The finance function is continuously being transformed by new technologies – everything from artificial intelligence to cloud infrastructure – and the potential gains in efficiency and effectiveness are vast, but any transformation project comes with risks. With automation, one of the biggest risks is getting caught up in buzzwords and promises, at the expense of a practical approach to change.
A new eBook from AccountsIQ, which delivers award-winning, accounting software for mid-sized businesses, shows how to approach the adoption of a cloud-based financial management system to deliver a host of strategic benefits. Among these are real-time insights to support decision-making, simple scalability, seamless integration and a user–friendly approach to the implementation of a system that will enhance employees’ job satisfaction while boosting efficiency and productivity.
In ‘Tech-driven finance for smarter growth’, AccountsIQ provides a clear and simple process for clients upgrading from older or basic cloud systems, as well as how to define the key roles and responsibilities required for each stage to lead to a successful outcome.
“Cutting-edge technology is undoubtedly a game changer for finance leaders, opening up a path to transform their team’s operations, boost productivity, and streamline month-end and year-end processes,” remarks AccountsIQ COO Darren Cran. “However, terms like ‘digital transformation,’ ‘open APIs,’ ‘real-time MI,’ and ‘SaaS’ often flood boardroom discussions, leaving many finance chiefs unsure of their practical implications.”
“The true path to transformation is less about the buzzwords and more about a pragmatic approach to business efficiency,” he adds. “Focus on identifying areas where processes can be improved and seek out a software partner or advisor who can effectively utilise new technology to enhance your operations. Understanding your current and possibly cumbersome processes, combined with insights from those who have navigated similar challenges, is key to driving meaningful change.”
A roadmap to success
Trusted by more than 20,000 users across 80 countries, AccountsIQ has drawn on its vast experience of implementing its cloud-based platform to create a guide to fostering growth through automated, data-driven finance. The first step is to identify where the finance team is currently feeling the strain.
Is it swimming in paperwork and manual processes or are overdue expense claims mounting up? Are staff dissatisfied with their jobs and are they laboriously having to manually re-enter data from other systems? The answers to such questions will determine how a company approaches its choice of finance system.
This choice will begin with an evaluation of the systems currently in place to identify its shortfalls and why it is putting strain on the team. From there, an in-depth assessment of how cloud-based systems is required to see how they might better integrate with business operations and create seamless workflows.
Once that decision is made, the AccountsIQ roadmap can help with making the switch to the cloud, helping clients to address issues in the crucial implementation phase by helping them to ask the right questions, such as whether the software worked successfully in their industry, and whether the provider is the right fit for their business.
Crucially, the guide goes beyond an assessment of technologies and provider relationships. Fundamental concerns in any technology implementation project are accountability and leadership. Identifying the right team to deliver the project is crucial, and the voices must come from both the finance team – probably the CFO and other senior team members – but also the technology side of the business.
Successful implementation requires a leader who thoroughly understands the business and can approve the design while overseeing daily operations. That can make all the difference at the go-live stage, where the processes for automating data capture, processing and reporting come to life.
“In this guide, we’ll demystify how automating your finance function can lead to significant improvements and offer practical advice for making the most of these advancements,” says Cran.
In any technology transformation experience is the most important ingredient, and this guide is the distillation of the lessons learnt from AccountsIQ’s many implementation projects. ‘Tech-driven finance for smarter growth’ makes a difficult journey far simpler.
To download the full eBook, please click here
