Survey finds uk businesses haven’t invested in their accounting software for more than six years

Survey finds uk businesses haven’t invested in their accounting software for more than six years

A new survey has found that some UK businesses haven’t spent a single penny in over six years on their accounting software - leaving them without access to tools that help them keep up with the modern demands of accounting.

thirds of finance leaders who responded to the survey, which was carried out by Loughborough-based The Access Group, believe that keeping up with evolving technology is one of the biggest challenges facing finance teams today. Indicating their desire for investment in software and training.

Advancements in technology over recent years have transformed the way accountants and finance leaders perform their roles. Accounting solutions now offer tools which allow businesses to automate traditionally time-consuming processes, integrate data across the business to improve accuracy and allocate more time to identifying trends that help the business to make better financial decisions.

Steve Berridge, finance technology specialist at The Access Group, says businesses need to invest in their accounting software to make their accountants lives easier and allow them to move their focus towards tasks which add real value for the business:

“The modern accountant is all about relationships, integration, analysis and advice – that all have a real impact on the top line. It’s advancements in technology that have largely been down to this shift towards a more consultancy based accountant role.

“Accountants don’t need to spend chunks of their week inputting data and copying it from one place to another anymore. Yet this survey shows that there are still businesses working under restraints of outdated software and practices that are costing them time and money.”

The survey also found that around half of accounting departments still spend at least a day a week inputting data and carrying out admin tasks and two thirds of finance leaders believe that integration and automation will be the biggest trend in accounting this year.

“It’s clear to see from the results of the survey that finance leaders want improved flexibility and collaboration across departments – integration is going to be key for businesses again in 2020,”

added Steve.

"We’re already seeing businesses we work with invest in tools that help them to work cross departments, streamline processes and analyse data to feedback strategy to the business. With the next phase of MTD coming into force on 1 April, we expect to see this as a catalyst for businesses to invest in their software.”

The Access Group is a leading provider of cloud solutions for businesses, including finance management software. To find out more about The Access Group, visit https://www.theaccessgroup.com/finance/.


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