2023 poses a set of common challenges for all business types. As highlighted in a recent Forbes article, there are 7 main issues businesses face. In this post we explore how cloud accounting can help…

Issue #1 - High Inflation & Economic Decline

With elevated inflation and global economic downturn dominating the headlines, there’s no escaping the impact this has on operating a business.

Business leaders will be closely monitoring spending, costs and budgeting while attempting to remain profitable in a challenging economic climate.

Cloud accounting solution Sage Intacct has some unique features to support businesses including:

Real time dimensional reporting – providing access to stats and the ability to slice and dice data however its needed, on any internet connected device.
Instant Visibility – permission-based dashboards display the information relevant to the user. Project statuses, budgets vs actuals are all available on demand.
Multi entity management – accurate management of multiple sites or currencies saving the user time and improving efficiency.

Finance leaders are demanding faster and better visibility into performance, find out why in our free eBook.

The Data Driven Finance Leader

Download our eBook for free now!

Download eBook

Issue #2 – Supply Chain Woes

The signs are everywhere we turn; stock limitations in stores and restaurants and our email inboxes are full of order delay notifications – there’s no getting away from the problems businesses are facing around stock management and supply, as a result of the conflict in Ukraine and the effects of the pandemic combined.

Although you have no control over suppliers’ capabilities, gaining deeper insights into purchasing patterns and likely trends can help you plan more effectively for the future.

Sage Intacct promotes more effective planning through features like:

Intacct harnesses the power of Machine Learning and Artificial Intelligence technologies to forecast likely trends and financial outcomes, allowing users to plan more effectively.
In-depth reporting capabilities, enabling users to drill into granular detail on historical patterns.
Automation of the complete purchasing process.

Could now be the time to take your financial management to the cloud?

Time to move to the cloud?

Is it time to take your financial management to the cloud?

Visit Webpage

Issue #3 – Higher Customer Expectations

Consumers today may have less disposable income, but when they do spend, they’re spending wisely. Savvily shopping around to meet their needs at the best value for money, customers want to feel valued when making purchasing choices.

Stand out from your competition by delivering next level service wherever you can. For service providers, great communication between you and a client will help build trust and greater customer satisfaction even if delays or issues crop up during the project.

Best-in-class cloud solution Sage Intacct can help enhance the customer experience in ways including:

Automatic billing, easily taking care of the most complex project and subscription billing requirements.
Providing on-demand visibility into milestones and project statuses, so your customer can be kept informed at every step.

Find out more about Sage Intacct…

Let's Chat

Issue #4 – The Rise of Digitalisation

Tech including Artificial Intelligence (AI) and Machine Learning (ML) and cloud computing are transforming our ability to work faster and smarter with greater accuracy, so it’s no surprise that digitalisation is advancing at lightning speed.

Businesses can harness the power of cloud financial management solutions to improve efficiency through workflow automation, instant access to data and real-time reporting.

Forward thinking finance leaders are embracing digitalisation, discover how in our free eBook below.

Download Free eBook

Sage Intacct encourages Company-Wide Responsibility

Issue #5 – Finding (and retaining) Talented Professionals

The way we work has changed since the pandemic; remote working is now the norm and outsourcing is on the increase.

While this has its benefits for companies, like the ability to recruit from a wider talent pool and reduced overheads on premises, it also gives professionals more control over where and when they choose to work.

Future-focused businesses using cutting edge technology are appealing to a wider range of candidates. Newer entrants to the talent pool tend to seek out employers with a commitment to sustainability and an environment that allows them to use and develop their skill set.

Sage Intacct utilises the power of cloud technology helping future-proof businesses with a super-fast set up and advanced functionality.

Issue #6 – Data Security and Privacy

From complying with GDPR regs and the increase of cybersecurity related attacks, businesses are facing an ever-larger challenge in keeping customer and internal data safe and secure.

Data security is at the very heart of Sage Intacct, a solution built in the cloud that provides a secure and reliable infrastructure. Intacct’s unique features are scalable and flexible, helping users stay compliant with privacy and data security regulations.

Changing regulations are just one challenge faced by today’s CFO, a role that is changing with the times but made easier with the right tools and mindset.

The CFO Summit Free Infographic

Issue #7 – Sustainability

As the global battle against climate change intensifies, so does the expectation on businesses to demonstrate their commitment to sustainability.

In line with the organisation’s mission to cut carbon emissions, Sage recently acquired an app called Spherics, which helps users calculate, predict and cut their own carbon emissions. Spherics integrates with Sage and other accounting software and is available as a market solution.

Ready to find out more?

With over 30 years’ experience as a leading Sage Partner, Acuity’s team of Sage experts offer the very best in service and support with extensive UK and international implementation experience – at fixed prices!

Arrange a call, or a no-obligation Sage Intacct demo by simply completing the below form, and we’ll be in touch.

Overcoming the 7 Biggest Issues Businesses Face in 2023