10 Steps to Spring Clean Your Accounting System

“Spring cleaning” is a term used to describe the act of thoroughly cleaning a home or workspace during the spring season. It often involves decluttering, organizing, and deep cleaning various areas of the space that may have been neglected during the winter months.

For accounting, the concept of “spring cleaning” presents an ideal time to take a fresh audit of your accounting system. The winter months were likely consumed with year-end close activities, and the quest for greater efficiency was neglected. Now that you have come up for air, Spring is the ideal time to clean up those systems and prepare for smoother, faster financial close in the year ahead.

A periodic evaluation of your accounting software is crucial for companies to ensure efficiency, accuracy, compliance, and adaptability to the organization’s needs. The following ten steps provide a structured approach to evaluating an accounting system.

1. Define Evaluation Objectives

Start by clarifying the goals of the evaluation. Common objectives include assessing accuracy, efficiency, compliance with regulations, scalability, integration capabilities, user-friendliness, and cost-effectiveness.

2. Assess Accuracy and Reliability

Evaluate the system’s ability to accurately record and report financial transactions. Look for features such as double-entry accounting, audit trails, and reconciliation tools to ensure data integrity.

3. Evaluate Efficiency and Automation

Determine whether the system streamlines accounting processes and reduces manual work. Consider factors such as transaction processing speed, automation of repetitive tasks, and integration with other business systems (e.g., CRM, ERP). Accounting automation, and leveraging modern technology, is an important part of any company’s overall ROI.

4. Ensure Compliance

Verify that the accounting system complies with relevant accounting standards (e.g., GAAP, IFRS) and regulatory requirements (e.g., tax laws, financial reporting regulations), especially in heavily regulated industries where specifically designed software – like Flexi’s insurance accounting software and bank accounting software – can automate much of these processes. Look for features such as built-in compliance checks, customizable reporting templates, and support for international accounting standards if applicable.

5. Assess Scalability and Flexibility

Consider the system’s ability to accommodate the company’s growth and changing needs over time. Evaluate scalability in terms of transaction volume, number of users, and expansion into new markets. Assess flexibility by examining customization options, add-on modules, and compatibility with third-party integrations.

6. Review Security and Access Controls

Ensure that the accounting system provides robust security features to protect sensitive financial data. Evaluate user authentication methods, role-based access controls, data encryption, and compliance with data privacy regulations (e.g., GDPR, CCPA).

7. Examine Reporting and Analytics Capabilities

Assess the system’s reporting tools and analytics features. Look for customizable financial reports, real-time dashboards, drill-down capabilities, and support for ad-hoc queries. Flexi’s financial report writer is among the strongest and most flexible in the market. Advanced analytics functionalities such as forecasting, trend analysis, and predictive modeling may also be beneficial.

8. Consider User Experience and Training Requirements

Evaluate the user interface and usability of the accounting system. Consider factors such as ease of navigation, intuitiveness, and availability of training resources (e.g., user manuals, online tutorials, customer support). User feedback and satisfaction surveys can provide valuable insights into the system’s usability.

9. Review Total Cost of Ownership (TCO)

Estimate the total cost of implementing, maintaining, and upgrading the accounting system over its lifecycle. Consider factors such as software licensing fees, implementation costs, ongoing support and maintenance expenses, and potential hidden costs (e.g., customization, integration, training). Flexicloud®, our cloud accounting software, delivers a very attractive TCO for companies.

10. Seek Feedback from Stakeholders

Involve key stakeholders, including finance professionals, IT staff, and end-users, in the evaluation process. Gather feedback on their experiences with the current accounting system and their requirements for the new system. Consider conducting pilot tests or demonstrations to validate the system’s capabilities and suitability for the organization’s needs.

By following these steps, companies can conduct a comprehensive evaluation of their accounting system to ensure it meets their requirements and contributes to their financial management objectives.

If you discover room for improvement, or experienced a year-end close that was less than ideal, schedule a demo with Flexi. Our experienced account executives can assist you through this spring cleaning audit and can help you determine if Flexi’s accounting software can help your accounting team achieve greater efficiencies.

