Why Finance Systems Should Be Custom Built Around Your Business
Every business has different KPIs, reporting structures, revenue drivers, cost bases and planning processes.
That is why off-the-shelf software rarely fits reporting and forecasting perfectly. It can be useful, but it often asks the business to adapt to the system rather than the other way around.
Would you download a generic suite of Excel models and use them to run your reporting and forecasting?
Probably not. The same logic applies to finance software that cannot reflect how your business actually operates.
The trade off
Flexibility, control and scale have usually involved compromise.
Spreadsheets
Works well for
- Easy to use
- Flexible
Breaks down when
- Version control issues
- Errors and manual work
- Hard to audit
- Not scalable
- Key person dependency
Software
Works well for
- Secure
- Auditable
- Scalable
Breaks down when
- Doesn't reflect how your business operates
- Workarounds become necessary
- Customisation limitations
- Spreadsheets inevitably return
Custom Systems
Works well for
- Built around your business
- Flexible and bespoke
- Supports your processes and KPIs
- No compromise on reporting design
Breaks down when
- Historically expensive to build
- Required specialist development teams
- Difficult for smaller businesses to justify
AI changes the equation
For the first time, growing businesses can combine the flexibility of spreadsheets with the control and scalability of software.
- Bespoke software is now affordable
- Built around your business
- No compromise on reporting, forecasting or KPIs