An accounting and project management enterprise resource planning (ERP) system is essential for organizations to streamline processes, enhance efficiency and make better business decisions. While many organizations claim they have a robust ERP system in place, upon closer examination, some will realize they are struggling with their system.
According to a Gartner report, over 90% of executives who have gone through an ERP implementation acknowledge they did not do enough to manage the organizational turmoil or are unsure how to minimize the distress that occurs during and after implementation.
When an ERP implementation is not thorough, companies may encounter various issues, including poor processes, insufficient reporting capabilities and a lack of accurate data. These issues can create significant challenges for an organization and indicate it’s time to reassess its accounting and project management ERP system. Sage’s modern ERP systems offer comprehensive accounting solutions designed to streamline and optimize business operations for small to mid-sized organizations.
Signs Your ERP Needs an Update
If you feel your current ERP system is not meeting the needs of your business, it may be time for a change. Below are nine common signs your accounting system could use an update.
1.) Your Current System Does Not Effectively Meet Your Business Requirements
If your processes are slow or frequently encounter bottlenecks, it may indicate that your ERP system isn’t optimizing workflows effectively. Additionally, frequent errors or discrepancies in your data can signal that your system isn’t providing reliable information.
2.) Employees Are Not Comfortable Using the System
Examine whether employees are expressing frustration or dissatisfaction with the system. If you notice employees are not using the ERP system regularly or are reverting to old methods, this is a red flag that they are not happy with the system.
3.) The ERP System Does Not Integrate Well With Other Software and Tools
Frequent manual data entry or data transfers between systems indicates poor integration, leading to inefficiencies and errors.
4.) The System Cannot Scale With Your Business Growth
It’s important to ensure that your accounting ERP system can process large volumes of data efficiently as your business grows. A scalable system should easily allow you to add new modules or features without disrupting existing operations.
5.) You Are Not Able To Easily Access Accurate, Real-Time Data
If retrieving data takes a long time, it can be a sign that the system is not optimized for quick access.
6.) Costs Associated With Maintaining and Upgrading the System Outweigh the Benefits
Assess whether your system delivers a positive return on investment by improving productivity, reducing operational costs and enhancing decision-making.
7.) The ERP Vendor Does Not Offer Adequate Support and Updates
Frequent or recurring unresolved issues suggest that the support team is not effectively addressing your problems.
8.) Your ERP System Does Not Comply With Industry Regulations or Security Standards
Ensure your ERP system includes robust security compliance, such as data encryption, access controls, audit trails and automate reporting. In an age of rapid digital transformation, complying with these standards and regulations is critical for the safety of your business.
9.) You Have Outgrown Your Accounting and Project Management System
As your business grows, the ERP system might struggle to handle data volume and user load, resulting in slow performance and delays.
Sage Offers Comprehensive ERP Solutions
If you are unhappy with your ERP system, Cherry Bekaert offers a variety of Sage accounting cloud-based ERP software solutions, including:
Sage Intacct
This financial accounting software is designed for multiple industries and a variety of needs. For instance, it helps nonprofits prioritize costs effectiveness, compliance and transparency, as well as automated grant tracking.
Sage Intacct Construction
This ERP system is designed for real estate developers and construction contractors. The platform helps decision makers gain real-time visibility into project costs and cash flow. It also offers mobile access to field team and automated progress billing inventory tracking features.
Sage X3
This ERP software helps process manufacturing companies with automated inventory valuation and multi-location reports. Additionally, it offers artificial intelligence-powered forecasting for cost reduction and helps discrete manufacturing with real-time cost tracking and seamless ERP integration.
Connect With Us
If your organization is ready to change its ERP accounting system, Cherry Bekaert is here to help. Contact us to learn how our professionals can help your organization accelerate its ERP accounting journey.
