Accounting Software » Automated cloud finance system adoption will free up time to accelerate growth

Automated cloud finance system adoption will free up time to accelerate growth

As organisations look for new ways to grow their businesses, Sage explains to The CFO how upgrading your finance software can help

The pandemic caused devastating losses for many industries. As most sectors continue to implement recovery strategies, a looming global recession means further losses and delays in growth are likely.

However, one software company is certain that changing the way data is processed within an organisation provides massive potential to drive growth.

The last two financial years saw the need for digitalisation within companies to happen at a rapid pace to stay ahead of the curve, and while progress has taken place, there is still work to be done to fully streamline and centralise processes.

Manual processes hold back companies for several reasons, one of those being a lack of real-time data and insight. This means a CFO cannot make decisions that drive the business forward efficiently.

Sage, one of the UK’s leading accountancy software providers is certain that its financial management system, Sage Intacct, can assist growth by creating efficiency for finance departments.

“While legacy tools are good to use, they are not necessarily the best way for you to get your core financial numbers,” says Sage Intaact’s Ian Rose.

“Manual processes mean that you typically have to input the correct information first, which is time-consuming and open to error. Another area that is a problem is approval processes, every company has an approval process in place and if you are doing this manually, there can be massive frustration.”

With consolidation being one of the biggest issues finance departments encounter, Sage Intacct finance management fixes this.

“Upgrading technology and software can be daunting for any organisation but it is imperative because of the benefits that come with it,” says Rose.

“Sage Intacct has got built-in approval processes, simple and very easy-to-use consolidations with auto eliminations, multi-currency, automated bank fees, and a simple open API that makes it straightforward for your finance function to operate.”

Index

Cons of using manual systems

01:07: How manual processes are holding businesses back from growth

03:45 What options are available for finance teams that are looking to upgrade their systems

Why modernising software is important

05:30 The risks of not modernising software systems

07:25 How Sage Intacct can help businesses and modernise their systems

To listen to the first instalment of this series, please click here

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