Do you really need a new finance system?

Photo by Simone Hutsch on Unsplash

I’ve experienced a number of finance system implementations in my career. My early experiences have made me very reluctant to implement new systems, not because I don’t enjoy it, but because I know they are often very disruptive and don’t solve the underlying issues. Or they save finance time, but at the expense of budget holder time (this has been my experience of most purchase order systems in large organisations).

I’ve also had experiences of lots of accounting systems, and none have ever blown me away. Some are worse than others, definitely, but I have long since given up on the idea that there is the perfect package out there, particularly when you consider that every organisation’s needs are different.

This isn’t to say you should just make do with the status quo. It’s about making sure that you are replacing the system for good reasons.

So over time, I’ve evolved a bit of a checklist to think about whether or not a new system is necessary.

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Why you need Power Query even if you don’t use Big Data

Power query is a fantastic tool for everyone who uses Excel regularly

I’m ashamed to admit I’m one of those who initially thought of Power Query as being a toy for hardcore financial modelling, or manipulating enormous data sets within multinational companies.

This may be because these are often the sort of examples provided. It’s very easy as a busy finance professional in a small or medium finance team to assume based on this that there are better things to spend your time on.

It was only after my second attempt at learning Power Query that I truly grasped how revolutionary it could be for all finance professionals and teams.  If you use Excel to do anything at all, the chances are Power Query will allow you to do it better. In this article I’ve set out four areas where knowledge of a bit of Power Query could transform your professional life.

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