6 Accounting software challenges faced by Financial & Project Service businesses

Financial and project services businesses are always looking for ways to improve cashflow, get paid faster, increase accuracy, get meaningful insights, and ensure reporting is relevant and impactful. With the right technology and expert partner knowledge, you can overcome these challenges and focus on driving your business forward.

As a prized Sage Partner with more than 30 years’ experience in providing transformational business management systems, services and support, we understand more than anyone the challenges that companies face due to insufficient software. Here are the top 6:

Challenge 1 – Escalating cost of renewals

Never mind the hefty initial costs of software, there are also maintenance and upgrades to budget for in many on-premises hardware and software. This can cause major headaches for businesses, making it difficult for them to manage and grow effectively.

Maybe adopting a fully native cloud technology like Sage Intacct could be the aspirin to this headache?

Challenge 2 – Unclear implementation costs

Moving to a new finance or ERP system can be a risky move. When implementing a new solution, costs and timescales can vary and be greatly underestimated. This can result in delays to go-live schedules, customers facing additional supplier charges to finish the job and potential revenue losses due to incomplete functionality and processes.

Maybe working with Acuity Solutions – who can guarantee fixed price implementations – would be the safer option?

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Challenge 3 – Accounting & Reporting

Using multiple databases to manage multi-company accounts can be a royal pain when it comes to sharing and consolidating financial information, making the process a whole lot longer than it needs to be. As well as being time-consuming, you get a lack of visibility into companywide accounts and live data, which can result in ill-informed or delayed decision making.

Maybe switching to a multi-entity accounting structure such as Sage Intacct would eliminate this issue?

Challenge 4 – Project Control

Companies that manage projects and bill for services can find it almost impossible to track billable time and incremental hours when using multiple spreadsheets and external databases to monitor their projects. This inevitably leads to confusion and mistakes are made, resulting in customers being invoiced late, projects being inaccurately billed and an overall loss of revenue.

Maybe implementing software that has project costing capabilities such as Sage Intacct could be a big help?

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For a more detailed breakdown on how Acuity Solutions and Sage software can provide your business with the solutions to these problems download our '6 Key Reasons' infographic.

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Challenge 5 – Contracts & Subscription billing

Having to manually calculate contract and subscription billing using spreadsheets and siloed databases can be a real nuisance, especially when you take into consideration individual customer pricing. Billing accuracy becomes challenging and often causes increased invoicing errors and customer complaints.

Maybe streamlining contract and subscription billing processes through a system that has built-in, tiered pricing and billing automation would be more efficient?

Challenge 6 – Multiple databases with no integration

The struggle is real when it comes to effectively collaborating with other departments in a business that uses multiple databases. Having no integration across departments impedes visibility and the sharing of information, resulting in ill-informed decisions and doing no favours for business productivity.

Maybe having a system that integrates seamlessly with additional solutions such as Salesforce will improve the visibility of your businesses performance?

Are any of these problems affecting your business? If the answer is yes, then Sage Intacct may be for you!

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Acuity Solutions to the rescue…

All the above problems hinder productivity, causing inefficiencies which result in increased costs, loss of revenue and decreased customer satisfaction – not good for any business! But fear not, Acuity Solutions works in conjunction with Sage Intacct to overcome these problems, giving our customers an opportunity to improve, excel and grow.Want to receive updates from our blog? Subscribe now!