"For others, however, the prospect of modernizing systems is prompted by necessity rather than choice. This is something we see a lot with smaller, mid-market organizations. When we look at mid-market finance functions, specifically, this becomes even more common. It's estimated that there are around 100,000 mid-market organizations in the UK still reliant on legacy, on-premises finance systems. Many of these systems are now nearing end-of-support deadlines."
"Or have simply become too cumbersome for finance teams to keep using; unable to integrate with other cloud-based systems within the organization. Acting as mere 'data repositories', with time-consuming Excel sheets and data consolidation needed on both ends to make the month-end reports stack up. So, why have mid-market finance directors been slower to embrace change? In most cases, it's not denial or naivety. Ultimately, Finance directors know their systems are out of date and causing inefficiencies."
Many mid-market finance functions still rely on legacy, on-premises systems that are nearing end-of-support or are too cumbersome to integrate with cloud-based tools. These systems often act as mere data repositories requiring time-consuming Excel work and manual consolidation for month-end reporting. Around 100,000 mid-market UK organizations remain dependent on such systems. Surveyed finance decision-makers report that 55% of businesses cannot meet the best-practice seven-day month-end close, commonly citing manual data entry and outdated systems. Finance directors recognize inefficiencies but often feel unable to implement change, with fear of failure (atychiphobia) contributing to paralysis.
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