Outdated Business Systems Costing Millions

Outdated business systems can cost millions from what has been seen in a recent study by Forrester. As most people carry out their business on-premises in Australia, the benefit of modern technologies and solutions are missed out. 

The study finds more than half of mid-market businesses continue to use outdated software technology and processes. Fifty-four percent of business decision makers in Australia and New Zealand say they continue to host business and people management solutions on-premises, thereby missing out on the benefit of modern solutions.

The major findings from the study included:

  • Inefficient business management solutions resulted in extra costs due to wasted hours and productivity. 
  • A majority of solutions are siloed which makes data-based insights more difficult and eventually results in lower visibility.
  • A lack of awareness from leadership leads to a lack of prioritisation which prevents moving to modern solutions.

In fact, some mid-market businesses could be losing millions a year in productivity due to manual and repetitive tasks because of outdated or inefficient systems. 

The research also showed some businesses are losing around 12.5 hours per staff member per week as a result of their technology, which means a business with 100 staff might be facing millions in lost productivity each year.

It’s high time for your business to adopt up to date softwares and methods for your accounting.  SMG has partnered with XERO and MYOB which are cloud-based software platforms that provide tax, accounting and other business services software to small and medium businesses. Through SMG you can make use of these software services that can save your time and grow your business.  SMG can introduce you to this new way of doing things with updated software technologies. Our goal is to help you overcome critical accounting issues that may arise due to outdated and ineffective processes. We will consistently make sure your accounts involved are on the right track so that you can focus on your business goals and maximise profit.

We highly encourage you to make the  switch to up to date softwares as soon as you can to avoid last minute adaptability issues. You can count on us to take care of the rest. There are numerous ways you can benefit. SMG’s team of multidisciplinary tax professionals have an excellent track record of expertise and we work with our clients to make the most out of this new opportunity to mitigate risks effectively. 

So, switch to updated softwares and technologies for your business today with SMG!

Get in touch with us now to see how we can help your business grow and stay on top as things progress onto the online world.

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