Are you using Unit4 Financials by CODA? If so, the end of its life is coming soon.
The software vendor plans to end support for this product at the end of 2024.
In this article, we’ll go over what this means for your organisation as a user of Unit4 Financials by CODA, and what you need to do now to ensure the continuity of your organisation’s financial operations.
Why Unit4 is retiring the system?
This software was originally called Dream when it was first developed and was supplied by SquareSum. It was written for the then-modern Windows environment and came out of the old CODA Financials stables.
It later came under the ownership of CODA in 2005 and was renamed CODA Dream. Unit4 subsequently took over the company and has been selling it as Unit4 Financials by CODA ever since.
Over the years, the software has served the corporate finance community and remained in use for more than a decade.
However, the decision to stop supporting the product may be driven by its outdated nature. Developed using older technologies, it now has limited compatibility when compared with modern systems.
What does this mean for your organisation?
As support is coming to an end, you could be looking at a handful of issues:
- You won’t get patches and updates. This can leave your financial operations susceptible to malware, cyberattacks and other security breaches.
- Your system will not be compatible as outdated technology may impede integration with modern systems, limiting data sharing and workflow efficiency.
- With the cessation of support, access to bug fixes and other technical assistance will become unavailable, exposing your organisation to risks.
- There may also be compliance concerns as using unsupported software can expose your organisation to non-compliance with industry or regulatory requirements, potentially leading to legal complications or penalties.
What do you need to do now?
It’s essential to find a new system that can fulfil your accounting and financial management needs and empower your team.
Drawing on our extensive experience of over 25 years in implementing and supporting leading financial management systems, we often stress the importance of initiating the migration process early if your current solution is approaching the end of its lifespan.
By taking early action, you can:
- Conduct comprehensive research on your system of choice.
- Assess your organisation’s unique requirements and challenges to determine specific needs and priorities.
- Develop a well-defined migration plan outlining the necessary steps and timelines for a successful transition.
- Collaborate with the chosen financial management system vendor and implementation partner to leverage their expertise and guidance.
- Prioritise data cleansing and validation while implementing a structured approach for migrating data to the new financial management system.
- Implement a comprehensive training programme to equip your team with the necessary skills to effectively use the new financial management system and employ change management strategies to address any resistance or challenges during the migration process.
What is the best alternative to Unit4 Financials (CODA Dream)?
You have two excellent options depending on your needs:
- If you need a Financial Management System, then Infor SunSystems Cloud is your best option.
- If you need a fully-fledged Enterprise Resource Planning (ERP) System with Financials included, then Oracle NetSuite is your best option.
Both Infor SunSystems Cloud and Oracle NetSuite deliver powerful capabilities and offer significant benefits. The choice between the two largely depends on your specific needs. Read on to find out more about the two:
SunSystems Cloud Implemented by FinanSys
Designed with modern technology to ensure maximum compatibility, SunSystems Cloud can help you manage your entire financial operations. It offers a comprehensive and flexible solution that simplifies accounting processes, enabling organisations to increase productivity and efficiency.
SunSystems Cloud comes with powerful analytics capabilities and dynamic reporting tools, useful for gaining visibility into your operations and performance with real-time insights.
The system is built to eliminate manual accounting processes, integrate with existing core business systems, and easily scale up to accommodate future growth.
SunSystems also comes with outstanding multi-currency and multi-company functionality to enable seamless transactions and financial management across various currencies and entities, reduce the complexity of international operations, and ensure accurate financial reporting by taking into account exchange rates and local compliance requirements.
NetSuite Implemented by FinanSys
Oracle NetSuite, on the other hand, is a robust integrated cloud business software suite that offers a wide range of solutions including business accounting, ERP, CRM and eCommerce software.
With powerful automation capabilities, NetSuite is designed to streamline business processes, increase efficiency, and promote collaboration among departments. Its real-time dashboards provide valuable insights into your business performance, allowing you to make data-driven decisions.
One of the key advantages of NetSuite is its scalability. As your business grows, NetSuite can easily adapt to your changing needs without requiring major system overhauls.
Moreover, NetSuite’s cloud-based architecture means you can access your business data anytime, anywhere, ensuring maximum flexibility and agility.
FinanSys: An award-winning Infor Gold Channel Partner and Oracle NetSuite Solution Provider
FinanSys helps finance teams to select and implement world-class financial management systems and business management systems including SunSystems and NetSuite—both considered the best in their respective categories.
Our suite of software solutions caters to the various accounting needs of organisations of all sizes, from automating accounting processes to integrating disparate systems and data to providing real-time visibility into an organisation’s performance.
With our industry-leading end-to-end SunSystems and NetSuite service, our team of highly skilled experts is equipped to provide comprehensive support throughout the entire implementation process, from fulfilling your systems requirements to execution to post-go-live and everything in between.
Take advantage of our 25+ years of experience to switch smoothly from Unit4 Financials to SunSystems or NetSuite depending on your needs.
Powerful SunSystems Enhancements
When you subscribe to SunSystems Cloud or NetSuite through FinanSys, you will also get access to FinanSys Apps on a 1:1 license basis at no additional cost – a powerful platform that includes all add-ins and enhancements that a finance or ERP system will need.
FinanSys Apps provides you with out-of-the-box capabilities like procurement, OCR, expense management, Making Tax Digital, business intelligence, analytics, enterprise asset management, HR management, task management, process automation, accounting automation, and many more.
This makes FinanSys the most cost-effective and value-added partner for partnering with and subscribing to SunSystems Cloud or NetSuite.
Talk to us today about your financial management needs!