How To Know You Need a New Business Management Solution
How do you know when the strain you feel is due to a clunky process, or if you’ve actually outgrown your business system?
Our lives are filled with signs. Some are obvious, like the empty light in your vehicle telling you to get gas. But others are harder to pick out. Are your high electric bills because of drafty windows? Is it time to replace your furnace? Or perhaps your thermostat schedule is to blame. How do you know which is the culprit?
Knowing when it’s time to update your business management solution is very similar.
There are a number of possible causes for your tedious financial closes at the end of every month. Or for those processes that are anything but streamlined. So how do you know whether it’s the system or something else?
Consider the following a few often ignored warning signs that point to a tool problem in your business.
Signs You Need a New Business Management Tool
Are you spending significant time every month reconciling transactions and/or data from one system to another?
Modern demands require a connected business. Integrating your business management solution with your other key systems streamlines your operations and reduces error. When done correctly, integrations eliminate the need for double entry and tedious processes between tools – saving you time and money in the long run.
If you’re running multiple processes across numerous, disconnected tools, it’s a key sign that you’re not using the right tech for your business.
Is your information handy and accessible when you need it? Or does it require significant “scrubbing” before it’s useful?
Better yet, do you trust what the reports are telling you?
If you’re relying on spreadsheets to track and report your monthly financials – exporting your data, consolidating, and manipulating in Excel before presenting to key stakeholders – your business is not optimized with the right technology.
How does your month-end usually go?
If it’s more mayhem than methodical – filled with an overload of manual, time consuming accounts receivable and payable processes – you not only risk errors, but you’re wasting valuable time and resources on inefficiencies easily fixed with a modern ERP solution.
If you’re waiting to process bulk transactions in your business system until the end of the month instead of entering them in real-time, you’ll never have a clear picture of your current financial status. This lack of visibility only creates distrust of your data. It’s also a clear indicator that your accounting software is tedious and not user friendly.
Hopefully you’re backing up your system data – whether internally, or you’re managing it off-site or in the cloud. But is all your business critical data secure and easily restored in the case of an emergency? Hint: Not knowing is not a recommended disaster recovery strategy.
Legacy systems make back-ups a practical nightmare to manage. But with new cloud ERP, keeping your data secure and recoverable is a snap, so you don’t need to worry if the worst happens.
Forest in Your File Cabinet
How many of your processes require a paper trail?
Rather than storing print copies, many of today’s leading ERP solutions track and store attachments as they’re entered. Not only does it make that woodland copse in your office drawer more wasteful and unnecessary than ever, it’s also expensive. Reducing paper processes in your business has been proven to dramatically improve efficiency. Imagine the operational efficiency you could realize by going digital? From order processing, accounts payable, or inventory management, running your key business functions from your ERP is a scalable, secure choice.
How one company took control of their order and inventory management with ERP
How streamlined is your internal approval process? Are you relying on email to prompt approvals for transactions? Does it feel like it takes forever for tasks to move forward?
Checks and balances are a necessary part of business, but workflow automation eliminates frustrating project creep by keeping everything moving forward in one solution and out of your team’s inbox.
Using the proper business tools makes everything run smoother. After all, your business systems have a lifecycle. What works today won’t 5 years from now if it isn’t updated and maintained. Recognizing the signs you’ve outgrown your current software or processes is the first step. Picking the right tool for your business needs comes next.
Dana Larson leads Eide Bailly Technology Consulting’s NetSuite consulting team. Her decades in accounting and implementation spans industries and technologies. With a focus on project management and thorough requirements gathering, her team’s success and client satisfaction speaks for itself.