Selecting Insurance Accounting Software to Meet All Stakeholder Perspectives

Selecting Insurance Accounting Software That Brings Value to All Stakeholders

In the intricate realm of insurance accounting, the choice of software is a pivotal decision that impacts many different stakeholders, including the insurance company, financial teams, auditors, and IT professionals. A company’s choice of accounting software has the potential to impact a wide range of outcomes, from efficiency and compliance to innovation and customer satisfaction.

This article delves into the diverse perspectives of key players, shedding light on their motivations and priorities, and exploring how Flexi’s insurance accounting software meets those needs.

1. Insurance Companies: Streamlining Operations

Insurance companies seek efficiency, accuracy, and compliance. Their motivation lies in the quest for streamlined operations, ensuring regulatory adherence, and enhancing overall efficiency.

For over 30 years, insurance companies have relied on Flexi to streamline accounting in ways that were never before possible. Because our platform was designed specifically for insurance companies, our customers gain superior efficiency and accuracy that cannot be replicated by ordinary accounting software. Key features of our insurance accounting software include:

Multi-book, multi-company accounting
Multi-entity consolidations
Workflow automation
Built-in compliance and audit controls
Advanced, real-time reporting
Insurance platform integrations

Accounting Software That Understands Insurance Companies

See the difference of an accounting solution that was built to simplify the complex challenges of insurance accounting.

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2. CFOs and Financial Teams: Transparent Decision-Making

For CFOs and financial teams, transparent and reliable financial data is paramount. Their motivation is to maintain financial transparency, make informed decisions, and optimize financial performance.

Flexi’s powerful financial report writer is one of our customers’ favorite features. The advanced yet easy-to-use reporting capabilities enable real-time financial data that is always accurate. Users can instantly “slice and dice” the data any way that is needed with just a few clicks: by any view, e.g., company, subsidiary, location, department, or consolidation, by any time period, or by actual-to-budget variance. Reporting is further enhanced by our analytics products which provide CFOs and financial teams with critical intelligence to guide strategic decisions.

3. Auditors and Regulators: Ensuring Compliance

Auditors and regulators prioritize adherence to accounting standards and accurate financial statements. Their motivation is the responsibility to ensure compliance, accuracy, and transparency in financial reporting.

Flexi’s accounting software modules are fully integrated and designed to make your job easier. With built-in compliance and audit features, you will have the ability to instantly access complete audit trails without having to dig through stacks of paperwork.

4. IT Professionals: Secure and Scalable Solutions

IT professionals focus on security, scalability, and seamless integration. Motivated by the need for secure and reliable solutions, they ensure data protection and support the scalability of IT infrastructure.

These attributes are the reasons why IT professionals love Flexi. Flexi has been the accounting solution behind some of the world’s most mission-critical transactions in heavily regulated industries including insurance and banking. Security and scalability are at the very core of our solutions.

5. Software Developers: Customizable and Interoperable Solutions

Software developers emphasize customizable and interoperable solutions. Their motivation lies in creating user-friendly, adaptable software that meets the specific needs of insurance accounting processes.

As our name implies, Flexi is flexible in every way. Our team works with your IT leaders to ensure your accounting solution meets the unique needs within your company, whether you are seeking cloud accounting software or looking to deploy on-premises. The valuable experience we have gained in the insurance industry means we can likely share best practices that shorten the implementation timeline and optimize your success.

6. Executives and Decision Makers: Holistic Financial Performance

Executives prioritize a holistic view of financial performance, cost-effectiveness, and strategic innovation. Their motivation is to achieve organizational success, cost-effectiveness, and use technology strategically for innovation.

Flexi’s long history of supporting insurance companies with our continually evolving software speaks volumes. Our platform has the strength and innovation to scale with your growing company. In fact, we are known for our extraordinary service and have customers that have relied on Flexi for over 30 years!

7. Policyholders and Customers: Transparency for Positive Experiences

Policyholders and customers may seek transparency for fair pricing and quality services. Their motivation is clear and transparent financial practices that contribute to a positive customer experience.

Flexi’s ability to seamlessly integrate with your billing, policy, and claims system(s) automates the transfer of this data into your accounting system. The resulting speed and accuracy contributes to your company’s ability to deliver excellent service to both policyholders and customers.

