ERP Packages are constantly being enhanced with better functionality, more flexibility, and focus on efficiency with each new product version. Also, many accounting software developers integrate user-requested changes into later version releases. It is possible for a company to outgrow their current accounting package. Businesses grow, requirements change, and ultimately, an ERP package is not a one size fits all. But, don’t let this stress you out. You might not need to completely change your package. It could be something as simple as an upgrade or an enhancement to your existing package.
Here are some signs that will help you see if you have outgrown your ERP or just need an upgrade:
- Is your ERP running slow for reporting, updates and data entry?
- A slow performing accounting system is a business hindrance. The amount of data stored in your accounting system is causing your ERP to function slowly.
- Dependence on External Application
- Do you use excel to create your reports? Can your ERP report writer not give you the reports that you are looking for? Your ERP should give you the ability to generate the financial reports that your business requires.
- How much time does your staff spend on manual entry?
- Do your employees re-key your website orders into your accounting software? Do you spend time taking orders by hand and the manually entering them? Do you keep a separate database for your Customers? This is something that happens when businesses grow and ultimately, is a sign that a company has outgrown their accounting software.
- As your company grows, are you noticing that your accounting system is requiring many customizations to be more effective? This is a sign that you are out growing your ERP and a new one might be something to consider for your long-term strategy.
- Multiple Databases & Multiple Systems Required for Managing the Business
- Is your data scattered across different systems and databases? Instead of having data in multiple databases your ERP should be integrated with all other programs so that all the data ends up in one common location for reporting purposes.
- Timely access to information or lack of real time reporting
- Real –time access to your business data is critical to all businesses. If you have to wait till the end of the day before you can review financial reports, you will run the risk of missing an error with your system or data.
The above inefficiencies are not something that a company has to put up with. The best solution is to identify which of these issues are affecting your business. Once that is done, the next step is to evaluate the current ERP your business is using vs. the most recent version that is out there. Compare them to see if just an upgrade is needed or if your processes and requirements have changed so much, that may be the final sign that it’s time to evaluate a new ERP package for your business.
Don’t have time to evaluate or compare? Get in touch with a KTL Account Representative today by calling 1.866.960.0001 and let us handle the dirty work or download our
By: Colleen Williams, KTL Business Solutions Consultant