As the world of finance continues to evolve, organisations of all shapes and sizes face increasing challenges in keeping their finance systems up-to-date and secure. For many, this challenge is particularly pressing if they are still relying on legacy finance systems. Once reliable legacy systems such as Microsoft Dynamics Great Plains and Civica RM32, are gradually being phased out and will soon become unsupported. Support and updates for these systems will become increasingly limited or cease altogether. If your finance system is on the verge of becoming unsupported, it’s crucial to take proactive steps to ensure a smooth transition to a new, future-proof solution.
Unsupported and Outdated: What It Means for You
When a finance system becomes unsupported, your software supplier will no longer provide updates, bug fixes, or technical support for that particular version of the software. This can leave your organisation extremely vulnerable to security risks, system failures, and a lack of access to critical new features or regulatory updates. As technology continues to advance, unsupported systems can become incompatible with other software and tools that your organisation relies on. An unsupported system can severely hinder your organisation’s ability to operate efficiently and securely, making it imperative to plan your transition to a new system as early as possible.
Get Ahead: Plan Now for a Seamless Switch
Transitioning to a new finance system is a huge project and it is not something that can, or should, be rushed. It requires careful planning and consideration to ensure that your organisation selects the right solution and implements it effectively to minimise disruptions and mitigate risks. Planning ahead is the key to taking control and maximising your chances of a smooth and easy transition. Start by mapping out your timeline, working backwards from your current system’s end-of-support date. This will give you a clear understanding of the deadlines you need to meet and how much time you have to conduct thorough research and prepare for the transition.
During this planning phase, it’s essential to engage with stakeholders across your organisation to understand their needs and concerns. This collaborative approach will help you identify the key features and capabilities your new finance system must have to meet your organisation’s unique requirements and will also highlight any ongoing issues with your current system that are holding your team back.
Know Your Notice Period: Planning Your Exit
A crucial, yet often overlooked, aspect of planning your transition is reviewing your contract with your current software supplier. Many contracts include a notice period that specifies when you must notify the supplier of your intent to leave. If you miss this deadline, you could find yourself locked into another year of using unsupported software or, worse, facing steep upgrade fees for a newer version of the same outdated system.
By checking your notice period early, you can avoid unnecessary costs and ensure you have the flexibility to move to a new system on your own terms. Make sure to factor this into your overall transition plan, allowing ample time to evaluate the market and select the best alternative.
Explore the Market: Don’t Settle for Less
When faced with the need to switch systems, it can be tempting to simply opt for the ‘easy option’ and upgrade to the cloud version of your current software. However, this approach often comes with hidden price tags and prevents your organisation from discovering solutions that better align with your future goals.
Conducting a full market review is essential to understanding the range of software options available. Modern finance systems, like Sage Intacct, offer advanced features that can transform your financial processes and drive efficiencies across your organisation. For example, Sage Intacct’s sophisticated tools are designed to be configurable to the specific needs of both commercial and non-profit organisations, providing a level of flexibility that many older systems lack.
A thorough market review will also allow you to compare the training and support services offered by different vendors, ensuring you select a partner who will help you navigate the transition from your legacy system and make the most of the features available on your new system.
Think Big: Future-Proof Your Finance
As you evaluate potential finance systems, it’s important to think beyond your immediate needs. If you have ambitious expansion plans, you will need to invest in a system which is designed to grow with your organisation, not against it. While a smaller system may meet your current requirements, savvy CFOs will also consider whether it will support your organisation’s growth and evolving needs in the future. This means identifying any hidden costs associated with cheaper or smaller systems that may not provide the long-term value your organisation requires.
For instance, many organisations can end up paying out thousands in external contractor fees to add new users, entities, or modules to their current system. With a comprehensive system designed for scaling businesses, your organisation will not fall victim to the hidden price tag of growth. For example, Sage Intacct’s cloud-based infrastructure ensures that your system adapts as your organisation grows. This allows organisations to self-serve as they scale, easily adding new entities or new users in just a few clicks and saving thousands in implementation fees.
By taking a long-term perspective, you can make a more informed decision that can save costs and future-proof your business to ensure that you are still reaping the rewards from your finance system for years to come.
True Cloud: The Key to Elevating your Finances
One of the most significant advancements in financial management software is the shift to true cloud-based products. Unlike legacy systems, which often require costly on-site servers and ongoing maintenance, true cloud systems offer countless advantages.
With a true cloud product your organisation can benefit from 24/7 remote access, enabling your team to work flexibly and efficiently from any location. Your organisation can eliminate the hefty maintenance fees associated with running and updating on-site servers, freeing up resources that can be better spent on other areas of your business.
With true cloud infrastructure, real-time data and analytics can transform your financial operations and elevate your numbers to new levels. On top of this, true-cloud systems are less likely to become unsupported in the future as they are regularly updated by the supplier with the latest features and security enhancements. This provides you with the added benefit of not having to worry about facing the same end-of-support challenges later down the line.
Conclusion
Transitioning from an unsupported finance system is a critical step for any organisation, but one that doesn’t have to be daunting. By planning ahead, understanding your contract obligations, conducting a thorough market review, and choosing a future-proof solution, you can ensure a smooth transition to a new finance system that will support your organisation’s needs now and in the future. With its advanced capabilities and true-cloud architecture, Sage Intacct is a great example of a sophisticated modern system that can provide your organisation with the tools it needs to thrive in a rapidly changing financial landscape.