Did you know that approximately 60% of finance departments are still using legacy software in the UK? In essence, 60% of Brits working in finance are using expired technology, including spreadsheets and ERP systems, in 2024.
When we explore some of the challenges accountants might face when considering modern tech, the assumption is typically that good systems must cost an arm and a leg to purchase. The reality is that times are changing, and contemporary technology nowadays is essential to drive business success. With that comes the understanding from most tech providers that this needs to be affordable to ensure all businesses have access to it.
Comparatively, the benefits of accounting and finance tools are that in actual fact, costs are saved through cloud-based systems. Costs are cut through reduced manual labour with the need for fewer resources whilst achieving more. Not only that, but you’re guaranteed to make fewer mistakes, supported by improved compliance – reducing costly errors. To name only a few of the many ways you’ll be driving success for your business.
Although some software providers can definitely be expensive, that is not the case across the board. There are so many small to mid-market providers out there waiting for you to approach them, you just haven’t spotted them yet because they aren’t so worried about tube advertisements or sponsoring sporting events.
The average age of accountants in the UK is 46 years old, with 51% of accountants estimated to be older than that. Could it be fair to say that you, or members of your team, might be worried about the complexity of finance systems?
You don’t need to be a tech whiz to use the systems on the market, software providers like Aqilla work hard behind the scenes so that you can work easier, and fortunately, we’ve got an in-house support team who are just a phone call away if you run into any trouble. As a user you should not face any complexity, and if you do, you might be using the wrong system for your business. Keeping this in mind, with the help of a good support team, you do not need skills to implement new systems, and it is normal not to have them! Unless you do of course – then they’ll be sure to come in handy.
If you’re still using legacy software, that will also be affecting the accuracy of your tasks. Investing in a system that automates and connects to various APIs will aid how accurate your reports, month-end and budgets are, to name a few. You could, and should, be spending less time manually updating your systems and dedicating your days to more pressing matters that you’ve wanted to have time to complete. Modern day ERP solutions will dramatically halve administration tasks like the ones mentioned above, in turn, freeing up more time in your day to drive business success.
All in all, the positives of investing in quality accounting and finance software far outweigh the negatives. And the negatives that generally can affect the decision to explore this are resolvable, with some reassurance. Take the time today to dig a little deeper into some small/mid-market technology providers whose aim is only to drive success within your business, because they have the capacity to help you in doing so.
