The landscape of accounting software is constantly evolving, with cloud-based solutions taking centre stage.
Many businesses have migrated their accounting systems, but are they reaping the full rewards? This article explores the importance of a fit-for-purpose finance function and how it can propel your business towards success.
The role of finance in business
Finance is no longer just about compliance and bookkeeping. Today, it plays a strategic role in driving value for businesses. By analysing financial data, identifying growth opportunities, and supporting decision-making, a robust finance function directly contributes to your bottom line.
Benefits of cloud accounting
Having a well-oiled finance function offers a multitude of advantages:
- Strategic decision-making through data analysis: accurate and insightful financial data empowers you to make informed decisions. Cloud platforms provide real-time access to information, enabling you to identify trends, assess risks, and capitalise on opportunities.
- Risk mitigation and increased stakeholder trust: an optimised finance system also mitigates risks. Transparency and accuracy are key to building trust with stakeholders. A fit-for-purpose finance function ensures robust financial reporting, fostering confidence and reducing uncertainty.
- Efficiency and time-saving automation: cloud-based solutions offer a wealth of automation options, freeing your team from repetitive tasks like data entry and invoice processing. This saves valuable time that can be better spent on strategic analysis and growth initiatives.
Cloud migration
Thousands of transformations have already taken place, with businesses moving finance systems from legacy-based accountancy platforms to more modern, automated cloud-based systems.
However, migrating to the cloud is just the first step. Many cloud accounting software platforms offer a range of features and multiple tools beyond basic accounting, such as customised reporting, expense management tools, and inventory control.
A recent survey from one platform, Xero, showed that only 37% of businesses are using the automated bank feed option. This is considered to be a “basic” automation tool, which is why we’re surprised this figure isn’t higher. Take advantage of these automation features, as they not only save time, but also minimise errors and improve data accuracy.
Additionally, don’t underestimate the power of process optimisation. Review your current workflows and identify areas where automation or internal procedure changes can enhance efficiency.
Time for a review
Are you constantly struggling to meet deadlines? Facing data inconsistencies? Do you lack real-time financial insights? These are all indicators of an inefficient system.
Don’t wait for the year-end rush of producing compliant accounts or filing a tax return to address these issues. A proactive review can identify bottlenecks, streamline workflows, and free up your team to focus on strategic initiatives that drive growth.
How we can help
Our cloud accounting team can analyse your current processes to pinpoint areas for improvement, which allows us to identify inefficiencies and recommend tailored solutions. By investing in a fit-for-purpose finance function, you empower your business to make better decisions, mitigate risks, and unlock new avenues for growth.
Don’t let outdated systems hold you back. Take the first step towards a thriving future with a modern and optimised finance function.
We have extensive experience with multiple platforms and applications. If you’d like to know more about how Saffery can help to optimise your finance function, please get in touch with Becca Durrant.
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