CFOs frustrated by the accounting software buying process

Seventy-seven percent of finance leaders do not have the time or resources to find suitable software, even though 85% agree they must continue to invest in their accounting systems.

“Strong accounting systems are the backbone of any successful organisation,” said Marc Pettican, CEO of Barclaycard commercial payments, “so it’s important that businesses invest in the solution that’s right for them. Our research shows that many businesses face frustrations with their current software and are looking for simpler, more automated, and more integrated solutions.”

The research, carried out in February 2019 among 500 senior finance decision makers in companies with turnover of £6.5 million or more, further reveals 48% feel their current systems are not digitised enough and 40% believe it is too labour intensive.

Digitise or die

HMRC’s Making Tax Digital (MTD) has thrust finance departments into digitised work processes, and some 50% of businesses are struggling to keep up, according to Tax Systems findings.

And according to the Barclaycard research, CFOs (73%) want simplicity rather than advanced functionality from their accounting software and 77% would prefer to delay technology purchases rather than deploying the wrong quick fix.

Citing Barclaycard’s recent partnerships to build out the accounting technology ecosystem, Pettican said: “When looking at more integrated alternatives, having the ability to integrate your finance system directly into your procurement platform can help streamline the wider procurement experience, offering a far less labour-intensive approach to payment reconciliation.”