In managing your business’s many systems, you cannot afford to overlook your accounting or enterprise resource planning (ERP) system. Without a clear strategy for your accounting ERP software, you run a chance of encountering several different issues—efficiency, data transparency, upkeep, upgrades, support, adding new users, and more. Before jumping into the exploration stage for new accounting software, here’s why having an ERP strategy and plan are important.
As time goes on, old ERP software gets left behind. What was once an effective system may no longer fit your business needs or have the ability to process the information you need. If your ERP system lacks specific functionality to meet your business goals, teams often default to shortcuts, workarounds, and forcing old software to give you the results you need.
An indicator that your Financial/ERP software lacks an effective strategy is that it has become increasingly isolated from your other systems. All platforms your company purchases should have the capability of integrating or adding on. Older platforms are localized to their own databases and networks. This means that information is not shared automatically or easily. Data silos not only affect accounting and finance, but also all other functions of the business making reporting and decision-making inaccurate.
Upkeep & Upgrades
With older software, upkeep is far more complex and pricey. As noted above, older accounting ERP software is often limited to its own internal network. What this results in is data becoming isolated to the location that your server resides in. Software upgrades can be lengthy and employees usually end up having different versions of the system. Upkeep becomes a manual process.
ERP software should have a low total cost of ownership and shouldn’t require a budget for servers and storage. Cloud technology, or SaaS, is usually pay-per-user so your business benefits from paying for only the things you need and lowering your infrastructure costs.
When you need a modern, integrated, and easy solution, NetSuite is the answer. As the world’s #1 cloud-based system, you don’t have to worry about data inaccuracies, silos, or managing growth. Cloud technology also enables simple upgrades and overall system upkeep no matter where your employees are located. It’s a cost-effective solution that your business can demo and should see the benefits it can bring to your unique business.