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.