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CFOs Reluctant in a Confusing Tech Market

by accountingcpd

Everyone is embracing technology and its benefits, and as accountants, we understand the opportunities that technology can bring, allowing us more time to focus on strategic input, decision making, and business partnering.

However, when it comes to choosing technology, it is a minefield. There is so much choice. Deciding on what accounting software to choose, in a crowded market, can be a confusing and intimidating process.

Marc Pettican, CEO of Barclaycard Commercial Payments has said that "it’s pretty confusing for some CFOs at the moment… there's no winning technology. They don't want to deploy something that ends up being wrong.” According to a Barclaycard survey of 500 finance decision makers, 77% delayed buying technology as they were worried about choosing the wrong solution.

As accountants, we want to simplify processes and systems by choosing software that can help us to do this. Then there is the added issue of integrating with existing technology, either in the accounting department and/or elsewhere in the organisation. There is an expectation that the integration needs to be seamless.

The reluctance seems to be there because choosing the right technology is a huge decision to get wrong, both operationally and strategically. Even though finance may be available to invest in the technology, it is sometimes easier to continue using people to solve problems and complete tasks, rather than choosing technology which may turn out to be inadequate for the organisation's needs.

So, if you are feeling overwhelmed about introducing further technology, and finding new solutions to integrate with your existing systems, you are clearly not alone!

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