Sponsored by Copernicus
In-House Asset Finance Software Presents its Own Risks
There remains a not insignificant number of asset finance businesses that continue to operate their loan portfolios using in-house software, either that designed for the task, or the adaptation of proprietary software such as Microsoft Excel and Access. The latter presents a series of potential issues, especially as the wider operating environment moves to an increasingly digital landscape.
As is being seen in the UK in the run up to the ‘Making Tax Digital’ (MTD) regimes launch on April 1st this year, many businesses are unhappy with the move to a digital landscape because while arguably sub-optimal, their current modus operandi has served them well and because they are worried about the potential costs.
While resistance to change is not new, the concern about cost has to be seen in perspective. The cost of human error, security risks, the significant costs for highly manual processing and reporting and of course, the risk of non-compliance need to be seen as all too real.
Technology that overcomes these risks and adds in additional services such as CRM and marketing are highly affordable.
Our Solar asset finance platform has helped many businesses from new starts to long established operations, from the very small to the very significant, from whole businesses to specialist operating divisions. A common thread across the many successful implementations we have completed has been helping clients to move their operating platforms to a smarter, scalable solution, and that has included businesses operating with Excel and Access.
Helping businesses and more often than not, the people, to effect a change in technology is far more than just the software; it is about empathy and knowledge. As a business that has been developing and supporting asset finance software for approaching 40 years, we appreciate the reasons for inertia in technology in some quarters. To this end, our software is designed to be easy and intuitive to work with; as is our ongoing support.
Purpose designed asset finance technology can help lift the load, help businesses to grow and ensure people can sleep at night knowing their processes are secure and compliant, and importantly that they are not reliant upon a small number of staff, or even just a single person.