The Oakley ERP Blog

What The X Factor can teach Finance Directors about Accounting Software
Wednesday November 11, 2015

The X Factor is well underway with it only a matter of time until talk switches to whether it can produce a Christmas Number 1 single. The show has been running for over a decade now, with many questioning why the show is still enjoying popularity. I feel there is a relationship here between X Factor and Finance Directors to draw on in their business and no I don’t mean about their reputation as being tighter with the cheque book than Simon Cowell’s trousers, the answer is accounting software.

The X Factor has been running for a long time with the majority of the UK tuning in on a Saturday and Sunday for “entertainment” over the weekend. As The X factor goes on every year, it seems that the show has lost its initial impact when it first started. I feel this is largely due to the over the top editing and lack of real substance. As the show is losing its credibility, it’s making the acts lose credibility with of course the few odd exceptions.

It makes you wonder the amount of businesses that started out either running spreadsheets to power the financial data or an entry level accounting software and have subsequently stuck with it. Is it starting to lose its credibility as a reliable and dependable foundation for your business?

Is it time for it to be axed? (You may wonder if I mean the X Factor or your accounting software.) In my opinion it would be a yes, but I cannot speak for the millions still tuning in.

While the business grows it is time to invest into a software that rather than just keeps you ticking along, makes a real difference in the informed and “intelligent” decision making (after all a tool is only as good as the worker).  The point here is “could you be doing more with a powerful ERP solution that could take your accounting headaches away?”

You never want to let a business lose its X Factor, and it could be that an investment into an intuitive accounting solution can help deliver the difference between mediocracy and growth? I think over the years as The X Factor continues, more and more people will stop watching it, but if the viewing figures are anything to go by that could be a while.

You don’t want the same to be thought of about your business infrastructure. I notice how many organisations are unable to properly account for challenges such as multi-currency revaluations and group consolidations, some can’t even utilise project accounting and multiple budget sets through their current software. The fundamentals of the financials of your business are no laughing matter and I can’t help but wonder if the X Factor was on your business would you be a stand out artist or would you end up in a video like this?

Here are the top 5 worst X Factor auditions; these are past contestants that felt they had the true X Factor. Enjoy!

Written by Kyle McLaughlin at 00:00