When it comes to switching finance systems, many organisations are held back by concerns that are more myth than reality.
Recent research by iplicit has highlighted the key worries that often lead finance leaders to stick with outdated, inefficient systems even when better options are available.
If you’ve ever considered upgrading, you probably already know that modern, cloud-based finance software can save time, boost efficiency and support smarter business decisions.
So, what’s standing in the way? Often, it’s a handful of persistent fears, ones that were more valid years ago than they are today.
What iplicit Discovered
To understand why so many businesses postpone upgrading their finance systems, iplicit commissioned a survey of 1,000 finance decision-makers working in medium-sized organisations. The results revealed a clear pattern of concerns.
The Four Biggest Myths About Changing Finance Systems
1. “We’ll lose access to our historical data.”
The reality: This was the number one fear uncovered in their research. Finance leaders often worry that switching systems means leaving valuable historical data behind, or running two systems in parallel. In fact, there are modern, efficient ways to migrate and access your data without disruption.
2. “The cost of ongoing access to old systems outweighs the benefits of switching.”
The reality: Some vendors charge high fees for read-only access to legacy data after a customer moves on. This can distort your cost-benefit analysis. In truth, with the right migration plan and provider, this concern can be easily and cost-effectively addressed.
3. “Implementation will be disruptive and time-consuming.”
The reality: Horror stories of drawn-out, expensive implementations are usually linked to large, complex ERP systems. Today’s cloud finance platforms are designed for faster, smoother rollouts particularly for mid-sized organisations.
4. “Cloud-based systems aren’t as secure as on-premises ones.”
The reality: Concerns around data security, fraud risk, and data loss during migration are understandable. However, modern cloud platforms now offer security standards that often surpass those of on-premises solutions, with robust protections against cyber threats.
Discover how switching to a modern cloud finance solution like iplicit can improve security, simplify processes and deliver a fast return on investment with far less hassle than you might expect.
