Understanding this investment aspect, what to look out for, and when

Johannesburg, 25 November 2024—The global accounting software market is estimated to reach some R530 Billion in the next five years.

According to Fortune Business Insights, with the increase in demand for cloud computing, end-use industries are turning to cloud-based accounting software, which reduces process times and is cost-effective.

As a further indication of the value this technology now holds, global accounting software firm Xero recently acquired South Africa’s Syft Analytics, a cloud-based reporting platform, for an estimated $70 million (R1,2 Billion).

Yet, as advanced as this technology is, it still needs to be implemented correctly.

It is not simply a case of installing the software as one would an app on a smartphone; it requires people with business and industry knowledge to implement it and guide company employees on how to use it effectively.

Implementation is a sizeable investment, yet the software becomes a costly white elephant without the requisite expertise to carry it out.

At the other end of the scale, the benefits are endless if business owners and their employees fully utilise the software’s capabilities.

“Streamlining financial processes, providing real-time insights, enhancing accuracy and supporting growth are just some benefits to organisations,” explains Stephen Howe, director of South African business solutions company Times 3 Technologies (T3T).

“In today’s world, businesses must make informed decisions quickly. Accounting software helps them automate complex financial tasks and integrate them with other systems. Real-time insights are hugely beneficial, and the result is that there is a vast improvement in overall efficiency within the firm.”

T3T has extensive experience working with Sage Intacct accounting software and has identified several key components to consider when implementing software solutions.

The process’s foundation is assessment and planning. This entails understanding what the company hopes to achieve by using the technology, mapping out a plan, and setting objectives.

From there, an organisation should move into the configuration phase. One of the standout elements of modern software is that it can be tailored to suit an organisation’s unique needs. Firms no longer have to contend with one-size-fits-all technology.

In this regard, Howe says it is important to remember that it is not always necessary to “throw the baby out with the bathwater”. Many existing systems work perfectly well but can be further improved by integrating the cloud-based program.

A significant part of the process is effective data migration. Existing financial data needs to be carefully transferred, with considerable emphasis on accuracy and security. Losing even the tiniest information can have dreadful consequences.

Finally, in addition to training all personnel to use the software, monitoring and optimisation are critical to practical implementation.

“You can’t have a situation where the software is considered a silver bullet. It needs to be constantly reviewed and adjusted where necessary. All businesses change over time, and the technology needs to change with them as they evolve,” Howe says.

Given the expertise required to ensure effective implementation, finding the right implementation partner is vital.

Multiple channels are available for this purpose, including online research, professional networks such as LinkedIn, industry groups and forums, recommendations from software vendors, and word of mouth.

About Times 3 Technologies (T3T)

Times 3 Technologies (T3T) is an established South African Sage business partner and provider of Sage business software and implementation services. Sage, established in 1981 in the UK, is the third-largest software company in the world. T3T, a leading Sage partner, resells Sage Enterprise Resource Planning (ERP) and Payroll & HR software, customising its implementation to clients’ specific needs through the following main products and services: Sage X3 (formerly known as Sage Enterprise Management), Sage Intacct, Sage 300 People, Strategic Customised Developments, and Implementation Service and Support. The subscription cloud-based financial-management applications and services enable businesses to tailor a solution covering finance, procurement, distribution, inventory management and manufacturing and facilitate payroll and HR functions. The T3T team has in-depth experience in providing and fine-tuning solutions that suit a business’s needs and enhance its growth.

T3T holds Sage’s highest-ranking, ‘platinum’ status. With 30 years of successfully implementing business solutions across numerous industries and sectors throughout Africa, Sage has recognised T3T’s ongoing commitment to providing the best solutions by awarding dozens of accolades, including Partner of the Year, Top Implementation Partner, and Highest Customer Retention in AMEA (Africa and Middle East).