Many larger and older businesses typically already have an ERP system in place. However, sometimes these systems were put in place before the internet and as you may have guessed, are severely outdated. Many of these older systems have years and years of updates that must be done manually by the user, so there is no guarantee that these systems are up-to-date. By making the switch to a cloud-based ERP system, such as NetSuite, businesses can unlock new features, have up-to-date software, and set the company up for continued growth. As a business owner, here are some signs that it might be time to make the move to a cloud-based ERP system.
Too much manual data entry. With older systems, manual entry at the end of the day, week, or month is commonplace. This does not allow for records to always be current and can lead to inaccuracies in entries and in other areas of the business. If an outside sales team doesn't know the current inventory levels or if an accounting department doesn't know how much cash is on hand, it can lead to greater issues.
A sales team out of the loop. As mentioned above, there are many instances where an out-of-the-loop sales team can lead to confusion, errors, and potentially displeased customers. A cloud-based ERP system that gives real-time information can be useful both in the field and in the office. From tracking earnings bonuses to inventory levels, a sales team that is in the know is an effective sales team.
Excessive financial reconciliation steps. Finding efficiencies within the accounting processes of a business can easily lead to an increase in cash flow. Cloud-based systems keep all data and records in one place, thus making access to them much easier. Spending less time gathering up the necessary data during financial reconciliations gets them completed more efficiently and displays the company's health faster. Being able to reconcile quicker allows companies to do it more often and stay on top of their accounting and bookkeeping.
Excessive pen-and-paper processes. Getting detailed reporting is impossible when managers and employees run around with clipboards, paper, and pencils. Having the ability to run real-time reports and have solid data to share by utilizing a cloud-based system proves to be a major benefit. There's no good in being behind or not in the know when it comes to what is going on within the company. Eliminating pen-and-paper processes brings an end to that.
For companies interested in seeing what benefits cloud-based ERP systems can bring, reach out to AccountingDepartment.com today.