Biz Extra
Published: December 13, 2023 | Updated: 13th December 2023
In this month’s Technology Matters, Enhanced’s Mike Blunden looks at the signs your business needs a new finance system and we meet Senior Infrastructure Systems Engineer Sam Dickerson.
Signs your business needs a new finance system
Efficient financial management is at the core of every successful business. However, as companies grow, their existing finance systems might struggle to keep up. Recognising the signs indicating the need for an updated finance system is crucial to maintain accuracy and efficiency. Here are a few signs your business might be ready for a new finance system:
Outgrowing Your Current System
A clear sign is when business growth surpasses the capabilities of your current finance system. If it struggles with increased transactions, complexities, or lacks scalability, it’s time for an upgrade.
Delayed or Inaccurate Financial Reporting
Timely and precise financial reports are vital for decision-making. If your system causes delays or compromises accuracy due to manual workarounds, it’s a clear indicator for an upgrade. Modern finance systems offer real-time access to reliable data.
Integration of Business Operations with Finance Management
Aligning business operations and sector-specific needs with finance management is vital in today’s landscape. Having a solution that covers more than just finance and seamlessly integrates with other critical tools is essential. A modern system should offer flexibility, scalability, and centralised reporting, providing a comprehensive overview for informed decision-making.
High Maintenance Costs
Outdated systems often result in high maintenance expenses. If your business spends significantly on maintaining an older system, investing in a new, cost-effective finance system can be more beneficial.
Did you know that businesses lose approximately 20-30% in revenue each year due to inefficiencies stemming from outdated systems?* This statistic underscores the tangible impact of using inefficient systems on a company’s bottom line.
Transitioning to a new finance solution not only addresses these challenges but also supports company growth. An updated system streamlines operations, improves accuracy, enhances security, and provides scalable solutions. It frees up valuable time for finance teams, enabling them to focus on strategic planning and analysis, ultimately fuelling business expansion and competitiveness.
Recognising these signs early empowers businesses to make informed decisions contributing to their long-term success. For further discussion regarding your technology needs, get in touch with the Enhanced team today at [email protected].
*Source: Aberdeen Group
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In this month’s team member Q&A we meet Sam Dickerson, Senior Infrastructure Systems Engineer.
Sam Dickerson, Senior Infrastructure Systems Engineer
Name: Sam Dickerson
Role: Senior Infrastructure Systems Engineer
Time at Enhanced (years or months): 2 Years 3 Months
What do you enjoy most about your job? I enjoy problem solving and taking an existing platform/system and trying to make it work better.
What did you aspire to be when you were younger? I originally wanted to be a footballer, but multiple ligament, tendon and muscle sprains/tears quickly put me off that one!
What do you enjoy doing outside of work? Spending time with my family, watching action/sci-fi movies and helping content creators/influencers!
What is your favourite TV program and why? Big Bang Theory. My younger brother is just like Sheldon Cooper, so I can relate to the show well!
Tell us something about yourself that we don’t know. I used to be a content creator/livestreamer on Mixer, I was also partnered with YouTube. At the peak I built up an audience of around 100,000 followers across all streaming and social media platforms. It changed my life and let me attend events in the UK and Europe, work with brands including Xbox, Elgato and 2KUK. I also hosted a live show at Gamescom in 2019 and met my now fiancée!
What motivates you? My son, making sure he has the best life possible.
What’s your favourite day out? Going on an adventure with my family and exploring a new place.
Give 3 words to describe yourself. Creative, knowledgeable, driven.
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