In conclusion, understanding these diverse perspectives is crucial for navigating the landscape of insurance accounting software. Each stakeholder group brings unique motivations, guiding the industry towards tailored solutions that align with their objectives and contribute to the seamless evolution of insurance accounting practices. Flexi has been a leader in insurance accounting software for over 30 years. When your company needs an accounting solution that is tailor-made to support your growing operations, you can count on Flexi. Schedule a demo and allow us to show you the Flexi difference.

How to Overcome the Top 10 Accounting Challenges That Slow Down the Financial Close

Accounting Challenges that Slow Down the Financial Close

The year-end close process for accountants involves finalizing financial statements, ensuring accuracy in financial reporting, and preparing for the upcoming fiscal year. But as corporate accountants know, this is easier said than done. Especially with the rising accountant shortage that hinders progress.

Many challenges can arise during this crucial financial close period, with some of the biggest challenges summarized below.

1. Time Constraints

Year-end close comes with strict deadlines, and accountants may face time constraints to complete all necessary tasks. This can lead to increased stress and pressure to meet reporting deadlines.

Manual processes are one of the biggest culprits of that stress. Any routine accounting process that can be automated will effectively shorten your close process and alleviate stress. Check out Flexi’s suite of accounting automation solutions for ideas on how you can automate some of the tasks that slow down your year-end close.

2. Volume of Transactions

Year-end close often involves processing a large volume of transactions, which can be overwhelming. Ensuring that each transaction is accurately recorded and accounted for is crucial not only for financial accuracy, but also to prevent continued do-overs.

In the words of Benjamin Franklin, “an ounce of prevention is worth a pound of cure.” In this case, the prevention that comes by way of enterprise-strength accounting software like Flexi’s can deliver exponential returns in speed, accuracy, and productivity improvements.

3. Complex Adjustments

Accountants may need to make complex adjusting entries to account for various accruals, prepayments, and other financial adjustments. Ensuring these adjustments are accurate and comply with accounting standards can be challenging.

Automating intercompany transactions will help your accounting team achieve all of this and more.

4. Coordination Across Departments

Year-end close requires collaboration with various departments, such as finance, operations, and IT. Coordinating efforts and obtaining necessary information from different teams can be a logistical challenge.

Workflow automation software ensures that employees throughout the company, including those without accounting knowledge, can automate their tasks and contribute to tremendous productivity improvements company-wide.

5. Compliance and Regulatory Changes

Staying updated on changes in accounting standards, tax regulations, and financial reporting requirements is crucial. Accountants need to ensure compliance with any new regulations that may have been introduced during the year.

The risks associated with non-compliance are too great. To keep your business compliant, rely on a software solution like Flexi that prioritizes compliance.

6. Data Reconciliation

Reconciling financial data across different systems and ensuring consistency can be a significant challenge. Discrepancies may arise, and resolving them is essential for accurate financial reporting.

Flexi’s account reconciliation software accelerates the closing process by streamlining reconciliation activities across several broad areas – all resulting in significant time savings for your team that would otherwise be manually reconciling accounts.

7. Audit Preparation

Year-end close is often followed by external audits. Accountants need to prepare for audits, which may involve gathering documentation, responding to auditor inquiries, and addressing any potential issues identified during the audit.

Every module within Flexi’s accounting suite is tightly integrated, creating a seamless environment that is a huge time savings for our customers, like this one shared in a case study. “We can easily track thousands of fixed asset items – from purchase all the way back to the GL. When our auditors request acquisition or depreciation schedules, we can easily generate the reports or export to another system. Everything ties back to the GL so we don’t need to waste time researching.”

8. Technology Integration

Implementing and integrating new accounting technologies or software updates can be challenging, especially if the transition disrupts regular workflows. Ensuring that the technology supports accurate and efficient financial reporting is crucial.

Flexi’s software is designed to be flexible in many ways, including the ability to integrate with any third-party system. For example, our bank customers gain powerful, time-saving automation by integrating accounting data with their core bank systems. Similarly, our insurance customers often integrate not only their insurance platforms but also third-party systems like policy, billing, and/or claims systems.

9. Staffing Challenges

Adequate staffing is essential during the year-end close, and shortages can occur due to various reasons such as vacations, illness, or turnover. Properly managing workload distribution becomes critical in such situations.

On the surface accounting automation may seem unrelated to HR issues. But your choice of software has a ripple effect on your ability to not only speed the financial close, but also on employee morale and the ability to compete for top talent. Read more about the importance of accounting automation and download the eBook, Accounting Automation and AI.

