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Over 12,000 UK organisations are struggling with outdated accounting software due to their decision-makers’ fear of losing data if they move to the cloud, according to new findings by Iplicit.
New research from the accounting software provider has revealed that 26% of UK finance decision-makers cited historical data loss and having to pay to use historical data as major barriers to changing accounting systems.
This survey gathered experiences from 1,000 UK-based finance leaders working in organisations that employ between 50 and 500 employees.
The survey also revealed the top reasons why UK finance decision-makers are hesitant to change accounting systems, as 14% cite losing historical data, 12% are concerned about the cost of having to pay for a Right To Use (RTU) licence to access historical data, while 11% are worries that making the change will be too expensive.
Lyndon Stickley, CEO of Iplicit, said: “Given the importance of accessing historical financial data, the industry really does need to do more to ensure finance teams have access to their data, especially as an RTU licence costs typically 50% to 100% of the standard software licence!
“Ultimately, a hesitance to change systems may be holding the finance function back, seeing as finance leaders are trapped using legacy, on-premise software in their finance departments – all to the detriment of their organisation.”
He added: “Finance leaders are often divided when it comes to the cloud. In my experience, it comes down to understanding the benefits that cloud accounting software can offer. UK finance decision-makers need the ability to export and store historical data and immediately overcome this barrier.”
