Out-of-date and inflexible financial accounting systems may cost you more than you can imagine. It can bog you down with complex and slow information analysical capabilities. It also provides limited options so that you cannot get exactly what you want out of it. In this new age of technology, modern CFOs need a financial accounting system that empowers them to take control and be able to solve current problems and future challenging changes. Before deciding which software suits your business most, it is essential to consider 5 key criteria as follows:
The modern day business environment transforms itself rapidly without any warning due to globalisation, technology advancement and economic turmoil. As a leader, you know how complicated, expensive and time-consuming it is when you have to re-design your systems to fit current and future demands. So, get ready for the latest financial accounting system in the market, which is designed to handle these changes without interrupting your current systems.
How quickly can you respond to requests for internally or externally driven information? Critical competition, opportunities or changes, are a few of the numerous factors that require real-time information. As the traditional financial accounting process is rather lengthy, by the time you get your hands on meaningful information, the opportunities might have already passed, or even worse, your competitors have already acted and proceeded while you are still struggling with generating some up-to-date reports. Therefore, a quick-to-respond financial accounting system is extremely necessary in providing you the tools to access information whenever you need it, hence, you can seize opportunities, move forward and leave your competitors behind.
Does your current financial accounting system provide dashboards, data visualisations, interactive reports, mobile reporting or visual workflows? These are high-end tools that offer analytical capability to support decision-making related to specific tasks. Embedded analytics allow you to track financial performance in multiple aspects. For instance, you can track your company’s performance by business unit, department, product, vendor, etc. In short, look for a system that can offer you meaningful business and financial insight on demand, preferably via a dashboard.
As CFOs in this flattening world, be ready for multinational financial management. The global capability will provide you tools to work with multiple geographic regions on a single platform. It should also be able to ease the differences in structures of multinational businesses, for example language, currency, taxation and legal compliance. Therefore, the solution you need should offer a range of deployment options but with minimal requirements for support to accommodate multiple geographic regions.
5.Vendor support and vision
Do you have an ineffective in-house support team for your financial accounting system? Instead partner with software vendors who you can trust. These IT companies not only supply you with advanced software but also support you with excellent after-sales services, i.e. from availability of resources and degree of expertise to global presence. Your software vendor should share the same vision, commitment and resources with your company so that you can take advantages of these latest technologies to help your business grow faster and stronger.