10. Internal Controls

Maintaining strong internal controls is crucial for preventing errors and fraud. Ensuring that controls are effective and properly documented adds an additional layer of complexity to the year-end close process.

Flexi’s workflow automation software can help to make nearly every part of your business work better, with tight controls and approval processes that are based on your business rules. Any activity that may fall outside of those parameters is immediately flagged for review, greatly reducing the risk that errors or fraud are undetected.

Addressing these challenges requires careful planning, effective communication, and the use of technology to streamline processes. Investing in an enterprise accounting system with automation tools will help your accounting team manage the complexity of the year-end close much more efficiently and with greater accuracy. Schedule a demo and allow our team to show you the Flexi difference.

Finance Transformation for Insurance: The Next Wave of Change

Ernst & Young (EY) recently published a report outlining the crucial need for finance transformation within P&C companies. and how finance teams can conquer the challenges standing in the way. While finance transformation has been on the radar for most companies over the past several years, the article made clear that the time for “thinking” about these strategies is over. It is time to act and begin implementing.

According to EY, “Finance transformation programs can unlock up to 30% in efficiency gains.” This is an improvement that insurance companies cannot afford to ignore. To remain competitive and keep up with the rapid rate of change within the insurance industry, the systems behind company operations must be agile – finance functions included.

The ability to leverage technology is crucial for companies wishing to drive real finance transformation. Outdated accounting systems that require a heavy dose of manual input place unnecessary and inefficient burdens on professional accountants. As finance executives embrace the need to shift the work away from mundane tasks to value-added strategic roles, accounting systems are at the very core of these decisions, in ways that will have far-reaching impact throughout an organization.

Finance Transformation for Insurance – the Flexi Way

Flexi’s deep experience over three decades, in both the development and delivery of accounting software, is invaluable in helping companies achieve maximum efficiency. With robust automation features, our software is designed to accomplish the efficiency gains needed for true finance transformation.

But software is only part of the equation. Our expertise and best practices gained from serving insurance companies for over 30 years helps our customers drastically shorten the implementation cycle and avoid costly mistakes.

Accounting Automation: The Time is Now

Accounting automation is the smart use of computer software to automate manual parts of the accounting process. While technology cannot replace the need for the higher-level thinking and human intelligence skills needed in many accounting and finance roles, it can replace the mundane, repetitive tasks that most accountants find burdensome.

It has been estimated that office workers spend 552 hours a year completing administrative or repetitive tasks. The traditional role of an accountant is consumed by these types of tasks that typically involve data entry. Some of the most manually-intensive processes for accountants include:

Journal entries
Reconciliations
Invoice processing
Expense processing
Payment processing
Reporting

Flexi’s accounting software includes a suite of solutions designed to automate much of these tasks. In a highly secure and controlled computerized environment, accounting teams can customize the level of automation vs. human oversight that is needed for their business to make significant efficiency gains, without compromising the integrity of complex decisions.

This is important in any corporate accounting environment, and particularly so in industries such as financial services. Automation rules cannot be a one-size-fits all for most companies. Accounting professionals need the flexibility to determine where automation makes sense, and where it does not.

The banking and insurance industries, for example, are highly complex with frequently changing regulations. Flexi’s software is built with the flexibility to accommodate such sensitive environments, relying on technology to enhance and not replace.

As one VP of Finance shared in our whitepaper, Accounting Automation and AI, “it must be careful automation. You don’t want to automate a process that has so many nuances that you end up spending more time correcting automation (done incorrectly) than if you had just done it manually.”

When companies have the software necessary to achieve the appropriate balance between automation and oversight, the results are truly transformational. As example, complexities such as automating intercompany transactions in insurance accounting can be accomplished with software that is truly designed for the industry.

The benefits of accounting automation in insurance are numerous. Automation can dramatically help to streamline processes, enhance efficiency, and improve compliance.

This case study illustrates the tangible effects of these efficiency gains, as Mercury Insurance Group recounts how Flexi’s insurance accounting software simplified the financial close and makes it easier to adapt to regulatory changes and M&A activity.

Schedule a personalized demo and discover how Flexi can help your company unlock efficiency gains and achieve true finance transformation.

