Consideration #6: Foster a culture of collaboration
Finance plays a pivotal role in driving overall organisational success. Collaborative aspects within the finance team and with other departments are crucial for streamlined operations and informed decision-making. Neglecting collaboration can hinder communication, slow down processes, and lead to suboptimal outcomes.
Leverage the collaboration features of your chosen finance technology to break down silos and foster a culture of shared insights. Encourage regular communication and knowledge sharing between the finance team and other departments to optimise decision-making and streamline operations. On the same note as sharing access to information, it’s important to also have the option to deny/ restrict user access to some features of the software platform. By ensuring that user restrictions are in place, you can add another security layer to your financial data.
Consideration #7: Leverage Real-time data and visibility capabilities
In today's fast-paced business environment, real-time visibility into financial data is crucial for making informed decisions and responding to market trends promptly. Relying on outdated or manual reporting systems can hinder your organisation's agility and competitive edge.
Choose a finance technology that provides real-time data access and insights. This will enable you to monitor your financial performance closely, identify trends early on, and make proactive adjustments to maintain a competitive edge. Sage Intacct offers real-time data reporting and dashboards, allowing you to stay up-to-date on your financial health and make informed decisions in real time.
Consideration #8: Prioritise Cloud-based Accessibility
In today's dynamic business environment, flexibility and mobility are paramount. A cloud-based finance management system ensures that your team can access critical data securely from anywhere.
Opt for a cloud-based finance technology that provides your team with real-time data access and seamless collaboration capabilities. This will allow your team to stay productive and agile, regardless of their location or device. Sage Intacct is a cloud-based software that provides your team with secure access to financial data from anywhere in the world. This accessibility not only enhances productivity but also future-proofs your financial operations.
Additionally, ensure that your implementation partners have the expertise to carry out a secure and efficient transition to the cloud. This will eliminate the risk of data errors and downtime, allowing your team to focus on strategic financial activities while they manage the implementation.
Consideration #9: Plan for ongoing maintenance and support costs
Financial management software is not a one-time purchase; it requires ongoing maintenance and support to ensure it remains up-to-date, secure, and functioning effectively. Neglecting to factor in these ongoing costs can lead to unexpected financial strain and hinder your organisation's ability to fully utilise the software's potential.
Choose a finance technology provider that offers comprehensive ongoing maintenance and support services. This will help you avoid unexpected costs and ensure your software is always up-to-date and functioning optimally. Sage Intacct offers a range of maintenance and support options to suit your organisation's needs.
In some cases, your implementation partner’s expertise extends beyond the initial implementation phase, encompassing ongoing support and maintenance services. Our team, for example, monitors the implemented Sage Intacct system, addresses any technical issues, and ensures that you receive the necessary guidance to maximise the software's capabilities. This proactive approach helps prevent disruptions and ensures your organisation achieves the full value of its investment.
Consideration #10: Strengthen security measures
In an era of increasing cyber threats, security is paramount in financial management. Overlooking security measures can expose your organisation to significant risks, including data breaches, financial losses, and reputational damage.
Prioritize security when selecting your finance technology. Choose a system that incorporates robust security features, such as data encryption, multi-factor authentication, and intrusion detection systems. Sage Intacct incorporates cutting-edge security measures, including vulnerability and threat management scans, internal vulnerability assessments, and business continuity and disaster recovery plans.
At BDO, our implementation ensures strict adherence to these and other security protocols, providing an extra layer of protection for your organisation. Additionally, our cybersecurity team is part of one of only 5 global organisations to implement Palo Alto's AI-based continuous security operations platform, CORTEX XDR. This additional service exemplifies the dedication and expertise our BDO teams bring to safeguarding your organisation's financial data.
Partner with BDO and Sage Intacct to ensure your financial management system is robust and secure against cyber threats.
In the ever-evolving finance landscape, ignoring the impact of software on time, team productivity, and ease of use can hinder operational efficiency. A complex software can lead to increased training costs, reduced productivity, and frustration among team members.
BDO prioritises technology ease of use, collaborating with you to implement Sage Intacct, reducing cycle times, and enhancing financial reporting. The cloud-based nature of Sage Intacct ensures flexibility, optimising team productivity and enabling your finance team to focus on strategic initiatives rather than managing complex software implementation.
Partnering with BDO for a Smooth and Successful Software Rollout
By avoiding these common pitfalls and partnering with BDO and Sage Intacct, you can ensure you’re selecting the right ERP solution and finance management software that aligns with your unique needs and strategic objectives.
With BDO's extensive expertise and proven track record in implementing Sage Intacct, you can navigate the labyrinth of financial management software with confidence. At BDO, our team of experts will guide you through every step of the process, from defining your objectives to training your team and ensuring a seamless transition to Sage Intacct.
Embrace the Future of Finance with Sage Intacct and BDO
By partnering with BDO and Sage Intacct, you can empower your finance team with the tools and insights they need to drive your organisation's success. Sage Intacct's powerful capabilities, coupled with BDO's expertise and commitment to excellence, will help you achieve your financial objectives and navigate the ever-changing business landscape with agility and confidence.