2021 GrowCFO - Finance Systems Survey

JavaScript isn't enabled in your browser, so this file can't be opened. Enable and reload.

Following the success of our inaugural Finance Systems Survey last year, GrowCFO invites you to share your experiences with systems, their implementation, their capabilities to support your organisation and how they have been tested during the past 12 months.

Whilst many of you will have experience with several systems, please complete this survey based upon your most recent experience. It should take less than 5 mins to complete.

Many thanks in advance for taking the time to share your thoughts and we look forward to collating the results!

Best wishes
Dan Wells, GrowCFO Founder and CEO

Email *

Question 1: Which of the following best describes you as an organisation? (Tick as many boxes that apply)

Startup

SME

Mid-sized

Enterprise

Not-for-profit

Public sector

Private sector

Question 2: How many currencies do you trade in across all your entities?

2-5

6-10

11+

Clear selection

Question 3: How many statutory entities does your business own?

2-5

6-10

11+

Clear selection

Question 4: What industry do you operate in?

Business Services

Consumer Products

Energy

Financial Services

FinTech

Healthcare

Hospitality

Industrials and Chemicals

IT Services

Manufacturing

Marketing and Advertising

Media

Real Estate

Retail

Technology

Telecoms

Travel

Other:

Clear selection

Question 5: How complex would you describe your business operations on a scale of 1 (low) to 10? (i.e. your core system manages everything verses you require many sub-systems to support your finance function)

Clear selection

Question 6: Which finance system and version are you currently using?

AccountsIQ

Aqilla

FinancialForce

FreeAgent

infor SunSystems

Microsoft Dynamics

OneAdvanced

Oracle ERP

Oracle Netsuite

Sage Intacct

Sage 200

Sage 50

Unit4

Workday

Quickbooks

Xero

Excel

Other:

Clear selection

Question 7: How many core finance users do you have using your system (excluding expense / timesheet users)?

1-5

6-10

11-25

26-50

51-250

250+

Clear selection

Question 8: Is your finance system a cloud-native or on-premise system?

Cloud-native

On-premise - with remote access

On-premise - without remote access

Uncertain

Clear selection

Question 9: Did you buy your finance system direct or via a reseller?

Direct from Supplier

Via a Reseller

Clear selection

Question 10: How long did it take to implement your finance system?

< 1 month

1-3 months

3-6 months

6-9 months

9-12 months

> 12 months

Ongoing

Uncertain - I wasn’t part of the implementation

Clear selection

Question 11: How much did it cost to implement your finance system?

Free

Up to £1,000

£1,000 - £5,000

£5,000 - £10,000

£10,000 - £20,000

£20,000 - £50,000

£50,000 - £100,000

£100,000 - £250,000

> £250,000

Uncertain – I wasn’t part of the implementation

Option 11

Option 12

Clear selection

Question 12: Did you need third party support to implement your existing finance system?

No, out of the box – set up in house

Yes, from the supplier

Yes, from a third party consultant

Uncertain – I wasn’t part of the implementation

Clear selection

Question 13: How sophisticated is your finance system on a scale of 1 (suitable for a basic startup firm) to 10 (capable of serving a large PLC)?

Clear selection

Question 14: For groups containing more than one statutory entity: Can your finance system generate consolidated group accounts?

Yes, the system produces consolidated accounts

No, consolidations need to be produced manually

N/A

Clear selection

Question 15: How well does your finance system perform with multi-currency transactions and reporting requirements?

Very poorly

Poorly

Average

Well

Very well

N/A

Clear selection

Question 16: Which other systems and applications have you integrated your finance system into? [Tick all that apply]

Not required – everything we need is part of our core system

Expenses

Asset Management

Payment Processing Software

Operations Software

Customer Service Software

eCommerce Software

Inventory

Excel

Payroll

P2P / Optical Character Recognition

CRM

Business Intelligence Software

Bespoke software developed in-house

Other:

Question 17: How have you integrated third party software into your finance software?

Via our suppliers Partner Marketplace

Using a tool such as Zapier

Via bespoke API

N/A

Other:

Question 18: Do you plan to be using your existing finance system in five years?

Yes

No – it is approaching the end of its life

No – our growth will require us to upgrade

Unsure

Clear selection

Question 19: Would you recommend your finance system to the following business categories (tick all that apply)?

Small-sized company with low complexity requirements

Small-sized company with medium complexity requirements

Small-sized company with high complexity requirements

Medium-sized company with low complexity requirements

Medium-sized company with medium complexity requirements

Medium-sized company with high complexity requirements

Enterprise-sized company with low complexity requirements

Enterprise-sized company with medium complexity requirements

Enterprise-sized company with high complexity requirements

Question 20: Are you able to use your finance software remotely?

Yes

Yes, using work arounds

Clear selection

Question 21: On a scale of 1 (does not meet at all) to 10 (fully meets), how close does your current system meet your requirements?

Clear selection

Question 22: How often would you expect to pay for an updated version or maintenance for your finance system?

I receive regular automatic updates as part of my contract

Quarterly

Bi-annually

Annually

Only when there is a relevant functional improvement

Clear selection

Question 23: Which of the following innovations do you see yourself looking to implement into your finance function in the years ahead (tick all that apply)?

We will not be implementing any further innovations

Optical Character Recognition (OCR)

Robotic Process Automation (RPA)

Cloud Technology

Workflows

API Integrations

Mobile Expenses

Artificial Intelligence

Advanced Business Intelligence

Other:

Question 24: How well were you able to adapt to remote working back in March 2020?

Seamlessly

With some workarounds we were able to make it work

We have had big issues and they are ongoing

We had big issues and had to update our software as a result

Clear selection

Question 25: Will your system be able to adapt to life after Brexit?

Yes

Not affected

Clear selection

Question 26: What would stop you embarking on a replacement finance system?

Time

Budget

Fear of disruption

Fear it wouldn’t solve issues

Stuck in a contract

Nothing puts me off

Not looking to change

Question 27: Do you see your team returning to the office when allowed or has the last 12 months changed your approach to working forever?

We will return to the office full-time

We will change to continue working remotely full-time

We will create a hybrid role (time in the office and time at home)

We have always worked remotely

N/A

Clear selection

Question 28: Do you feel your team has the skills required to support your evolution over the coming years?

I already have the skills I need within my team

I will look to train my existing staff to bridge the skills gap

I will look to hire externally to bridge the skills gap

I will need to take a combined training and hiring approach

Clear selection

Question 29: How many days does your monthly financial close typically take?

Instantaneous

15+

Clear selection

Question 30: How long does it take you to create your management report pack every month?

Instantaneous

Takes a few hours

Completed within a day

Takes a few days

Takes a week

Takes more than a week

Clear selection

Question 31: How easily can you access all your data?

Full instant access

Full access but takes time to collate

Limited but instant access

Limited access and takes time to collate

Clear selection

Question 32: Are your management team increasingly demanding more analysis from your team?

Yes, but we are flexible and can adapt to easily meet their demands

Yes and with time we can adjust to meet their demands

Yes, but we are unable to meet their demands

No, they are always happy with the reporting that we provide

Clear selection

Question 33: What tools do you use to supply your reporting?

Your core finance system

Excel

Other:

Clear selection

Question 34: Comments (anything further you would like to share)?

A copy of your responses will be emailed to the address you provided.

Submit

Clear form

Never submit passwords through Google Forms.

reCAPTCHA

Privacy Terms

This form was created inside of GrowCFO. Report Abuse

Forms