The importance of real time data for business growth

The pandemic drastically changed how businesses operate. For many businesses, the coming years will be ones of recovery – but the global health crisis also poses huge growth opportunities for many.

With a global recession looming, businesses have a chance to re-examine their business models and seek out areas where software upgrades can be made, processes streamlined, and opportunities for innovation realised.

For many businesses, financial operations have been a good place to start – traditionally these departments run off siloed, legacy systems; many of which will be heavily reliant on Microsoft Excel for example.

The pandemic highlighted the need for these departments to have access to real-time information to make quick, informed decisions. It also underlined the need for centralised systems.

“CFO’s do not want to have to key in information, checking things all the time. They want to be able to look at data, look at metrics and make those better business decisions,” says Fabiana Fattore.

Fattore emphasises finance teams need to have the right centralised systems in place in order to report timely, data-driven decisions to their board, external stakeholders and investors.

Sage Intacct, one of the UK’s leading Finance management software providers, assist thousands of CFOs and their finance teams understand where changes need to be made within their businesses to equip them for unrestricted business growth

Sage Intacct – helps businesses gain real-time visibility and automate time-consuming processes with easy-to-use cloud software that grows with the business.

“We have saved so much time on a day-to-day basis, which we now use to focus on budgeting, forecasting and wider strategic planning for the business,” says a CFO from a large fashion retailer in the UK.

Sage Intacct is also helping businesses adapt to the ongoing global talent shortage as a result. Businesses with smaller finance teams can better deploy their talent, following greater automation, which helps teams respond to customer demands faster.

“With this software, things can be done faster, there is better reporting, processes are streamlined, and with that CFO’s and financial directors get to focus on making better decisions for the organisation and its growth,” says Fattore.

A management accountant from a UK based research institute noted that the quarterly partial VAT exemption used to take her 16 hours to do, using Sage Intacct, it now only takes her 8 hours.

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