Automating Intercompany Transactions in Insurance Accounting

Insurance companies frequently use intercompany transactions to allocate costs and revenue between various entities within the organization. These transactions can be complex and time-consuming, requiring significant manual effort to process.

However, with the right technology, insurance accounting teams can automate intercompany transactions, reducing the risk of errors and increasing efficiency.

What Are Intercompany Transactions?

Intercompany transactions are financial transactions that occur between two entities within the same organization. These transactions are used to allocate costs and revenue between entities, allowing the organization to track financial performance at a more granular level.

Challenges in Processing Intercompany Transactions

Processing intercompany transactions can be challenging for insurance accounting teams, particularly in large organizations. These challenges include:

Volume: Insurance companies generate a large volume of intercompany transactions, which can be time-consuming to process manually.
Complexity: Intercompany transactions can be complex, involving multiple entities and a variety of different transaction types.
Errors: Manual processing of intercompany transactions can lead to errors, such as data entry mistakes, which can impact financial reporting and decision-making.

How Flexi Can Help Automate Intercompany Transactions

Insurance accounting teams are increasingly turning to Flexi to automate intercompany transactions. Flexi’s insurance accounting software helps to reduce the time and effort required to process transactions, while also reducing the risk of errors.

Some of the ways in which Flexi can help automate intercompany transactions include:

One platform: Flexi modules are all built on one platform and are fully integrated with one another. This allows for transactions to seamlessly and automatically move from Payables to your Ledger, reducing the need for duplicate entry. There is no need to spend time manually reconciling Payables with Ledger.
Standardization: Flexi standardizes the process of generating and posting intercompany transactions, ensuring consistency and accuracy. Beyond “set it and maintain,” there is no need for human intervention with every transaction.
Automation: Flexi can automate the creation of balancing entries with Intercompany transactions, reducing the time required to process transactions and enabling accounting teams to focus on other tasks. Accurate books will no longer be reliant on team members remembering to post balancing entries.

Intercompany transactions are an essential part of the insurance industry, but they can be complex and time-consuming to process manually. By automating intercompany transactions with Flexi, insurance accounting teams can increase efficiency and reduce errors. As a result, organizations can gain greater visibility into their financial performance and make more informed and strategic decisions about their operations.

For over 30 years, Flexi has been the accounting software of choice for insurance companies of all sizes. Schedule a demo and discover the Flexi difference.

The Benefits of Automating Accounting

It’s no surprise that automating accounting saves time. Research, as well as our own experiences, shows that accounting teams can save 50% or more time by automating the routine tasks that previously occupied their time.

But all this extra time doesn’t mean accountants don’t have work to do. It means they have more meaningful work to do, which ultimately benefits both the company and the accounting staff.

What are the benefits of automating accounting?

Accounting automation software can provide accountants and accounting teams with more time to focus on strategic activities that can help improve their companies. Below is a summary of some of the creative ways that accountants and accounting teams can use the time that’s been given back to them (thanks to automated software) to continually add value to their companies.

1. Analyzing Financial Data

Automated software can help streamline routine accounting tasks, such as data entry and reconciliation. This frees accountants to spend more time analyzing financial data and identifying trends that can inform strategic decision-making.

How Flexi Helps: Flexi’s suite of accounting automation apps provides the ability to automate routine tasks such as journal entries, allocations, bank reconciliation, T&E expense management, payment approvals and more. This automation gives your accountants the time to do what they were hired to do: strategize and provide insights into the data in order to make informed, data-driven business decisions for your company.

2. Improving Internal Controls

Automated software can help strengthen internal controls by reducing the risk of errors and fraud. Accountants can use the time saved by automation to review and improve internal controls, which can help prevent financial losses and reputational damage.

How Flexi Helps: FlexiWorkflow provides the ability to create multiple layers of management approvals that can be automated – all based on your business rules. This automation leverages built-in business logic to improve speed and accuracy of the approval process, significantly reducing the risk that questionable activity goes undetected from key stakeholders.

3. Developing New Processes and Systems

Accountants can use the time saved by automation to develop new processes and systems that can improve efficiency and effectiveness. For example, they may develop new workflows for financial reporting, or implement new systems for tracking expenses and managing cash flow.

