Selecting the right financial management system is complicated. While most systems cover basic accounting functions, determining the long-term implications of a system before purchase will save time, money, and resources down the road.
Choosing the best Enterprise Resource Planning (ERP) software can dictate how a business runs from day-to-day. ERP software integrates and connects departments across an organization in one central place. With so many systems on the market, how does a company decide which system to buy? Consider the following steps before making a final decision.
- Audit the current number of internal systems currently in use
- Poll key departments on current processes and procedures
- Determine cross-organizational needs and requirements
- Decide on budget and make sure to include implementation cost
- Research available options
- Survey industry peers to see what software they are using
- Ask your Accountant for suggestions
- Secure management buy-in
- Schedule demonstrations with potential vendors
- Compile internal focus group to review ERP options
- Designate an internal implementation team to be system champions
Selecting, implementing and maintaining the correct ERP system is a decision that can come with risks and rewards. While the above process can take many months, the results should have a positive impact across the entire business. Here are some of the benefits you may notice from your new ERP system.
- Integrated communication between employees and clients
- Cross-department collaboration
- Increased productivity
- Enhanced reporting