What does it ultimately cost a company that decides to push off modernizing their finance solution? Does it actually cost a company anything? It turns out it does.
Overtime on manual processes
Old school on-premise software solutions can lead to long extended manual processes filled with human error for reports that need to be produced monthly. This ultimately leads to hours upon hours of overtime for the finance team which is a heavy expense for smaller to medium-sized businesses.
Lack of timely, accurate reports
Many companies that still use outdated technology have month-end processes that can take 15+ days. That’s 3 out of 4 weeks every month. By the time the data is pulled together its irrelevant for executives, lenders, and bankers. When a company chooses to stay with these processes they are choosing to prevent themselves from being relevant and staying ahead of the competition.
Derail Potential Investments and Purchases
Companies that don’t have real-time accurate reports that they can produce quickly can hinder a potential investment or purchase. Many investments will ultimately walk away during due diligence if they lose faith in your ability to drive your company based on data.
Ultimately companies can lose the growth the strive to create by deciding to not choose to update.