It happens sooner or later, all growing businesses come to the realization that their current accounting software is no longer fitting their needs. As a business grows it may start to stretch the boundaries of the systems that helped them get started. Some of those growing pains may be the inability to manage financials and operations in one place, the lack of integrations between critical operational applications and their financial solution, decreased visibility into their financial status, and an inability to manage regulatory compliance. If your business is facing some of those struggles it might be time to consider implementing an automated accounting system or upgrading your current system to something more robust.
Below is a checklist of criteria to consider when shopping for a new accounting system that will help fuel business growth.
- Is it customizable?
- A modern business management solution will give you the benefit of a huge ecosystem of third-party applications, making it easy to customize your solution to meet your unique needs.
- Is it cloud connected?
- A cloud-connected business management solution will give you the benefits of rapid innovation, collaboration tools, and mobility, without having to give up the security and familiarity of an on-premise application
- Does it provide better business insights?
- The right ERP solution should offer a single, holistic view of your business, connecting core processes to create a streamlined approach to finances while providing greater visibility into all aspects of your operations.
- Does it help you stay compliant?
- Modern ERP should keep you ahead of the latest regulatory requirements, allowing you to manage your financials quickly and effectively while maintaining compliance and supporting industry best practices.
- Can it grow with you?
- As your business grows, your ERP solution needs to evolve to accommodate more suppliers, more customers, more competition, and more geographies. Scaling needs to be seamless, quick, and cost effective.
- Can it integrate with critical applications?
- Check to see how seamlessly an ERP solution can be integrated with other systems. Connecting accounting, business intelligence, CRM, supply chain, and human resource management applications—and linking them to customers, suppliers, and other business partners—can streamline operations, dramatically reduce lead times, and add value to your business.
- Is it easy to use?
- A user-friendly solution with a clean, intuitive interface will make your ERP solution simple to adopt across your growing business teams and functions, increasing usage and productivity while decreasing user confusion. An important consideration here is to automate low-value, manual tasks, which streamlines financial management and helps to eliminate errors.
Beyond that simple checklist you need to consider if your business is ready to make the change? Talk with your team to discuss the transition process, what the implementation of a new system will look like, and how this new system will work in your budget and alongside your day to day operations. MicroAccounting offers a fleet of ERP solutions that help our clients grow and succeed. To learn more about our ERP systems and the benefits of upgrading now give us a call at 855.876.3773 or email us at firstname.lastname@example.org.