage Intacct.

Overreliance on Spreadsheets

If your team spends more time wrangling spreadsheets than actually leveraging your finance system's capabilities, it's a major red flag. Imagine a scenario where your finance team is bogged down by trying to navigate and manage numerous spreadsheets, manually inputting data, and wrestling with intricate formulas. This not only eats up valuable time but also introduces the risk of error which can be costly in terms of time and money.  

With a more advanced system built for modern businesses, these challenges fade into the background. Using advanced automation tools to automate repetitive tasks and streamline processes will free up your team to focus on strategic financial planning, alongside fostering efficiency and accuracy.

Consider a growing retail company struggling to manage its inventory across multiple locations using spreadsheets. Transitioning to a more powerful system like Sage Intacct allows them to automate inventory tracking, streamline procurement processes, and gain real-time visibility into stock levels, empowering them to make informed decisions swiftly.  

Staffing Struggles

Chronic understaffing can severely hamper your finance team's ability to keep pace with your organisation's growth. If your team is constantly stretched too thin and are unable to handle the increasing workload, it's a sign that your current system isn't scalable. A more powerful finance solution will step in as a force multiplier and remove the cost of recruiting more staff while also tackling any shortage of financial skills you might be facing.  

By automating repetitive tasks, such as invoice processing and reconciliation, Sage Intacct boosts productivity, enabling your team to accomplish more with existing resources. A great example of this would be a medium-sized consultancy firm experiencing rapid expansion but struggling to keep up with client billing due to manual invoicing processes. By implementing Sage Intacct, they automate invoice generation, track billable hours more efficiently, and improve cash flow management, allowing them to scale their operations without hiring additional staff.

Inability to Meet Reporting Demands

As your organisation grows, so does the demand for accurate and timely financial reporting. If your current solution functions more like a book-keeping system, it will likely fall short in delivering the insights and data required by stakeholders. This can be frustrating both for the stakeholders and the finance team who simply don’t have the tools to give board members or CEOs the data they need. This is a clear indication that an upgrade is necessary.  

In cases like this, a modernised finance solution with robust reporting capabilities that you can reply on will come to your rescue. Whether you need standard financial reports or customised analyses tailored to your organisation's unique requirements, Sage Intacct delivers actionable insights when you need them most.  

Let’s take a mid-sized retail chain as an example. The retailer’s finance team is constantly grappling with the challenges of transparency and accountability in its financial reporting due to the constraints of their current software. As the company expands, it becomes increasingly difficult to track expenditures across multiple stores, monitor sales performance accurately, and manage inventory effectively. Transitioning to a system designed to grow alongside them, not against them, revolutionises their financial management processes. With comprehensive reporting tools from Sage Intacct, the retail chain gains real-time insights into sales performance, inventory levels, and profit margins across all locations. They can track expenditures, analyse sales trends, and make informed decisions to enhance profitability.  

Lengthy, Stressful Month-End Closes

A stressful and prolonged month-end close is a surefire sign that your finance system is inefficient and outdated. Manual processes, data discrepancies, and system limitations only exacerbate the frustration. Transitioning to a larger system will equip your team with the modern tools designed to streamline the month-end close process. From automated workflows and real-time visibility, Sage Intacct ensures accuracy and efficiency, eliminating the headaches typically associated with month-end. For example, if your organisation constantly finds itself at the hands of a chaotic month-end close process due to manual journal entries and reconciliations, switching to a cloud-based solution like Sage Intacct will automate routine tasks, reconcile accounts effortlessly, and gain insights into costs in real-time. Finding the right solution is the key to transforming your month-end close from a nightmare into a smooth, stress-free operation.

Conclusion

In today's dynamic financial landscape, every organisation needs a finance system that can adapt and grow alongside it. While basic bookkeeping systems like Xero may suffice initially, they quickly become inadequate as businesses expand. Sage Intacct stands out as the solution of choice for empowering finance teams to overcome typical financial challenges using advanced features, scalability, and industry-specific capabilities. Don't let an outdated system hold you back—make the switch to Sage Intacct and pave the way for a brighter financial future for your team and your numbers.

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