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Finance directors’ verdict on financial software: Not good enough

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Technology offers finance directors and their colleagues a seemingly endless run of “bet the company” decisions, so the software vendors that do actually delight their clients deserve public recognition. But even from the first 300 responses to the FDs’ Satisfaction Survey (part of the FDs’ Excellence Awards, in association with ICAEW), not all are delivering.

Financial software vendors are currently attracting the lowest average scores among the different key service providers assessed as part of the Satisfaction survey. “It is a minefield out there. Using the wrong supplier will seriously damage your compnany and your wallet,” explains one FD. “Beware!”

What’s the problem? While the best vendors appear to focus on getting the basics right, “some can be too focused on the latest thing – such as cloud computing – rather than dealing with the solutions to problems faced by business,” says another FD. And several FD Satisfation survey respondents who awarded high satisfaction scores haven’t faced recent upgrades – allowing them to bed in functionality and avoid buggy or over-complex systems that attract lower scores.

We need more views, however. Does your software vendor deliver mission critical systems that get the job done? Or should other businesses beware for the financial package you’ve ended up with? 

As well as rating your key service-providers, you can make a nomination in four categories (deadline is March 1, 2013) for individual FD excellence:

  • Young FD of the Year – high-performance finance directors under 40
  • Private Company FD of the Year – finance directors going above the call of duty in a non-quoted company
  • FD of the Future – high-potential financial controllers, finance managers and VPs who are tomorrow’s CFOs and FDs
  • Inspirational FD – a new award for leading finance directors whose work goes beyond finance and inspires others in their business, market and community

The FDs’ Excellence Awards, in association with ICAEW, are hosted by Real Business, and supported by the CBI, London Evening Standard, Ernst & Young, Lloyds Banking Group and business information partner Jordans.

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Speaking at Real Business Funding: Anil Stocker
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