Deployment of Enterprise Resource Planning (ERP) Accounting Software is not only expensive in terms of licensing and maintenance, but also in terms of dedicated resources and time. As ERP covers and connects all your business, helping you to share data while making data-driven decisions across entire operations, it is really important that you should select an ERP that streamlines your business processes while ensuring profitability. However, with so many options available, it is really complicated to select an ERP solution. Through this blog, we are providing few tips that can help you in selecting ERP Accounting Software.
Organizational Objective – The first thing you should keep in mind is what exactly you want to achieve with the help of an ERP. Some of the reasons for which you’re looking for a new ERP Accounting Solution include
- Your existing ERP System has outgrown
- Inefficiencies associated with Disparate Systems
- Costing & Maintenance in case of on-premise ERP
- Eliminate redundancy of tasks and processes
- Whether you’ve global presence & transactions in different currencies
Scalability & Flexibility – It is always recommended that you should select the ERP accounting software that offers you the flexibility and scalability to grow with your business. As technology is moving too fast and an ERP costs you huge, you should keep few things in mind like what if your business grows at much faster pace or you need to upgrade your current ERP system. This means that your accounting software solution should adapt to the changing business needs and embracing emerging technologies. An ERP agility is something that future-proofs your business, and that matters a lot. ERP Solution that supports flexibility and based on novel technology will give you more longevity in the long run and will make a better investment.
Functional Aspects – Some of the most critical aspects of any business include finances, operations, sales and customer service. It should be clear in which processes you exactly want to streamline. In terms of function, your specific industry will dictate the details. It is recommended that all the functions that occur in an average business day should be kept in mind by you. If we talk of manufacturing company, then supply chain management is the most critical area. Real-time visibility across finances is another general concern which is shared by most of the companies irrespective of niche.
Budget – It is always recommended that you should select the right ERP Accounting Software for your company rather than the cheapest one. In case, if you have tight budget then cloud-based ERP Accounting solution should be considered as the best bet as you don’t have to invest huge in upfront cost like systems, software, servers, IT maintenance team, infrastructure, etc.
Mobility – Delivering flexibility to employees to work, wherever and whenever will surely boost productivity. Furthermore, access to corporate data even on the go will enable you to make more informed decisions. So, select the ERP accounting software that supports mobility.
Some of the available ERP Solution
Microsoft Dynamics 365 Business Central – As all-in-one, cloud-based business management solution, Microsoft Dynamics 365 Business Central enables small & mid-sized organizations either to leverage digital transformation or upgrade from their entry-level accounting software or legacy ERP system to one single, comprehensive solution to manage finances, operations, sales and customer service. Microsoft Dynamics 365 Business Central connects different aspects of your business to eliminate data silos while delivering real-time visibility across business. Automated tasks and workflows within familiar Microsoft interface of applications such as Word, Outlook and Excel, help in boosting efficiency. Connected data, business intelligence & Microsoft’s leading machine learning technologies deliver actionable insights, helping you to achieve more.
Microsoft Dynamics 365 Business Central is highly flexible in terms of licensing & editions. D365 Business Central comes with “Full User” & “Team Member” licensing model, enabling you to purchase licenses as per your business requirements. Furthermore, with Business Central, you can start with single user license and extend as you grow. Dynamics 365 Business Central offers flexible deployment models including SaaS (Software as a Service), private cloud, Microsoft Azure & on-premise deployment. SaaS Subscription model enables small and midsized organizations with tight IT budget to start with less upfront cost.
NetSuite Accounting Software – Oracle NetSuite offers cloud-based, true SaaS financial management solution that enables finance leaders to design, transform and streamline their processes and operations. NetSuite offers core finance and accounting functions alongside strong compliance management to improve business performance while increasing financial close efficiency and reducing back-office costs. With real-time visibility into the financial performance, NetSuite enables businesses to quickly drill into details to quickly resolve delays and generate statements and disclosures. With integrated features across order management, inventory, CRM and ecommerce functions, NetSuite offers flexibility to accommodate dynamically changing business needs. With NetSuite, organizations can efficiently manage IT costs, optimize accounting efficiency, streamline order management and procurement processes, eliminate manually-intensive spreadsheet-based reporting, and improve employee productivity. NetSuite Accounting Software comes with tax and compliance management capabilities, delivering a robust foundation for transparency, automation, simplicity and controls in the management of your global tax and compliance responsibilities.
The Bottom Line
Both Microsoft Dynamics 365 Business Central & NetSuite Accounting Software are equally good when it comes to capabilities, flexibility, scalability & cost. Both solutions follow modular design approach and can be scaled up as per growing business needs. However, Dynamics 365 Business Central offers you more deployment options like on-premise while NetSuite is a cloud-based, true SaaS solution.
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