ALL PAIN, NO GAIN

COMMON FINANCE ISSUES IMPACT THOUSANDS OF BUSINESSES

FINANCE PROBLEMS MAY BE HURTING
YOUR BUSINESS IN MORE WAYS THAN ONE

Accurate and immediate finance data allows organisations to drive efficiencies, reduce compliance risk and protect profitability. However, the same common finance issues impact many businesses across the UK and Ireland. How many of these issues affect your organisation?

UNNECESSARY MANUAL INPUT

Thousands of organisations still waste hours, weeks, or even months of valuable time as they rely on manual processing to fill the gaps in non-automated systems.

KEY DECISIONS ARE OFTEN BASED ON INACCURATE INFORMATION

Difficult data extraction leads to poor reporting, which impacts business and investment decision-making all the way from the factory floor to the C-suite. This can have painful and costly consequences, including regulatory fines and reputational damage.

LEGACY SYSTEMS RETIRING, SUPPORT ENDING, RISK RISING

Systems support ends when software providers retire their platforms. Without adequate support, data security and compliance risk rises exponentially.

Software providers may force unwanted migrations– an issue that often leaves businesses paying more for a solution they do not want and doesn’t fully answer their finance needs.

_90%

of spreadsheets contain
serious errors, while more than
90% of spreadsheet users
are convinced their
models are error-free

HIGH TAX AND REGULATORY RISK

Inefficient reporting produces and exacerbates compliance problems.

HIGH MAINTENANCE COSTS

Non-cloud-based systems require infrastructure that is costly to maintain, and updates and data migrations are typically slow and don’t come cheap, both from a financial and a resource perspective.

WEAK SECURITY

It’s easier to secure a finance system located in the cloud. Data security is at higher risk when using a legacy, on-premise systems as most organisations simply don’t have the financial or staffing resources to provide the same security benefits as large cloud services providers like Azure can.

_50%

of CFOs are not satisfied
with their reporting and
analytics capabilities,
believing they are
very poor and need
improvement

_73%

of finance professionals
face mounting challenges with
access to timely and
comprehensive data