The technology landscape has vastly evolved over the past decade, and accounting and finance teams are relying on software more than ever before. The COVID-19 pandemic has exacerbated this trend by reducing resource numbers and forcing companies into remote work environments.
Purpose-built accounting and finance software solutions provide a number of crucial benefits, such as remote access, increased automation, robust controls, better visibility, and standardization. With those benefits comes an added level of complexity and new skills that often fall outside the wheelhouse of most traditional accounting resources.
In addition to platform implementations, system maintenance, and everyday usage, accounting teams are being asked to leverage a variety of different point solutions on top of their traditional general ledger system to complete everyday tasks.
As a result of the added system responsibilities and expansive list of features these solutions offer, companies can leave valuable functionality untapped. Too often, we see clients with a limited configuration preventing the organization from realizing maximum value from the investment.
Many companies don’t have a system expert on the team and the individuals who implemented the software initially have turned over. Without proper system knowledge, many companies aren’t even aware of what they are missing.
If this feels like your organization, here are five ways you can gain additional value from your software platforms.
Don’t just settle on the basics. Leverage all functionality the system has to offer. Many companies configure software to a point where it can be used but fail to take advantage of the more advanced functionality that generally provides the most value.
Identify all unused software and modules and implement the tools. Similar to advanced functionality, it is typically the most complex and valuable modules that go unused.
Perform a Restart
User adoption is one of the top reasons companies neglect to realize maximum value following a software purchase. Pressing the reset button, leveraging additional functionality, properly training users, and running a change management program can help drive proper usage.
Add Integration Points
Review system interfaces and configure unused integrations. In many systems, integrations with other systems are a crucial component to enabling many of the supplemental automations.
Review Your Processes
Even the best systems are limited by bad processes. Like integrations, simple process changes can often enable the ability to leverage additional system features.
How to Effectively Prioritize & Ensure Optimal ROI
To get started on prioritizing optimization initiatives, perform a quick assessment of the settings and features in your software environment. Engaging a system expert from the software vendor or a third party can be a valuable way to diagnose areas where more value can be derived.
A quick review of the original business case and project success factors for each software implementation can also be a useful exercise. Most companies never revisit the initial goals that were laid out to ensure those goals were achieved.
Once a list of potential initiatives has been identified, properly assess the return on investment. Look at both quantitative and qualitative factors to ensure benefits outweigh the effort.
For additional insights on how to optimize your software platforms, join Riveron at BeyondTheBlack, taking place November 17-19.
Our breakout session, 5 Ways to Maximize Your BlackLine Investment, will take place on Tuesday, November 17 at 1:30 PST. Also, be sure to stop by Riveron’s virtual booth to meet with our experts!