Need to review your financial software? We can help you find the right solution

23 January 2024 / Insight posted in Article

Ensuring your financial software is fit for purpose not only for today but for tomorrow too, is fundamental for the successful growth of your company. It’s a hot topic for all business owners, particularly in view of the various stories in the news right now. Here, we give an objective overview of how to assess the health of your current financial software.

Passing the fitness test

If you are planning to grow, you should consider whether your current financial software offers practicality for the mid to long term. Each company is different so will have its own optimum financial management set-up.

Spreadsheets, desktop software and a well-organised filing structure certainly have their place. However, essentially what you need in today’s instant world, are real-time data, accessibility, collaboration and security.

Your entire accounting and financial management system should be wholly integrated. It should enable you to have immediate insight, create invoices, get paid faster and improve your cash flow.

Maybe you are still using the financial software that you downloaded when you started out. You have added plugs-ins and bolt-ons over the years as your business has grown. Chances are you are getting frustrated at slower processing times, inefficient workflows and high maintenance costs, hence looking for a slicker solution.

Convenience of use

You want to be able access your dashboard and work on your accounts from any digital tool or location. Having instant access on the go is a given in today’s business world. Your financial software should let you be time-efficient and error-free.

Process your receipts and expenses between meetings, automatically categorise your travel costs while on the road, check stock levels during your supplier meeting. You shouldn’t have to wait until you’re back at your desk.

Instantaneous financial figures

Having to-the-minute financial information allows you the insight to make those time-sensitive decisions with conviction, giving you that competitive edge. You can create and share bespoke reports and dashboards with key members of the business, from board members to the logistics and sales teams.

Seamless integration

One of the most important aspects of integrated financial software is all areas talking to each other. You need your sales, stock, CRM, e-commerce, accounting and reporting, etc, to be interlinked. This obviates manual input, outputting transactions into spreadsheet software rather than the system, shoe-horning functions into unnecessary user interfaces or unsatisfactory reporting.

Privacy and confidentiality

Stories of cyber-hacked data hit the news daily. You need your financial software to combat any online security issues that might arise, keeping your data secure. Integrated financial software offers the latest security features, such as firewalls, data encryption, multi-factor authentication and virus detection, without needing separate updates for each plug-in.

Tailormade and readymade solutions

Your solution should be customised to your company’s requirements. There is no one size fits all. There are some extremely competent off-the-peg financial software products that will do the job perfectly for Company A, while Company B will need a pick-and-mix solution. Independent financial software consultants with in-depth knowledge of the entire product market will be able to give you impartial advice and guidance.

Help from the experts

Moore Kingston Smith has a dedicated team of financial software consultants and digital transformation experts. Our experience with all available systems is drawn from several decades of helping businesses of all sizes and sectors create their ideal solution.

Whether you already have a healthy turnover or are not there yet but have aggressive growth plans, we can help you design your optimum financial management infrastructure for tomorrow.

We know all the software suppliers and their future plans yet remain independent and impartial. We can show you different solutions bespoke to your needs with a full breakdown of efficiency and cost. With the right solution identified for your business, we implement it for you, train your team and provide ongoing support.

Additionally, we offer full digital transformation expertise to complement our financial software consultancy. Click here to find out more.

For further information or an initial no-obligation chat, contact Simon Woodhams, Outsourcing Digital Innovation Lead, or Nicki Savill, Director of Business Outsourcing.

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