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JOVACO Solutions

Will Your Financial System Support Your Future Business Growth? – Evaluating a New ERP System Checklist Item #3

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Implementing a new system involves considerable investments both in time and money, so it’s vital that it supports the growth of your business over the next few years. As such, your new system should be able to adapt to the evolution of your organization by incorporating new processes, lines of business and company acquisitions. This way, it will support your organization throughout any changes it might go through.

If your company has outgrown its financial system, it may be holding you back with tedious manual tasks that could be automated and various inconsistencies that may translate in cash flow issues. Managers and accountants may not be getting all the information that they need to manage their operations efficiently, resulting in delays that make it more challenging to make informed business decisions.

On the other hand, an integrated, scalable solution will be able to adapt to increased demands without reducing your performance or incurring new investments into your infrastructure or system. It will optimize your processes and eliminate manual entries and errors, freeing up time for your resources to work on added-value projects rather than get bogged down with data entry and other time-consuming tasks.

An important step in the selection of your system is gauging the scale of your business growth in the coming years. Here are a few questions to ask yourself about your future company objectives to assess its evolution over the next few years and ensure that the system you are considering will meet your requirements both in the short and long term:

  • Does your growth plan include starting up or acquiring new operations?
    This means that you may have more than one legal entity at some point. In this case, you need a system that can support more than one company at a time and that can easily consolidate the data.
  • Are you considering international expansion?
    If this is the case, it’s important to choose an ERP solution that supports multiple languages and currencies out of the box to simplify the process when you expand into foreign markets.
  • How many users does the system need to handle?
    Business growth often means an increased number of resources, which means a higher user count. Your system has to be flexible enough to allow additional concurrent users without impacting your performance and operations.
  • How long would you like to remain on the system?
    Your resources may be using this system for years to come. Make sure that it will grow with your business and enhance your processes to keep them productive and effective throughout their career.
  • Will this system adapt to your changing requirements?
    Learn about the effort required or the flexibility that exists in case you need to change or adapt your current business processes. This will give you an idea of whether the system is a viable option in the long term.

The questions above will help you form a clear idea of where your business is headed in the next few years and figure out what system you need to ensure that its growth is supported. However, several other aspects should be considered before you make your final decision. To find out more, download the eBook today for the complete ERP software implementation checklist.

By JOVACO Solutions, Microsoft Dynamics GP implementation specialist in Quebec

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