Five reasons why finance leaders put off implementing new finance software
Upgrading your finance system can unlock significant benefits – greater efficiency, improved reporting and better decision-making. Yet, many organisations hesitate due to persistent myths and niggling concerns.
Here are five of the most common barriers that hold organisations back together with some myth-busting reasons why they might not be as daunting as you think.
1. The cost of read-only access to an old system
Some vendors charge high fees for “right to use” (RTU) licenses, allowing read-only access to old systems.
These costs can be substantial, especially if the old system is on-premise, requiring ongoing server maintenance, leading finance leaders to believe the cost of updating finance software outweighs the benefit.
However, most modern accounting solutions, such as iplicit, enable the import of historical data into the new system, eliminating the need for costly RTU licenses.
2. The fear of losing historical data
Many finance leaders worry that switching systems means losing access to historical data, unless they maintain their old system concurrently.
In truth however, modern cloud solutions often allow for seamless data migration, ensuring that past information remains accessible without the need to run parallel systems.
3. Business disruption during implementation
The prospect of operational disruption during system implementation can be off-putting.
While past experiences with complex ERP systems may have been challenging, many contemporary finance solutions are designed for smoother transitions, minimising downtime and ensuring business continuity.
As iplicit can be implemented in as little as 15 days, business disruption really is minimal.
4. Cybersecurity concerns
There’s a lingering myth that cloud-based systems are less secure than on-premise ones.
In reality, reputable cloud providers invest heavily in security measures, often surpassing the protections of traditional systems. Features like encryption, regular backups and robust access controls are standard, ensuring data integrity and security.
5. Perceived high costs of modern software
The upfront investment in a new finance system can seem prohibitive. However, this perspective often overlooks the long-term savings and efficiencies gained.
Modern cloud-based solutions typically reduce the need for extensive IT infrastructure, lower maintenance costs and offer scalable pricing models. Moreover, the risks and expenses associated with outdated systems, such as inefficiencies, compliance issues and potential failures, can outweigh the initial costs of upgrading.
Why choose iplicit?
iplicit is a competitively priced, highly secure accounting platform. Accounting Precision’s highly experienced consultants are fully accredited and well versed in delivering projects on-time and to budget, with very little business disruption.
While concerns about upgrading finance systems are understandable, many are based on outdated perceptions. Modern solutions address these challenges head-on, offering secure, cost-effective and efficient alternatives to legacy systems. Re-evaluating these myths can pave the way for transformative improvements in your organisation’s financial operations.
