In the digital economy there are many who would consider spreadsheets as relevant to modern business as fax machines. However, the fact remains that some businesses in Mauritius still rely on spreadsheets but the trend toward companies driving to upgrade from entry-level accounting systems to automated cloud-based solutions and thereby driving accuracy and enhanced efficiencies, is undeniable. This is according to Sage Platinum Business Partner, ALNET Technologies.
Netesh Maharajh, director, ALNET Technologies notes Mauritius – recognised as one of the world’s fastest-growing wealth markets with one of the more sophisticated financial systems in Africa is Increasingly moving to improve data analysis and management. “Manual processes are often error-laden with data entry errors and redundancies. Businesses today are realising the limitations of the spreadsheet as it jeopardises both financial compliance and strategic decision-making. Additionally, in collaborative settings, tracking changes becomes challenging, increasing the risk of data loss and confusion,” he says.
Maharajh confirms organisations deploying Sage Intacct software experience significantly increased speed and accuracy with business processes. “Many Financial Planning and Analysis (FP&A) teams in Mauritius are still using spreadsheets across all activities but increasing analytics and data complexity has reduced their value. Cloud-based solutions eliminate inefficiencies for good with some companies reporting a 75% increase in efficiency and 100 person-hours per month being saved.”
According to Gartner, FP&A leaders must, therefore, rethink the team’s continued reliance on spreadsheets for use cases such as dashboard creation, reporting and modelling. “Businesses operating in Mauritius’ fast paced financial sector can ill afford to ignore the benefits of the Sage Intacct solution. Financial and business asset information must be readily available to all key stakeholders: investors, board members, executives, finance, and other departments. It cannot be spread out across disparate spreadsheets or tied up in manual processes. Sage Intacct provides reports, dashboards and visualisations that are ready in real time, so businesses can save up to 40 hours per month on reporting and cut time spent checking data accuracy by a staggering 75%,” notes Maharajh.
Sage Intacct turns data into insight through:
- Dimension-driven reporting: Access or create reports that analyse real-time business performance by business drivers—without managing a complex chart of accounts.
- Out-of-the-box functionality: Use predefined financial reports and dashboards out of the box and add more to reflect unique business drivers.
- Flexible delivery options: Share real time views on dashboards, through email or in the cloud. Archived copies can be kept directly in Sage Intacct or published into a cloud repository of choice.
Maharajh highlights the issue of fixed asset management as a prime example of where Sage Intacct can bring immense value to the task. “In today’s highly competitive world there are questions business leaders should be asking themselves, such as: ‘how much time do you spend entering fixed asset data into a spreadsheet – is it hours? Or is it days? Once the data is in there, are you manually calculating and tracking depreciation? Moreover, are you then manually entering journal entries into your accounting system?
“If yes, is your response to any of these questions, it’s time to think about a solution that unifies your fixed asset management with core financials. For decades, there’s no doubt that historically spreadsheets and finance have gone hand-in-hand. But when it comes to fixed asset management, it’s time to move on. Due to the complexity of information, calculations, and schedules that are tracked, errors are almost guaranteed, if you go the spreadsheet route. Since spreadsheets live outside of your core financial system of record, creating assets, posting journal entries, and asset disposals are time-consuming manual processes.” Maharajh asserts there is a unified solution to this and it is to automate everything with Sage Intacct.
“Decentralised data limits control and increases risk. Fixed asset data that lives in multiple systems or siloed spreadsheets presents an array of challenges. Without a centralised asset register, you can’t track and report on crucial asset information such as condition and warranty status. You also open yourself up to risk with limited security, access to data, and visibility into changes that are being made. Sage Intacct presents a unified solution to this problem delivering increased control and reduced risk.”
Maharajh concludes: “Mauritius is a vibrant growing economy, a fertile ground that presents exciting business opportunities to companies, both large and small. Sage Intacct is a rich unified solution that delivers real-time insights, is scalable – it grows as your business grows and is capable of yielding a 50% reduction in time to close, leaving you free to focus on capitalising on growth opportunities. It is the perfect partner for Mauritian entities wishing to take their businesses to the next level.”