For both consumers and businesses, Covid-19 fundamentally changed the way we view technology. In workplaces across the world, old methods of working are continuing to be challenged, and the necessity of modernisation has been made apparent. Few understand this as well as the IT sector, which comprises both software as a service and managed services.
Across the industry, a future-forward, cloud-based solution is no longer a nice-to-have, but rather the difference between stagnation and growth. Complacency and ambition. Shortfall and profit. Right now, we’re willing to bet the following rings true for your finance or treasury functions…
Back-Office Systems are Important
Businesses in software as a service and managed services may have unique needs, but some constants remain. Regardless of the niche, IT firms recognise the importance of their ERP system(s).
For finance and treasury teams with a larger presence, NetSuite is often considered something of a holy grail. If you’re already using NetSuite, chances are that you aren’t going to want to log into another system. Don’t worry, we’ve been there.
On the managed services side, ERP implementation is often a little less sophisticated. You may be making use of a back-office system that’s limited to Bacs and can’t make international payments.
Both sides of the coin, therefore, need a non-intrusive solution. A seamless integrator with wide-ranging functionality.
Automation is on the Agenda
Here at AccessPay, we love new tech – and we know you do, too. Automation has been making waves throughout various industries in recent years, and the IT sector is no exception. The temptation for many, however, is attempting a DIY fix.
Doubtless, you have the in-house talent – but that doesn’t mean it’s an efficient use of your time. Letting a specialist take care of futureproofing your banking operations will save you time and effort.
Still wondering why automation is important? Manual processes such as spreadsheets, card readers, and banking portal logins are quickly becoming outdated.
Put simply, they open you up to fraud, welcome human error, and waste precious hours every day.
Whether you’re interested solely in Bacs and Direct Debits or you want the whole range of functionality – from APIs to statement piping – there’s always a case for automation.
Cash Visibility is Vital
For businesses with an international presence, figuring out your total cash position is no easy feat.
Your capital is likely spread out across various countries and subsidiaries, all of which are likely to be using different systems.
If it’s growth on the mind – as it likely will be, as we enter a period of economic recovery – then a sophisticated Cash Management solution becomes a necessity.
If your international presence implies a desire to float on the New York Stock Exchange, too, then reconciliation, visibility, and a reduction in manual processes are all essential for SOX compliance.