3 Reasons Finance Departments Are Still Struggling with Overtime

It’s interesting that there are so many phrases and idioms involving time. “The tooth of time,” “time is money,” “time flies” or, my personal favourite, “It’s later than you think”. It seems like almost everything in life is tied to time in one way or another. Whether we’re wasting it, saving it, or trying to find more of it, one thing’s for certain: every second counts.

Given how important time is, companies should be measuring, analysing, and maximising it.

While most companies excel at tracking their financial performance through clear metrics like profit and loss, they overlook measuring how employees spend their time. In many finance departments, particularly in larger companies, time is only ever considered during month-end closings and audit deadlines.

In our experience with every finance department across companies that Quick Consols has served, there's a consistent pattern of overtime during month-end reporting cycles. But why? Month-ends haven’t changed in the last 30 years. Interestingly, the process of data collation for management or shareholders hasn’t changed either.

So what has changed? In our experience, there are three key reasons companies are still struggling with overtime during crucial reporting periods:

Reason One: “I didn’t know there was an app for this”

As you probably already know, Excel is the do-everything Swiss Army knife for countless finance managers.

Of course, it has its place in the work environment and will never be completely replaced. But can you imagine if the only item of cutlery in your kitchen was a knife? You wouldn’t be cooking very well (or at all).

Excel is appealing because of its flexibility—but that’s also its biggest drawback. Like a Swiss Army knife, it’s brilliant for a variety of tasks but isn't specialised for any particular one. While it can handle a broad range of functions, this jack-of-all-trades nature means it falls short in areas that require more targeted tools.

Excel simply wasn’t built to optimise your reporting. It doesn’t know what gross margin is. Or a trial balance. Or anything else about your company’s reporting requirements.

And, if you’re working with a tool that isn’t optimised for your specific function, you inevitably end up spending an

excessive amount of time tweaking and bending the tool to fit your needs—so isn’t it time to get a specialised tool built specifically for financial reporting?

Reason two: “It’s expensive!”

It's often a sad reality that finance departments are viewed as cost centres, which typically places them at the end of the line when it comes to allocating investments.

When drafting proposals, we frequently encounter potential buyers who either have a preset budget or a vague notion of what the software should cost. Naturally, the cost of new applications is often benchmarked against current tools; mostly Excel which, let’s be honest—is undeniably affordable.

However, this comparison is flawed. It’s like comparing a Swiss Army knife to every specialised utensil in your kitchen. You wouldn’t trade in your coffee grinder for a Swiss Army knife, even though you could technically use a Swiss Army knife to crush coffee beans.

Excel, being a jack-of-all-trades but master of none, is understandably cheaper. It's like a one-size-fits-all sweater that doesn't quite fit anyone perfectly.

Instead of comparing it to Excel, the real cost of software should be weighed against the time saved and errors reduced. These efficiencies translate into tangible cost savings and represent the true return on investment. That’s the only ROI that really matters—and you’ll be surprised at the returns when you start looking at it that way.

While the initial investment in specialised software may seem higher, the long-term benefits far outweigh the costs. Quick Consols offers competitive pricing options tailored to your needs, ensuring you get maximum value for your investment.

Reason three: “It’s risky putting in new systems”

A decade or so ago, buying software licences felt like buying a cat in a sack—you had to trust the salesperson's word because once you made the purchase, there was no going back for a refund. Those pesky Ts and Cs were always in the way.

In addition, you’d have to brace yourself for the inevitable onslaught of consultants that would set up camp in your office for months at a time, setting everything up just right—but also in such a way that no one in your organisation could maintain it once they left. Today, that’s all changed.

Most software companies, including Quick Consols, offer a proof of concept or a limited trial run upon request before making a full commitment. The balance of power has also shifted in favour of the consumer, and there’s a massive amount of independent information available on every application imaginable.

Don’t get me wrong: bad software still exists. But there are so many options that enable you to find solutions that align with both your needs and budget, which ultimately takes the risk out of trying or buying new software.

At Quick Consols, we offer hassle-free implementations with dedicated support to guide you through every step of the process. Now you can wave goodbye to those consultants camping in your office!

How you can save days every month with Quick Consols

The key takeaway here isn't that you should rush to adopt a new app for every conceivable function in your business.

Instead, focus on the processes that chew up the most time and are least efficient. Then, find out where that overtime is going and determine which tasks can be automated. Only then get the right tool for the job.

While a Swiss Army knife has its uses, it's also got a limited number of applications. At the end of the day, the largest recurring expense for most businesses is payroll. So instead of only examining the total cost, rather start looking at it as a sum of all the hours every staff member in the company had to offer that month. Are you happy with your return on investment into your employees’ time?

Remember, time is the most valuable asset you have. Every minute represents a portion of your life. When you find yourself hacking away at a spreadsheet that’s been rolled forward for the one hundredth time, ask yourself if it's truly worth your precious time.