Which Phone System should you choose for your Finance company?

Which Phone System is the best choice for your Finance company?

There are three types of phone systems; Hosted, Hybrid and IP.

  • Hosted Phone System - When your finance company chooses a Hosted Phone system you are effectively renting the system rather than purchasing your own dedicated system.
  • IP Phone System - With an IP Phone System, you purchase the phone system for your own use and you choose where to host it; on-premise or off-site.
  • Hybrid Phone System - Finance companies opt for Hybrid Phone Systems when they have ISDN, Analogue or Digital infrastructure but want the advantages of IP.

Most finance companies that are on the smaller side, e.g. less than 30 employees, tend to suit a hosted phone system. Those which are larger, tend to suit an IP phone system.

Finance companies that have existing infrastructure like ISDN, Analogue or Digital lines and want to save what they have invested already, will opt for a Hybrid Phone System.

There are a number of factors to consider when you are choosing a phone system for your finance company such as;

Phone Connection - Hosting Resonpsibilities - Cost - Calling Features - Unified Communications – Business Mobility - Scalability

Accounts Superhero was experiencing poor voice call quality and wanted a phone system that could handle incoming calls to ring on multiple phones so that they could be picked up quickly, regardless of their location.

Find out what phone system we matched up to his accountancy firm.

View our Case Study

Pros and Cons of a Hosted Phone System

  • Flexibility even if you are on the road visiting clients (because you can make calls from your mobile using your phone system) or if you need to move to another office where you can easily just plug-in your phone system.
  • Easily Scalable as adding and removing users is simple as your finance company grows.
  • Variety of Features such as video conferencing, call routing, voicemail recording sent to email etc.
  • Automatic upgrades are distributed to all users.
  • Phone system Management is in your hands if you like the ability to have that control so you can change any settings such as opening times.
  • Business continuity is covered with hosted telephony, as your calls can be instantly rerouted in the event of an outage.
  • Minimal set-up costs as there is no hardware except if you want a phone handset.
  • Low monthly cost per user.
  • No physical hardware to host on-site or remotely.
  • Speedy installation as it’s unlikely that you’ll need physical cabling because most places have internet connectivity.
  • Maintenance is included within your monthly subscription.
  • There is only one limitation when it comes to a hosted phone system for your finance company; you need a reliable internet connection. A hosted phone system uses IP technology which requires an internet connection to determine the voice quality.

Pros and Cons of an IP Phone System

  • You own the system.
  • You can choose where to host it, whether that be on your own server/ on-premise/ hosted in your own private cloud via a data centre; it gives you ownership on the maintenance of the system.
  • No long-term contracts (unless you purchase using finance.)
  • Flexibility even if you are on the road visiting clients (because you can make calls from your mobile using your phone system) or if you need to move to another office where you can easily just plug-in your phone system.
  • Scalability as adding and removing users is simple.
  • Variety of Features such as video conferencing, call routing, voicemail recording sent to email etc.
  • Phone system Management is in your hands as you have access to change any settings such as opening times.
  • Business continuity is covered as your calls can be instantly rerouted in the event of an outage – meaning you won’t be missing out on business.
  • There will be up-front costs to purchase however, it can be financed or leased.
  • You will need to choose somewhere to host it, whether it be on-premise or hosted externally which may incur additional costs.
  • Maintenance will be your responsibility unless you outsource this aspect or it can be included in the lease.
  • Your voice quality is determined by internet connection so you need to have a strong, reliable internet connection.
  • Any upgrades are at your expense.

Would you like a Free Demo?

You may have decided that on a type of phone system but which phone system software provider?

We know the strengths of all of our phone systems, so we can help you decide which is the best fit for your business and show you the different types of phone systems.

To do this, we can come to your business or we can conduct a conference call with screen sharing abilities to show you the full power of the different phone systems.

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