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Fiona McGuinness17-Nov-2017 08:45:073 min read

Accounting Software Benefits Add Up

Lots of businesses are benefiting from a new wave of accounting software that manages to be more sophisticated and easier to implement.

Old men in grey suits poring over ledgers has been a hard to shift representation of accountancy and financial controllers, but it’s a stereotype that’s rapidly being overturned by a new wave of technology.

Driven by the need to harness business intelligence and real-time insights, financial controllers and accountants now hold the keys to the future — they’re not just crunching numbers, they are identifying opportunities and informing strategy which are just some of the advantages of computerised accounting systems.

 

Advantages of Computerised Accounting Systems

One reason for the change in mindset is that the data which is collected and collated in the financial systems can be used to keep tabs on the bottom line. Finance Controllers have become far more data aware and now strive to make data-driven decisions. They’re not just getting out the monthly trial balance or profit and loss, they’re making accurate business decisions based on data, not just a feeling.

Another change we notice is the way that financial systems have extended their reach, enabling more employees to use the data in the system to help them do their jobs more effectively.

Warehouse staff use it to make picking orders more efficient; salespeople are able to take orders while out on the road and operational staff are keying in their progress on jobs and managing project budgets online.

In organisations with 20 employees, there are probably 15 if not all 20 employees accessing the system on a daily basis. It’s not just two or three people in accounts anymore.

The thing that makes financial packages more relevant to more employees now, is an out-of-the-box ability to integrate with other business applications. What used to be seen as standalone accounting software has become a part of the hub of operations even in small and medium-sized companies.

 

The Importance of a Computerised Accounting System

By way of example, imagine a sales process where a rep-on-the-road collects orders remotely that are integrated back into a system that automatically generates a PO without any manual intervention.

This is part of new efficiency that businesses have come to expect and mobility is a big part of it. There’s now an expectation that people will have information on the move, where data is delivered rather than requested.

Senior management can see their margins on an ongoing basis throughout the day, which informs much more effective decision-making.

Our ERP software has been around for over 25 years now and continues to evolve. The latest iterations are designed to be customised and meet the demands of an agile world where one size doesn’t fit all.

We started off in the SME sector, but now we’re attracting attention from mid to large firms where there is definitely a hunger for something that’s not prescriptive. The problem with a lot of tier one ERP vendors is that their solutions are very costly to alter, whereas we’ve built a platform that facilitates customisation and tailoring.

We are seeing a strong demand for our software and a willingness to explore the new functionality that’s becoming available. We also find that companies these days are far more agile and far more open to change and progression.

Businesses can now choose the right product for the right area or right department and expect a higher level of integration than they would have before.

It used to be about buying brand A or B, but that’s not the case anymore. It’s a buffet where the menu options are available for you to choose what’s right for your palette and know that the different courses will work together.

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Fiona McGuinness

I've been part of the Intact family for 16 rewarding years. After completing my Business Studies degree, I knew Marketing was a field I wanted to pursue. Prior to joining Intact, I primarily worked in the financial sector, focusing on marketing for credit unions. When I started at Intact, I handled all the marketing tasks by myself. Over time, as our team expanded, so did my role. Now, I specialise in crafting compelling content across various platforms, from blogs to video scripts. No two days are the same, and I thrive on the dynamic nature of my role. Whether it's diving into customer case studies or lead campaigns, I'm driven by the positive impact our solutions bring to businesses. In an age where AI plays a significant role, I remain a firm believer in the power of authentic content. When I'm not working, you'll find me enjoying quality time with my family, sewing, or watercolor paintings.