A few miles down the road from you, there’s another company very similar to yours.
They’re in the same industry, offering a similar product to a similar customer base.
There’s just one substantial difference.
While your IT is all cutting-edge and up-to-date, they’re still working with computers from 2008.
Now, from their point-of-view these machines do the job. They allow them to get all their work done and don’t break down, so they don’t see a problem.
But you’re probably rubbing your hands in glee, right?
You know that these machines are antiquated compared to what you have installed. Your machines work many times as fast, allowing your people to be far more productive, to process customer orders and get their jobs done much more efficiently, and have many capabilities that your competition lacks.
It’s obvious that smooth systems in the back office give you a competitive advantage, right?
Well, it should be obvious. But sometimes, when it comes to companies’ financial management, it isn’t.
Too often, I meet company owners whose finance functions resemble those clunky computers from 2008. Their accounting platform hasn’t been updated in years, no one’s looked at whether their bookkeeper has kept up-to-date with their skills, and they’re still processing payroll and raising invoices the way they did a decade ago.
When I ask whether they’re ready to upgrade their financial management, they shrug.
They know that it’s an old-fashioned way to work. But because their accounts are done on time and everyone gets paid, they think it ain’t broke. So they don’t see the need to fix it.
What they’re not seeing, though, is how far behind it puts their company behind their competition – who have cutting-edge accounting technology, systems, processes and skills.
You see, modern accounting – and even more so, world-class accounting – isn’t just ‘nice to have’. It makes your whole company run better and grow faster:
>> You get better financial information, helping you make better financial decisions and make more profit.
>> It’s easier to adjust and scale your operations, for example increasing the number of orders you process quickly. Your company is more agile.
>> Your transactions are processed in a more timely manner, increasing efficiency, reducing charges and making you more attractive to customers and suppliers.
>> You have a better view of your numbers and cashflow, so it’s less likely you’ll fall into financial trouble or have a horrible surprise like an unexpected tax bill. You become more resilient.
In short, the companies with these capabilities have a competitive advantage.
So as we move into 2023, take another look at your financial management. Is it helping your company thrive, grow and compete? Or is it really holding you back, even if it ostensibly ‘works’?
If the latter is the case, let us help you.
Our Outsourced Finance Department is designed to give you the kind of outstanding, advanced financial management that corporates take for granted, even when you’re much smaller. We can bring your accounting up to speed quickly, bringing you all the advantages of smooth, professional financial management – and leaving your competitors struggling by comparison (even if they don’t realise it).
Then hit ‘reply’ to this blog or call me on 01279 647 447 to get in touch today.
Warmly,
Garry
