How Technology Can Transform Your Financial Services Firm

Many small and mid-sized financial services firms started out using accounting software like Intuit QuickBooks. This type of software is well-known and easy to use, and offers the basic functionality that most financial services firms need.

 

Unfortunately, while this software was great to help get your firm off the ground, accounting software has limitations that will cause problems. These problems include inflexible processes, data accessibility issues, inadequate security, and primitive reporting.

 

To deal with these limitations, your employees may resort to measures including building some “extra” spreadsheets for reporting, rekeying data, and relying on manual processes. Unfortunately, manual data entry is error-prone and time-consuming. The very accounting software that fueled your early growth can hamstring your organization. Simple accounting software isn’t designed to scale as you grow. Your evolving needs will require more automation, better visibility into financial and operational performance, and connections to other critical applications or programs.

 

Don’t let this happen to you. There is a better way.

 

The Hidden Costs of Waiting

 

There’s a cost to switching to new software, but it’s far less than the costs your organization will face for continuing to rely on outdated accounting software. If your employees are relying on workarounds, extra steps, manual data entry, and patched-together analyses, your software is already costing you more than you think. These inefficiencies gradually become “standard procedure” and create a silent drag on your business that hinders growth.

 

Does your financial services firm struggle with:

 

• Overreliance on spreadsheets to support financial processes and reporting

• Excess manual data entry and re-entry

• Limited access to reports and information to drive decision-making

• Difficulty in adapting to new business requirements

• Inadequate controls around financial processes

• Difficulty in integrating your software with third-party systems

The Benefits of Modern Financial Management Technology

 

Modern financial management technology creates new options for your financial services firm. Purchasing, installing, and running traditional mid-market financial software is a huge investment and a risky proposition. It might mean buying servers and databases, hiring IT specialists to maintain the software, and making a multi-year commitment to an expensive infrastructure.

 

Cloud computing is different.

 

With cloud-based software, your vendor assumes all the information technology cost and risk. All your organization needs is a web browser and an Internet connection. You won’t have to worry about supporting servers or software, or hiring additional IT staff.

 

Cloud computing takes the cost and the risk out of graduating from your limited accounting software to a modern financial management system.

 

With Sage Intacct, you’ll enjoy:

   

Anytime, Anywhere Business Visibility.

 

Your organization will enjoy real-time data and processes, flexible reporting, and role-based dashboards that provide real-time global visibility into the state of your business.

 

Increased Productivity.

 

Sage Intacct offers comprehensive accounting automation that simplifies core accounting processes like accounts receivables and payables. You’ll enjoy extensive integration with other leading applications and user-defined workflows that allow you to optimize processes throughout your organization.

 

Scalability.

Sage Intacct’s scalable architecture will grow with your business. You’ll be able to easily increase the transaction volume and add new entities. The cloud also offers internal controls that ensure compliance and auditability.

See What Switching from QuickBooks to Sage Intacct Can Do for Your Business

 

Cloud-based financial management offers finance organizations the solutions they need to work strategically with stakeholders by providing the financial data to plan the business’s future, gain new insights, and make important financial decisions.

 

In a nutshell, that’s why so many organizations have already made the move from simple accounting software like QuickBooks to Sage Intacct, the cloud-based financial management system. They’re gaining better visibility, increasing flexibility, improving business and financial processes, and achieving a meaningful and measurable ROI.

 

To make it easy, Sage Intacct has a wealth of resources that you have access to. This ensures a quick and seamless transition so you can begin repeating the benefits straight away.