Four steps to maximise your accounting platform investment

Four steps to maximise your accounting platform investment

Maximising the return on an accounting solution investment is not about squeezing costs but rather using analytics, data and insights to maximise overall performance. It requires digging into the details across all business units and leveraging this data to achieve meaningful change and growth.

This transition from a number cruncher ➡️ a tool that delivers measurable gains requires four steps.

Step 1: Establish your exact return on investment (ROI).

Understanding precisely what your business needs from its accounting solution is vital.

  • Is it cost savings?
  • Is it improved visibility into financial operations across business units?
  • Is it access to richer financial expertise?
  • Is it all of the above?

Step 2: Integration is integral.

If employees struggle to keep up with sales, purchase orders and visibility across your business, there’s a problem.

Your system should be intuitive which requires proper integration and optimisation to perform quickly and effortlessly.

  • Does it streamline admin?
  • Does it improve operations?
  • Does it make life easier?

Step 3: Invest wisely based on a measurable and proven ROI

All well-designed, feature-rich accounting solution will cost money, but they should also return that cost with interest. Before investing, you must understand how it will achieve an ROI.

Step 4: Hone in your human capital.

People are integral to any optimisation and require training, skills development and subject-matter experts.

  • Upskill internal experts to assist staff in using the platform effectively.
  • Ensure all staff are included in the implementation and integration process to achieve a better buy-in.

According to Harvard Business Review, successful digital transformation requires all divisions and individuals within a business to share a common language and commitment. People are the biggest challenge for any transformation, Statista cites the main barriers as being:

  • Skill gaps (51%);
  • cultural differences between digital and traditional teams (48%);
  • traditional teams struggling to keep up with the digital pace (41%).

Therefore, people are at the core of any successful digital investment or transformation.

Modern accounting solutions  have digital and transformation at their core and are designed to:

  • transform ageing processes and operations ➡️ faster, more efficient systems,
  • help people do ⬆️ with ⬇️, faster.

These steps will unlock your solutions potential and create an agile financial approach adaptable to changing expectations and requirements.  Knowing how to use your system optimally is vital to achieving your ROI.

Times 3 Technologies, a Sage Platinum Partner and Sage Intacct implementation partner, provides organisations with a fully connected, highly agile and transparent accounting solutions which put people first.

Sage Intacct is a versatile accounting solution for all business sizes. It offers a measurable ROI of 532% with a time to value of 2.5 months, resulting in exceptional annual savings. It’s ideal for supporting any organisation with digital transformation and system optimisation.