It’s Not You, It’s Your Software: Today’s Financial Software Landscape

The past few years have been all about rapid change across all industries, causing organizations to reshape their business models and transform in one way or another. As technology evolves, companies continue to embrace change, find new ways to grow, and prepare for the future. With this, several key technological trends are shaping accounting and finance.  

Trend 1: Cloud Infrastructure  

The software landscape today is centered around cloud infrastructure. Traditional financial systems were designed in an era when it might take days or weeks to collect and process information. However, in today’s always-on digital world, organizations must operate faster and more efficiently. Businesses have high-speed expectations and need a system that’s adaptable, responsive, and ready to deliver timely answers on demand, which is why many are choosing to implement cloud solutions. 

With a cloud-native solution, end users benefit from automatic updates and accessible data. Rather than storing data in the cloud over a physical location, data always remains accessible, even in a disaster, allowing organizations to focus on operations, not data loss or accessibility. 

Trend 2: Best-In-Class Concept  

There are two general approaches to building a software stack: best-in-class or suite-based. Both approaches can be successful, but right now we’re seeing a trend toward best-in-class software. 

Best-in-class software focuses on excelling within a single functional area of the organization, such as financial management. It offers in-depth functionality and can integrate with other best-in-class software systems. For example, organizations can integrate their accounting system, like Sage Intacct, with their selected HR/payroll vendor, such as ADP. This approach enables teams to evaluate and choose the best solutions for their unique needs without being forced into a single, all-in-one system. 

Organizations that leverage the inherent benefits of best-in-class by connecting applications result in the end product delivering new automation, visibility, and collaboration.  

Trend 3: Automation and AI 

As the pressure to maximize efficiency with fewer resources continues to impact many industries, automation and artificial intelligence (AI) is becoming an important tool to accelerate timelines and implement new capabilities. Some areas that Sage Intacct is utilizing these emerging technologies include: 

• AP Bill Automation: AP bill automation uses AI and machine learning to streamline the accounts payable process. It eliminates manual tasks by automating bill creation by extracting information from the vendor invoice document, identifying possible exceptions, and routing invoices for approval.
• GL Outlier Detection: GL Outlier Detection uses AI to identify abnormalities in the general ledger by reviewing all entries in real time and flagging potential mistakes. This proactive approach allows teams to detect and address issues faster, rather than waiting until the end of the month for review and reconciliation.
• AI Assistant: Sage Intacct is introducing an AI-powered assistant called Sage CoPilot. This tool will empower users to analyze data more efficiently, identify errors quickly, and easily make smarter, data-driven decisions. By leveraging AI, Sage CoPilot aims to enhance productivity and accuracy across financial workflows. 

Is Your Software Holding You Back? 

Identifying when you are outperforming your technology can be a challenge. There may not be a big bang or specific moment that activates the shift; instead, small, minor inconveniences start to add up and impact an organization. When evaluating whether your software can keep pace with your organization’s needs, ask yourself these questions: 

• Does my team need the ability and flexibility to work outside the office? 
• Do we need to accelerate financial processes?
• Do we need more efficient processes?
• Do we rely too much on spreadsheets? 
• Does my financial system need to integrate with other applications? 
• Do my managers want or need self-service access to their relevant KPIs? 

Choosing the Right Software for Your Finance Team 

Every organization has unique needs in order to meet its business plans and organizational goals. Whether your organization seeks to implement key technology trends, find insights into your current financial software, or you answered yes to any of the above questions, EisnerAmper’s experienced Sage Intacct advisors can help. Watch our on-demand webinar or contact us below to learn about your next step.