6 Challenges Keeping CFOs Up at Night
CFOs are under more financial management pressures than ever—for faster closes, cleaner audits, and deeper analysis (to name a few). As a result, leading CFOs are realizing that replacing outdated systems with business-class financial software can help them overcome these challenges.
In this post, we address the top 6 challenges keeping finance leaders up at night and how to solve them with Sage Intacct cloud-based ERP.
#1 Our team relies too much on spreadsheets for financial management
As businesses start out spreadsheets are a handy workaround for tasks an entry-level system can’t handle. However, relying on spreadsheets for complex tasks like mult-entity consolidation has major consequences. Above all, low productivity due to time-consuming manual tasks, inaccurate data, and audit risks.
#2 It’s impossible to produce accurate, timely reports with our current system
You can use any financial system to produce simple financial statements. But to satisfy board members and other stakeholders, CFOs need to be forward thinking. Instead of being historians, they need to produce accurate and detailed analysis on what’s driving business performance right now.
#3 Financial consolidations are time consuming, manual, and error prone, extending the close
As companies grow so does complexity. With multiple entities, tax IDs, and currencies, it becomes hard to complete financial consolidations. Finance teams end up using manual processes to gather spreadsheets, fix errors, convert currencies, and perform intercompany eliminations. All of this manual work leads to long closing cycles. Moreover, the burden becomes even more challenging as your business grows. Providing a single, complete view of business performance becomes increasingly difficult.
#4 We aren’t billing 100% of our time and expenses
A major contributor to revenue leakage, manual time and expense tracking has a significant effect on profitability. In order to manage these tasks, finance often turns to spreadsheets or making notes on receipts. This inefficient way of tracking employee expenses or project-related purchases can lead to a high volume of non-billable time and unrecoverable costs that hurt your bottom line.
#5 Our on-premises accounting software doesn’t give us the agility we need
Because every business is unique, an outdated one-size-fits-all approach to financial software doesn’t work. Legacy, on-premises software traps you with expensive capital investments, time-consuming and disruptive implementations, and complex configurations. Plus it becomes a significant maintenance and support burden.
#6 Our finance software doesn’t communicate with applications from other departments
Eliminating silos is the key to efficiency. But when you’re faced with unwieldy data extracts and manual re-keying, agility is bound to suffer. To provide a full picture of performance in real-time, you need to unify all your business data—sales, payroll, budgeting, marketing, and other areas.
Sage Intacct’s cloud ERP solution solves these 6 challenges and positions your company for success
Legacy on-premises software can hold your business back, impacting your bottom line. With Sage Intacct, your finance team can overcome the limitations of outdated systems and costly manual processes.
Don’t let your current accounting solution put you under pressure. Sage Intacct helps CFOs and their teams move beyond the constraints and inflexibility of spreadsheets and outdated on-premises systems. Learn about Sage Intacct.