In the age of high-speed Internet access, one of the fastest ways to improve your accounting efforts and run your business smoothly is to use cloud ERP software. Unlike using Excel or QuickBooks, these programs allow you to save time, boost growth, monitor key performance indicators and do it all from anywhere in the world.
Here are three time-saving tips your SMB should expect from embracing a cloud ERP:
- Reduce errors with more accurate reporting, fewer workarounds and less manual entry.
A) More accurate reporting: By allowing your software to provide actionable information for day-to-day operations and long-term direction, the company improves and moves forward in real time. Without the ability to produce sophisticated reports, it’s impossible for a system to deliver sound, actionable information this quickly. Quality cloud ERP software includes integrated dashboards and accurate reporting built into the program. Remember, these systems allow all users in the company to pull information from one source. This provides one version of the truth, which means everyone is looking at the same figure, no matter what department they work for.
B) Reduce workarounds and manual entry: Mistakes always waste time, no matter the industry or situation. When you’re forced to change your internal processes to create workarounds and insert information manually into the system, time goes down the drain. Powerful cloud ERP software provides streamlined processes with best practices built into the system.
- Improve processes with better accounts receivable (AR) and accounts payable (AP), improved security and more data storage.
A) Better AR and AP: Accurate and timely AR is one of the most critical financial pieces for any SMB to manage. If your company can’t get its receivables out on time, it’s going to experience serious cash flow issues.
B) Improved security and regulations: Faulty security is the ultimate time-waster. There’s nothing like a breach to grind business to a halt. Security becomes increasingly troublesome for outdated technology. Your company must have the power to limit user controls to the extent necessary to maintain security. Remember, for cloud providers, security is paramount. These vendors stake their reputation on developing systems to protect and encrypt your data, ensuring the privacy of your customers’ payment information.
C) More data storage and user access: Even small companies have an increasing amount of data they must manage and more users who need access to the information. Lesser software often limits the number of files or data it stores, as well as the number of people who are allowed to use the system. This presents a huge problem for SMBs. With QuickBooks, for example, user access capacities are reached around 20 people.
- Allow time to grow your business with integration, automation and better IT support.
A) Integration with other software: Integration saves time. When a business uses multiple interfaces to operate, it’s difficult to track and manage. Without real-time integration, companies must use manual data entry to maintain data across the system. This is dangerous because it increases the likelihood of errors, which costs companies time and money. Besides, why should you pay someone to verify the numbers when you could use that person to engage in more important tasks?
B) Faster invoice cycle time with automation: Computers work faster than people. Cloud ERP systems use automation to invoice with fewer steps and no manual efforts, dramatically speeding up cycle time. Cloud ERP eliminates these complications and allows SMBs to create one process and repeat it automatically. Remember, research shows that the faster you invoice, the more likely you are to get paid in full.
C) Better IT support: SMBs don't have money for a lot of IT support. The people they do have must spend their time driving value for the business. By outsourcing IT required for your ERP system to a service provider, your in-house staff spends its time moving the business forward.
SMBs don’t have time to waste. They’re full of busy people who must wear many different hats to make the company work. One of the fastest and best ways to improve accounting efforts and run your business smoothly is to use a cloud ERP system. Save time, improve growth, monitor KPIs and do it all from anywhere in the world.
Learn more about the benefits of cloud ERP software in our April 17 webinar. Sign up to watch it free by clicking the button below.