Businesses are spending more on finance technology than ever. Cloud accounting, automated invoice capture, AI forecasting, reporting tools: there’s no shortage of software promising to save time and give you better visibility of your numbers.
Even so, I still talk to business owners every week who are stuck with the same problems. Manual processes, work being done twice, reports that arrive too late to be useful, and not much confidence in the numbers when they do arrive.
In my experience, the reason is nearly always the same.
They’ve picked the software before working out what problem they’re trying to fix.
Start with the problem
When someone comes to me about finance tech, the conversation usually starts with an app they’ve heard about or a feature they like the look of. I get it. But before we talk about any software, I want to know:
- What’s slowing your team down?
- Which jobs take the most time?
- Where do mistakes keep happening?
- What information can’t you get hold of when you need it?
- What one change would make the biggest difference to your week?
Nine times out of ten, the answers show the software isn’t the real issue.
I’ve seen finance teams convinced they need a new accounting system when the actual bottleneck was a manual approval process. I’ve seen businesses looking at a full ERP when most of their problem came down to keying the same data in twice.
If you don’t get to the root cause first, all new technology does is automate your bad habits.
Think outcomes, not apps
The projects that work best are the ones built around a clear outcome. So instead of asking “what software should we buy?”, ask:
- How do we cut down on manual processing?
- How do we get a clearer view of cashflow?
- How do we get invoices approved faster?
- How do we get better management information?
- How do we free up the finance team for the work that adds value?
Once you know what you’re aiming for, choosing the tech is the easy bit.
The right tools for the job
No single set of apps works for every business. But the right combination can completely change how a finance function runs.
For most of our clients, Xero is the foundation. From there, we add the tools that fix specific problems:
- Dext takes the pain out of invoice and receipt capture
- ApprovalMax and Mayday tighten up approvals and controls
- Telleroo and Mimo make payment runs quicker and simpler
- Futrli gives you a proper view of future cashflow
- Fathom and Syft turn your numbers into management information you can use
- Link My Books automates sales data for ecommerce businesses
This isn’t about having the most apps. It’s about having the right ones, set up to fit how your business works.
Implementation is where it’s won or lost
Picking the software is the easy part. The value comes from how it’s put in.
That means reviewing your current processes, understanding how information moves around the business, spotting where the inefficiencies are and making sure your team is properly trained. Skip that groundwork and even the best system will disappoint.
Get it right, though, and the difference is huge. Jobs that used to take hours happen automatically, reports are there when you need them, and your finance team spends less time processing and more time helping the business.
What about AI?
AI is opening up some exciting opportunities for finance teams, from automating routine tasks to pulling insight out of your data.
But it isn’t a shortcut. AI needs solid foundations underneath it: reliable systems, consistent processes and accurate data. More often than not, fixing a clunky process will do more for you than adding an AI tool on top of it.
Tech should make life easier
At the end of the day, finance technology should make people’s jobs easier. That might be less manual work, better visibility, tighter cashflow management or more time for the strategic stuff. Whatever it looks like for you, the aim is the same: running the business better and making better decisions.
The software is only part of the answer. Understanding the problem is where the real change starts.
Want a second pair of eyes on your finance systems?
If any of this sounds familiar, I’d be happy to have a chat. Our Cloud Accounting team can look at how you’re working now, find where time is being lost and help you put the right technology in place for your business.
Get in touch using the button below. I’d love to hear what you’re working on.
