How Finance Leaders are Taking the Pain out of Upgrading Business Management Software

It’s frustrating being a finance leader working in isolation with inadequate business systems, because it all falls on you to deal with the costly inefficiencies.

 

It might come as some consolation to learn that you are not alone.

 

According to research by Barclaycard Opinium, over half of finance leaders know that they need to invest in their business systems, and look for more automated, integrated solutions.

 

But what are they doing about it? Often nothing.

 

The delay is palpable and costly, as legacy systems and manual processes hinder business growth.

 

Some of the challenges:

  • Time consuming, labour intensive processes.
  • A lack of real time information to inform quick decision making.
  • Geographic expansion constraints.

 

The solution?

Adopt a true cloud-based system that incorporates proven industry leading practices.

 

Here are the three ways in which adopting a fully cloud based system that incorporates your industry’s leading practices can alleviate a finance manager’s frustrations and benefit a business:

 

  1. Better Financial Management

Easy to use functionality will free up the finance team from labour intensive processes, with the time to reduce month end being reduced by 45 – 70%, and the audit completion time being reduced by 25% – 40%.

Instead of performing cumbersome tasks, finance teams will be able to focus on the work which adds real value to the business.

 

  1. Improved Business Visibility

360° visibility and actionable insights can be increased by 55 – 80%, giving the finance team a complete picture of the business.

This increased visibility and real time information will reduce reporting times by 40 – 55%, subsequently freeing up resources and improving the decision-making processes.

 

  1. Fully Scalable and Flexible

By being in the cloud, the system will provide finance leaders with the flexibility to scale up or down when required.

This provides peace of mind when expanding the business, not only locally but also across multiple countries.

 

In conclusion, adopting a cloud-based system that adopts your industry’s leading practices is key. Not only will it remove the main frustrations experienced by finance leaders, but it will also enable the finance team to move faster towards providing value and increasing business efficiency.

 

Eureka Solutions has been implementing ERP, accounting, financial and CRM systems for over sixteen years. Download our whitepaper to read more about how sharing learnings and implementing systems that adopt leading practices can really take the pain out of upgrading your business management software and deliver these transformational results.

 

 

 

Download