Having a business that remains agile and adaptable requires keeping up to date with the latest tech and software. Knowing when to upgrade your financial systems isn’t the easiest factor to identify within your business, but there are some tell-tale signs that could give you early warning. Once you’ve realized the need to update, you need the right tools to help you meet the modern age.
One of the obvious indications that your systems may be causing inefficiencies is when determining how long the process is for your month and year-end close. As your business grows, your systems may start to buckle under the increased stress. It may start to get harder to retrieve business insights from reports as the stream of data input becomes increasingly complex.
Reporting inefficiencies can impact important decision-making processes. If crucial financial data can’t be communicated in a timely fashion, you need to consider if your current financial systems are compatible with the future of your business.
Alongside the inefficiencies grown from an admin level, issues can begin to show when your disparate systems find it difficult to communicate with each other. If your finance system operates in isolation, there’s a risk of data siloing and further time wasted in retrieving required information.
When you’ve recognized the signs that it’s time to upgrade, you need to consider the right tool for the job. Replacing your current systems with something entirely new is an important decision, and one that can be made easier when seeking expert knowledge.
7FC partnered with Sage and integrated with Sage Intacct specifically to provide the correct expertise to help you make the best decision for your financial systems. Adaptive consulting was created to gain important information in order to craft the optimal path for unique, mid-market businesses.
Seeking the help of a financial solution expert like 7FC to introduce and integrate modern financial systems to your business could be the boost it needs to achieve optimal growth.
