5 Reasons to Be Unthankful for Your Financial Management Software in 2019
‘Tis the season of gratitude. You have much to be thankful for—except for your financial management solution. As 2019 grows closer with its new challenges and opportunities, the limitations of your accounting software become all too clear. Here are five reasons why it’s okay to be ungrateful this Thanksgiving season:
1. You’re trapped by difficult, costly, and time-intensive upgrades. It’s hard to get the latest functionality if your company lacks the IT resources to upgrade related software, databases, and operating systems that are required for the upgrade. It’s no wonder that you’re making do with the risks and inconveniences of outdated software. And should you decide to upgrade, you may find the updated accounting system still lacks key features—so you’re stuck using workarounds.
2. You’re held back by disconnected systems and processes. The cost of integrating your on-premises financial management system with various applications and databases can be prohibitively high. Your finance team has to use manual, error-prone spreadsheets for crucial tasks like enterprise consolidations and revenue recognition. Even if you do decide to fund your enterprise integration, you’re often trapped in a constant maintenance cycle, where every new software upgrade breaks your integration.
3. You can’t keep up with business growth. Your legacy accounting system likely wasn’t designed to support the fast growth and expansions that smart businesses are pursuing. If you’re acquiring business units, you may be trying to cobble together a consolidated view across entities that use different accounting systems. That leaves you unable to track the costs of different lines of business or services projects. Soon, you’re hiring more people just to keep up with transaction volumes.
4. You’re challenged by new business requirements and regulatory compliance. Considering a new revenue model like subscriptions? Great! However, that’s placing new demands on your finance team, because the billing and revenue-recognition requirements for subscription businesses are more complex. Unfortunately, when your traditional, outdated accounting system was implemented, these new requirements and rules didn’t exist. Attempting to bolt on or retrofit support for these sweeping changes is either painful, expensive—or impossible—because your accounting system was never intended to do so.
5. You can’t fully track your business. Your legacy accounting system may is still be operating in batch-processing mode—slowly and with no real-time visibility—simply to deliver rigid financial reports. You’re likely forced to rely on third-party reporting and analysis tools to get even basic answers. Creating new reports, asking new questions, or customizing your old reports to reflect changing business needs is impossible. And you can’t support the self-service capabilities that business users want.
Tis the season to give thanks, with Sage Intacct and Massey Consulting
The new year is coming faster than a turkey can trot—which is pretty fast, believe it or not! It’s time to kick your old accounting system to the curb and give thanks for new technology, such as cloud financial management software from Sage Intacct. It’s designed not only to meet today’s business’s needs but also to adapt as your business grows. By moving to a best-in-class cloud financial management solution, you’ll gain time to be more strategic as you move into 2019 and beyond.
You’ll find plenty of reasons to give thanks this season with a free consultation from Massey Consulting, your cloud financial management experts.
