10 Signs your Finance System is Harming your Business
Learn how to identify the early warning signs that your finance system is holding back your business. Many of these creep up on your business and, left to fester, can begin to impact upon the quality of decision-making, your understanding of your organisations financials and, ultimately, its overall profitability. Outdated financial systems can compromise far more than the accuracy of your financial reporting and management information. The early warning signs can be slow to emerge and businesses can cope with these for years but then, there you are, at the tipping point.
The issues have finally made it to board-level and, as your business grows and increases in complexity, you begin to unearth a range of concerning impacts including:
- Unauthorised manual workarounds and the re-keying data.
- Reliance on meaningful information in error-prone spreadsheets.
- A lack of insightful management information to inform business strategy.
- Inability to add additional currencies or companies.
- An inefficient and lengthy month-end close.