Three typical issues with existing consolidation and closing platforms in companies 👇👇👇
✔ The cost of implementing new software may seem high. Although, companies also have to consider the costs of the existing solution which includes out-of-date technology, not meeting current functional requirements, and requiring a lot of manual support. Looking at the total cost of ownership across the board may favor a decision to move to a new platform.
✔ It is difficult to integrate data with other applications from the existing platform. This lack of flexibility can lead to frustration among users and may result in a less effective workflow.
✔ Existing system is hard to use. Manually inputting data across numerous locations and separate databases is a cumbersome task. You need a technology that provides access to the relevant data and functionality easily.
Legacy enterprise software may offer a solution in theory, but the reality is that they present several challenges for companies regardless of their size.
Cost reduction, better functionality, connectivity, and workflow are the top reasons to modernize existing consolidation and close software.
As a management and technology consulting company, Synvance enables the financial transformation of its customers and provides advice in structuring financial and consolidation processes, selecting appropriate consolidation platforms, and implementing such platforms.