How Flexi Helps: Flexi provides a powerful workflow engine giving your team the ability to automate routine tasks such as purchasing and AP, period-end process automation, or vendor management- saving valuable time, reducing errors, and greatly improving productivity.

4. Enhancing Communication with Stakeholders

Accountants can use the time saved by automation to enhance communication with stakeholders, including management, investors, and auditors. They may prepare more detailed and insightful financial reports or provide more frequent updates on financial performance.

How Flexi Helps: Flexi’s powerful financial report writer provides the ability to automatically generate, format, and distribute financial reports, with confidence that the right people receive the right data. This software also keeps your audits and compliance documentation running smoothly with the ability to drill down into any transaction, including a visual map of all workflows and approvals (aka an auditor’s dream!).

5. Investing in Professional Development

Accountants can use the time saved by automation to invest in their own professional development. They may pursue additional training or certifications, attend industry conferences or webinars, or participate in networking events.

Overall, the time saved by automated software can provide accountants and accounting teams with valuable opportunities to add value to their companies in a variety of ways. Request a demo and explore how Flexi’s accounting software can help.

How Effective Implementation and Training Optimize Your Accounting Software Investment

Accounting automation software has become an essential tool for modern businesses. It can streamline financial operations, automate manual tasks, and provide valuable insights into the health of a business. However, implementing accounting software is not a straightforward process. It requires careful planning, a good implementation strategy, and effective training to ensure that the software is used to its full potential. In this blog post, we’ll explore the critical role that implementation and training have on the ultimate success of your new accounting software.

Maximize ROI

One of the primary reasons for implementing accounting software is to improve the efficiency and effectiveness of financial operations. However, if the software is not implemented correctly or if users are not trained properly, the benefits of the software will not be fully realized.

A good implementation strategy and effective training can help ensure that the software is used to its full potential, maximizing the return on investment.

During the sales process, it is wise to thoroughly explore the implementation process, including who will be conducting the actual implementation. Oftentimes third parties are used, who may or may not have a vested interest in your long-term success, which can directly impact your ROI.

With Flexi, you can be assured that all accounting software implementations are done in house by our team of experts. This includes our own best practice framework that has been refined over our three decades of experience. If you’d like to know more about our RAPID implementation process, request a demo.

Avoid Errors and Mistakes

Accounting software is designed to be accurate and reliable. However, if the software is not implemented correctly, it can lead to errors and mistakes. This can have serious consequences for a business, including inaccurate financial reporting, compliance issues, and potential legal problems.

A good implementation strategy and effective training can help minimize the risk of errors and mistakes, ensuring that the software is used correctly and consistently.

Flexi customers are in good hands. Flexi’s services team members are experts in their field, and will likely have just completed a similar implementation when they start to work with a new customer. Given Flexi Services’ expertise and constant implementation schedule, they have developed a series of strong best practices that help our customers avoid common errors and mistakes, leading to faster and less expensive implementations.

This is one of the reasons why Flexi’s customer satisfaction score of 96% soars above the industry average of 79%. The personalized service that Flexi customers enjoy begins during that very first touch point and extends throughout the life of the account.

Ensure Data Integrity and Security

Data integrity and security are critical for any business. Accounting software typically contains sensitive financial data, and it is important to ensure that this data is secure and protected.

A good implementation strategy can help ensure that the software is set up correctly, with appropriate security measures in place. Effective training can help ensure that users understand how to use the software securely and responsibly, reducing the risk of data breaches and other security incidents.

Adapt to Changing Business Needs

Business needs are constantly evolving, and accounting software must be able to adapt to these changes. A good implementation strategy can help ensure that the software is configured to meet current business needs, while also allowing for future growth and expansion.

Effective training can help users understand how to make changes to the software as business needs change, ensuring that the software remains a valuable tool for the business.

Increase User Adoption

Finally, it is important to ensure that users actually use the accounting software. Even the best software will not provide any value if users don’t use it. A good implementation strategy and effective training can help increase user adoption, by ensuring that users understand the benefits of the software and how to use it effectively. This can help ensure that the software becomes an integral part of the business, providing value and insights that help the business grow and succeed.

Conclusion

Implementing accounting software requires more than just installing the software and giving users a quick tutorial. It requires a good implementation strategy and effective training to ensure that the software is used to its full potential.

