Research by iplicit has identified some key concerns that can cause finance leaders to stick with the clunky accounting system they’ve got rather than risk a change.
If you’ve even contemplated switching systems, you probably know that powerful cloud-based software can bring time savings, efficiency gains and better-informed business decisions.
But between you and those benefits there may stand some fears which were more valid in the past than they are today.
An iplicit webinar on Wednesday, 29 January, will examine some of those myths.
iplicit was keen to understand why so many organisations delay changing finance systems until the last possible moment.
We commissioned research among 1,000 finance decision makers in medium-sized organisations. The responses revealed the fears that are holding many people back.
Our webinar, Myth-Busters: Addressing the Real Challenges of Finance System Transformation, will address some of those concerns.
iplicit's Chief Product Officer, Paul Sparkes – who has three decades of experience in accounting software – will outline the top concerns identified by the research. And he will demonstrate why those fears are largely myths that belong to another era.
The webinar will focus on these concerns about changing finance systems:
The myth: Changing my finance system means I will lose access to historical data, unless I keep my old system running too.
This was the top worry identified in iplicit’s research among FDs and CFOs when it came to finance system transformation.
With so much historical data needed for analysis and audit, many respondents feared they would only be able to access past information if they kept the old finance system going alongside the new one.
The myth: The cost of changing systems outweighs the benefits.
This one is closely related to number one. It’s a fear exacerbated by vendors who don’t want to lose their customers so quote them exorbitant prices for continued access to their data.
Taking this myth at face value can heavily skew your cost-benefit analysis.
The myth: Switching will disrupt operations and distract the team.
Even when the benefits of a new system are clear, the prospect of implementing it can make the blood run cold. Many people have been through software implementation that’s costly, time-consuming and disrupts normal work for an extended period.
This concern will be top of mind if you’ve ever worked in an organisation that was upgrading to one of the big and complex ERP systems aimed at large businesses.
The myth: Cloud systems are less secure than on-premises systems
What if your data cannot be secured from fraud, damage and error? What if something is lost in the migration process? The security of your system will be uppermost in your thoughts as a finance leader.
You’re a wise custodian of your organisation’s finances, so it’s likely that at least some of the above concerns will be bothering you.
But finance software has moved on – and all these fears are now more myth than fact.
Our webinar will address each of them and give you chance to ask questions.
You’ll learn how modern cloud accounting software can simplify your processes, improve security and deliver measurable return on investment much quicker than you might have thought possible. And you’ll see that change is a lot easier than the myths might suggest.
Myth-Busters: Addressing the Real Challenges of Finance System Transformation takes place on Wednesday, 29 January, 10am-10.45am. You can register here.