Many financial professionals make the decision not to change their finance system despite this costing them far more in the long run than they realise. This was revealed in a recent survey by Advanced Business Solutions in partnership with Financial Director magazine.

Surprisingly, 83% of the 101 UK finance professionals questioned said that they didn’t have any plans to change their current finance system and 60% said that they didn’t see a ‘need’ to change systems. This is despite 57% admitting to using a system that was implemented between 2000 and 2007 and 21% using a system implemented pre-2000.

With many public and private sector organisations cutting down on IT spend, it’s no wonder implementing a new finance system is frequently being put on the back burner. However, what financial professionals are failing to realise is that that by sticking with and upgrading an old system, this could be costing the organisation the equivalent of implementing a new, more efficient finance system.

In fact, 28% of those surveyed are spending a startling 100 or more consultancy days upgrading their current finance system, which shows the considerable cost implications of staying with an old and potentially unsuitable finance solution.

And so by thinking that they are saving money by not going out to tender for a new system, finance professionals could, in reality, be costing the organisation far more than they realise. Perhaps it’s time to re-think that IT upgrade after all?