When evaluating accounting software providers, excellent implementation and training can be as vital as the software itself. By ensuring that your investment includes a good implementation and training process, your business can maximize the benefits of accounting software, avoid errors and mistakes, ensure data integrity and security, adapt to changing business needs, and increase user adoption. When seeking new accounting software, request a demo and discover the Flexi difference.

Building a Compelling Case for New Accounting Software

How to Build the Case for New Accounting software

As businesses evolve and grow, so do their software needs. Accountants are often the driving force behind financial technology upgrades, as they rely heavily on software to manage financial data and streamline their workflows. However, convincing decision makers to invest in new software can be challenging. In this blog post, we’ll explore some tips for building a compelling internal business case to buy new accounting software.

1) Identify Pain Points

The first step in building a business case for new software is to identify pain points that can be addressed by the new system. This could include issues like slow processing times, manual data entry, or difficulty accessing data. Once those pain points have been clearly defined, you can then begin identifying how your new accounting software will solve each of those problems.

By creating a “before and after” picture of the business processes – including the vast improvements expected in time savings, accuracy – accountants can make a more compelling case for the need for new software. Some helpful statistics can be found in our eBook, Accounting Automation and AI.

2) Quantify the Cost of Inaction

A very real, yet overlooked cost is the cost of inaction. In other words, what is the cost to your organization of doing nothing? This could include lost productivity, increased risk of errors, falling behind competition, or other missed opportunities.

One such hidden cost is the inability to recruit top talent. Outdated technology results in a lack of automation, which in turn creates highly manual, mundane processes for accounting – a big step backwards that forward-thinking financial talent is not willing to take. This topic is addressed in more detail in this blog post.

By putting a dollar value on these costs, accountants can make a more compelling case for the need for new software.

3) Research Options

Before making a case for a specific software solution, it is important to research and compare available options. This can involve talking with vendors, reading reviews, and downloading case studies and product brochures.

Software companies understand the need for research, and typically publish enough content on their websites to allow buyers to self-identify a potential fit. Once your needs are aligned with the few selected software options, it is time to demo the software. As an example, Flexi takes a consultative approach to the sales cycle and welcomes the opportunity to help you through your decision-making process, including a no-obligation request a demo option.

By understanding the options, accountants can make a more informed case for the best software solution for their needs.

4) Build a Business Case

Once pain points have been identified, costs have been quantified, and options have been researched, it’s time to bring all the pieces above together to build a strong business case. Included in this business case should be a clear explanation of the problem, the benefits of the proposed software solution, and a cost-benefit analysis.

With the intelligence gathering conducted in the research stage, the business case should also include a clear implementation plan and timeline, along with an explanation of how the new software will be integrated into existing workflows.

5) Gain Buy-In from Stakeholders

To successfully implement new software, it is important to gain buy-in from all stakeholders. This can include executives, IT staff, and other departments that will be affected by the new software. By clearly explaining the benefits of the new software and addressing any concerns or objections, accountants can gain buy-in and support for the proposed solution.

Although we have included gaining buy-in from stakeholders as our last point, it is advisable to begin securing initial support upfront. While this does not guarantee success, it does tell you whether the final approvers will consider a change. The rest is up to you, and the compelling case that you build.

In conclusion, building a compelling internal business case for new software requires careful research, quantification of costs, and a clear explanation of the benefits of the proposed solution. By following these steps and gaining buy-in from stakeholders, accountants can successfully implement new software and improve their workflows and productivity.

If new accounting software is on the horizon for your organization, we invite you to request a demo and discover the Flexi difference.

6 Key Benefits of Accounting Automation in Insurance

The insurance industry is one of the most regulated industries in the world. Insurance companies must comply with a range of regulatory requirements, including financial reporting, tax compliance, and risk management. From policy management and underwriting to claims processing and financial reporting, insurance companies face numerous accounting and finance-related tasks.

Managing these tasks can be challenging, especially as the volume of data and complexity of operations continues to increase. Accounting automation can help insurance companies manage these tasks more efficiently, reducing manual errors, enhancing accuracy, and improving compliance.

Accounting automation can help streamline these tasks, improve efficiency, and ensure compliance with regulatory requirements. While the benefits of accounting automation in insurance are many, this article explores six key areas where Flexi’s insurance accounting software can dramatically help to streamline processes, enhance efficiency, and improve compliance.

