Tuesday, 3 February 2015

The practicalities of implementing a new accounting system

Today, there are many accounting systems to choose from. In recent years, there has been a move to "cloud" based systems and for those businesses "starting out", this has been a natural choice.

The "cloud" has facilitated the outsourcing, or partial outsourcing model, under which Secantor operates. It has enabled business owners to take advantage of a wide range of financial, commercial and strategic expertise at an affordable price. The trick is to engage the right amount of expertise at the right level and to have this as an "on demand" basis. Accounting systems in the "cloud" help the owner manager, or family business, to control their business, day or night, by having "real time" visibility over the management information.

The fact that the Finance Director might not be physically be at  the owners side does not matter. They are on call, on an "as needed basis" . Typically our FDs will visit a business for between 2 days a month and 3 days a week providing a cost effective resource and helping to implement an effective finance function. Whilst the FD may not be "on-site" all of the time the owner/manager has complete  and continuous visibility over " real time" management information which monitors the key performance indicators of the business. In many fast moving businesses this is critical to gauge the impact that decision making is having on the performance of the business.

For many established businesses the thought of changing or developing accounting, or management information systems, is full of trepidation. These systems are "mission critical" and the old adage of "why try and fix what is not broken" often comes into play. However, at Secantor we have considerable experience amongst our people of  developing and implementing new systems for clients, enabling businesses to remain "cutting edge". We are able to lever off practical experiences of our clients that can provide comfort to taking the next step.

To learn more, please contact Secantor.

Nigel Bacon