Signs Your Business Needs a New Finance System

Published: 14th December 2023

Is your ERP system showing signs your business needs a new finance system? Identifying these signals early on can be crucial for the financial health and efficiency of your operations. Here are some key indicators that suggest it may be time to consider implementing a new finance system for your business:

Outgrowing Your Current System

A clear sign is when business growth surpasses the capabilities of your current finance system. If it struggles with increased transactions, complexities, or lacks scalability, it’s time for an upgrade.

Delayed or Inaccurate Financial Reporting

Timely and precise financial reports are vital for decision-making. If your system causes delays or compromises accuracy due to manual workarounds, it’s a clear indicator for an upgrade. Modern finance systems offer real-time access to reliable data.

Integration of Business Operations with Finance Management

Aligning business operations and sector-specific needs with finance management is vital in today’s landscape. Having a solution that covers more than just finance and seamlessly integrates with other critical tools is essential. A modern system should offer flexibility, scalability, and centralised reporting, providing a comprehensive overview for informed decision-making.

High Maintenance Costs

Outdated systems often result in high maintenance expenses. If the costs of maintaining and updating your current finance system are becoming prohibitively high, it might be more cost-effective to invest in a new system that requires less ongoing maintenance.

Did you know that businesses lose approximately 20-30% in revenue each year due to inefficiencies stemming from outdated systems? Source: Aberdeen Group

This statistic underscores the tangible impact of using inefficient systems on a company’s bottom line.

The Next Steps

You can determine whether your business requires a new finance system to support its growth and success in the ever-evolving business landscape. Transitioning to a new finance solution not only addresses these challenges but also supports company growth. An updated system streamlines operations, improves accuracy, enhances security, and provides scalable solutions. It frees up valuable time for finance teams, enabling them to focus on strategic planning and analysis, ultimately fuelling business expansion and competitiveness.

Recognising signs your business needs a new finance system early empowers businesses to make informed decisions contributing to their long-term success. Microsoft Dynamics 365 Business Central provides a suite of business applications that gives your business the power to grow and collaborate. Get in touch with Enhanced today to start your Microsoft ERP journey.