Ask anyone in financial services what kind of pain points they encounter and you are likely to get the same answers. The frustrating fact is that inefficiency, uncertainty, and annoyance are almost universal challenges in the industry and have a direct impact on growth. Thankfully, it doesn’t have to be this way. The ideal solution doesn’t just provide tools, it fixes the kind of problems firms face everyday. Here’s how:
Problem 1 – You Spend Dozens of Hours on Reporting
Accounting departments dealing with massive amounts of data have to dedicate tons of time and energy to reporting on a monthly basis. This distracts from other projects and creates the risk of errors, omissions, and bad reports. The ideal solution will automate the vast majority of this process, automatically collecting the data and intelligently conducting the analysis. Financial professionals spend a lot more time utilizing reports and a lot less time preparing them.
Problem 2 – Financial Decision Making Lacks Transparency
Understanding the where, when, why, and how of financial decision making is important for both strategy and compliance. However, without a clear paper trail it’s often impossible to explain individual decisions. The ideal solution integrates as much as possible onto one platform so that the paper trail effortless includes every detail available. That way, if and when a decision is called into question the relevant details are immediately accessible.
Problem 3 – The Cost of Security is Prohibitive
Cybersecurity isn’t just about thwarting hackers. It’s also about guaranteeing that important IT is always available and always compliant with digital and accounting regulations. Ideally, your solution incorporates those features because trying to engineering them on your own is expensive and labor-intensive. Having a solution that makes security a priority ensures it never becomes a disruption or even a source of anxiety.
Problem 4 – Your Data is Disconnected
When data is spread across locations, systems, and databases it takes a huge effort to integrate it all and basically ensures that something will be left out. The ideal solution empowers you to manage multiple entities from one location. All relevant data is automatically fed into a single-source of truth so that decision makers always have access to the most complete, accurate, and up-to-date information available.
Any one of these pain points leads to wasted effort, extra distraction, and lost opportunity. Luckily, all of these pain points can be solved by the same ideal solution – Sage Intacct. It’s built for the needs of financial services and designed to maximize productivity and efficiency. Don’t let preventable pain points hold you back. Instead, use them to drive your success over the long term. To learn how, contact InCloud360 for a free consultation.