10-tips-to-get-the-most-of-your-erp-system

10 Tips To Make The Best Use Of Your Accounting/ERP Software Solution

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We have talked with industry experts and various users to create a pool for their best tips on the best use of accounting/ ERP software to get a better return on investment (ROI). Whether you are considering a new enterprise resource planning system or accounting system, the following tips and advice can help you improve your ROI.

The need analysis

Evaluate the functionality, capabilities, and ROI of your current solution and how it fits with the direction of the business and its growth goals. Look for these signs: 10 Signs it’s time to invest in ERP system for your business

Set a goal

Clearly define the goal of having an accounting or ERP solution to ensure the business gets the most out of the investment. Ask yourself 3 questions:

  • What do we want to achieve by having an accounting/ERP solution?
  • What are our business goals?
  • What issues can be solved by implementing an accounting/ERP solution?

Hire an expert

Assign a ERP expert to promote quality control and consistency, assign a solution champion that oversees and controls all aspects of the accounting/ERP solution and interfaces with the implementation partner.

Do not compromise with data quality

Customer, supplier, distributor and employee data is the most valuable asset to any business. Ensure that all data entered into the solution is accurate, relevant, up-to-date, easy to decipher and value added.

Keep it short and simple

Use descriptive and accurate labeling, field values, categorization and reporting principles so that entering, retrieving and exporting data is streamlined and easy to perform.

Integration

Most accounting/ERP solutions are developed as one-size fits all solution and lack the functionality to meet the businesses industry-specific needs. Look to implement customizations such as integration with other solutions, e-commerce platforms and customer self-service portals to meet the unique needs of your business to ensure best use of accounting/ ERP software.

Keep the future in mind

Grow with your accounting/ERP solution; Keep it in line with your businesses growth strategy. Keep your solution updated to the latest version, extend functionality further by integrating with an eCommerce solution, implement a customer self service-portal, or seek customization’s to leverage the value in your investment.

Training, Training, Training

Get your employees involved with your accounting/ERP solution to improve the adoption rate by offering training opportunities such as training webinars, live class-room sessions, demonstration videos, product release reports, newsletters and in-office training sessions.

Evaluate the Return On Investment

Evaluate the amount of time, effort, manpower and cost required to maintain your solution and then identify the main areas that are costing your business the most and develop a plan to lower those costs.

Keep it clean

Analyzing and scrubbing your data is essential for keeping your solution optimized, efficient and running smoothly. Keep your solution free of junk data by performing daily, weekly, or monthly audits and remove any data that doesn’t add value to the solution or your business.

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