How to Prepare Your Organisation For a Post-COVID Era
It’s now more than two years since March 2020, the infamous month when the global COVID-19 pandemic hit the UK. Four lockdowns, and many days of mask wearing and hand sanitising later, life is beginning to get back to normal. However, with our businesses and work lives transformed for over two years, are organisations really prepared for a post-COVID world? Recently, we’ve been taking a look at the ‘big numbers’ and business figures over the last year, which has emphasised how behaviour is changing as we navigate beyond the COVID pandemic. In this post, we’ll be using some of the ‘big number’ insights to discuss what organisations can do to capitalise on technology and prepare for the new, transformed way of working: post-COVID.
Tracking your expenses
In the last year, Aqilla accounted for over £2 trillion pounds worth of business (+30% YOY), seeing a 17% growth in users and a 14% increase on overall usage of the Cloud accounting software, as organisations begin their return to normal operations. Adding weight to this, Founder and CEO, Hugh Scantlebury, explains that, “with travel and social events back on the table, finance departments will be spending an awful lot more of their time tallying up employee expenses”.
As a result, it becomes clear that when evaluating whether your finance and accounting system is serving your company effectively, it’s important to remember that changing business behaviour may lead to more time spent on processes such as calculating and monitoring expenses.
Reporting and financial analytics
Similarly, being faced with challenging sales, inflationary squeezed profit margins, and even struggling to keep afloat during the pandemic, many organisations are relying more and more on financial reporting tools. With a growing need for reporting to be powerful and adaptable, there has been an increase in complexity of customer reporting and project needs and, as a result, an increase in adoption of Aqilla's ‘Smart AI’ tools.
It becomes apparent that ensuring your financial analytics are adaptable enough to produce insights pre, during and post-COVID, will be vital for sustaining your organisation's competitiveness, as well as navigating your business through the next few years post-pandemic. If creating reports and insights is neither simple nor based on real-time financial data, then you may need to reevaluate whether your system is as technologically capable as it should be to meet your organisation’s needs.
Of course, this advice can bring concern to CFOs and Financial Directors as it may come across as proposing another expensive upgrade. However, as with Aqilla’s demand-led, pay-as-you-go subscription based charge, you may actually save money by getting rid of expensive overheads and unnecessary maintenance fees, while still reaping the benefits of powerful ‘true-Cloud’ reporting, which legacy systems who aren’t designed-for-Cloud cannot offer. For example, our not-for-profit services team have managed to save customers over £100k in implementation costs, as well as benefiting from discounted subscription fees.
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