1. Increased accuracy and speed in financial reporting

Manual accounting processes are prone to errors, and mistakes can be costly. Accounting automation in the insurance industry is a necessity to reduce the risk of errors and ensure that financial reports are accurate and timely. Automation can help with the automation of journal entries, account reconciliations, and financial statement preparation, among other things.

2. Reduction in manual errors and data entry mistakes

Automating accounting processes can also help reduce manual errors and data entry mistakes. Insurance companies can use automation to eliminate the need for manual data entry, which reduces the risk of errors and saves time. Automated processes also ensure consistency in data input and reduce the risk of data entry mistakes.

3. Improved visibility into financial operations

Accounting automation provides a real-time view of financial operations, giving insurance companies greater visibility into their financial performance. This visibility can help identify areas for improvement, such as cost savings or revenue growth opportunities. Improved visibility can also help insurance companies manage risk more effectively.

4. Cost savings through improved efficiency

Accounting automation can help insurance companies save money by improving efficiency. Automation can help reduce the time and resources required for manual accounting processes, allowing companies to focus on more strategic initiatives. Learn more about how insurance companies are experiencing new levels of efficiencies by downloading our eBook, Accounting Automation in Insurance.

5. Enhanced compliance with regulatory requirements

Insurance companies face numerous regulatory requirements, including financial reporting, tax compliance, and risk management. Accounting automation can help ensure compliance with these requirements, reducing the risk of penalties and fines. The automation found within Flexi’s powerful financial reporter writer helps ensure that financial reports are accurate and comply with regulatory standards.

6. Improved decision-making through access to real-time data

Accounting automation provides real-time access to financial data, giving insurance companies the information they need to make informed decisions. Real-time data can help identify trends and patterns that may not be immediately apparent, helping insurance companies make better decisions about operations, investments, and risk management.

Accounting automation offers numerous benefits for insurance companies, including increased accuracy and speed in financial reporting, reduced manual errors and data entry mistakes, improved visibility into financial operations, cost savings through improved efficiency, enhanced compliance with regulatory requirements, and improved decision-making through access to real-time data. By automating accounting processes, insurance companies can streamline operations, reduce the risk of errors, and improve compliance, while freeing up resources to focus on more strategic initiatives.

Request a demo and discover how Flexi can help your insurance company automate accounting processes and experience new levels of efficiency.

Benefits of Cloud Accounting Software

Top 8 Benefits of Cloud Accounting Software

While Flexi’s accounting software can be deployed in the cloud or on-premises, there are many benefits of cloud accounting software like Flexicloud®, including those below. These benefits also translate into a lower total cost of ownership (TCO) for companies.

Accessibility: Cloud accounting software can be accessed from anywhere with an internet connection, allowing users to work remotely and collaborate with others. This convenient, “always on” access translates to time savings and greater productivity for accountants.

Cost-effective: Cloud accounting software typically has lower upfront costs compared to traditional accounting software. Businesses can also save on IT infrastructure and maintenance costs. Cloud customers also avoid the costs of upgrades as new versions and product enhancements are released.

Continuous innovation: On-premises accounting software must be regularly updated as new software versions are released, otherwise users will not have access to the latest enhancements that help them work efficiently. Cloud customers avoid this risk and continually have access to all the latest product releases and new features without disruptive installations.

Scalability: Cloud accounting software can be easily scaled up or down to meet the changing needs of a business.

Real-time data: Cloud accounting software provides real-time data on financial transactions, allowing businesses to make informed decisions quickly.

Automation: Many cloud-based accounting systems offer workflow automation features such as those found in FlexiWorkflow (with accounting automation apps like T&E, automated reconciiation, journal entries, invoicing and payment reminders), which save valuable time and reduce errors.

Data security: Cloud-based accounting systems typically offer advanced security features and backup options to protect sensitive financial information. Flexicloud customers benefit from the strength and security of Microsoft Azure.

Integration: Cloud-based accounting systems can be integrated with other business applications such as HR and payroll, inventory, and other third-party systems, improving overall business efficiency.

Overall, cloud accounting software like Flexicloud offer several benefits for businesses, including increased accessibility, cost savings, scalability, real-time data, automation, data security, and integration with other business applications.