5 Signs your Startup is ready for ERP
Isn’t it overwhelming to witness the startup bubble flying high?
Unfortunately, most of the startups still stuck in the ice-age greatly rely on old-school techniques and outdated tools to manage critical business data.
Is it a painful task for your accounting folks to reconcile finances at end of every month? Is your business dependent on traditional bookkeeping or accounting practices/tools? Here comes the worst of all, is your accounting data spread across multiple systems?
Though standalone tools sound good during the initial days, a startup may soon start to outgrow on these tools as it expands its reach and size. Now it becomes painful to track and manage key business operations.With the exploding human resources, sales and revenue, data is bound to run haywire, siloed and outdated. And the same standalone tools that once appeared to be a boon turn out to be a huge burden for a startup. This triggers the need think beyond standalone and legacy tools.
- Accounting is a painful and exhaustive
One of the most flashing signs a startup is craving for an ERP software is extensive usage of paper-based invoices for purchase and sales followed by manual keying in of data into multiple accounting systems for bookkeeping. This undoubtedly is the most tedious, time-consuming and painful task that eats up a huge chunk of efforts and time leaving the accounting folks sluggish and inefficient.
If it takes ages to collage and merge accounting data that is spread across multiple systems that requires your accounting folks to seep through tons of filing cabinets, systems, spreadsheets, etc. then you definitely ought to think about investing in a cloud based ERP software to take care of your growing accounting needs.
ERP software ensures that all your accounting data stays on a single and centralized platform thus, enabling your accounting people to lay their hands on the required financial data on the go. Eureka! No more data deduplication, data entry mistakes or accounting redundancies.
- Untidy accounting proficiency
One of the greatest nightmares for a startup that is growing in terms of size and revenue is managing the burgeoning accounting data that the business generates. Now this data is often something like inventory, sales/purchase orders, payroll, customer data and all things finances. Inability in handling the growing finance related stuff could unleash chaos across various departments in a startup.
A cloud based ERP software by offering a unified platform for all things finances makes sure that everyone in the company stays on the same page leaving no room for accounting discrepancies. Eureka! Enjoy accounting proficiency throughout the organization.
- Finance reporting and compliance is a nightmare
As a startup owner, have you ever found yourself in a meeting with a potential client or business partner and were requested to present information or data related to your startup’s financial health and you were left with a poker face, embarrassingly? No startup owner would want to imagine himself or herself in such an awkward situation!
Only if you had had a proper system that would let retrieve all the critical accounting and financial information on the run coupled with the innate option of on-demand and instant access to real-time tax and finance reports right from your smartphone. Isn’t that cool?
A cloud based ERP software could make this a reality. This is because a cloud ERP system would cater as a unified platform and datacenter for all your finance related processes that can be accessed 24 x 7 from anywhere.
- Paper based and laborious admin work is a routine
Efforts and time a startup spends in backend admin and other paper-based chores can mean a lot. Yes, this can keep you away from focusing on strategic business and growth activities.
ERP software can come in handy when it comes to saving time that is often spend in managing administration chores and other paperwork thereby, helping your squad to focus on things that matter the most for your startup i.e. getting more sales and business.
- Backup is adraconian task
Does a mere thought of back up triggers a panic spree across your startup? If you answer yes, then this is for you.
Yes, one of the greatest advantages of having an ERP software by your side is that it automatically backs up key business data on a regular basis thus, saving you from the hassles of backing up the data manually saving not only time and efforts for your startup, but also saving you from regretting later.
No need to worry about losing your critical business data including your finances information if your account department’s system breaks down, as you can retrieve the same anytime from the cloud based ERP system anytime of the day.
Cloud ERP solution supports effortless integration with various enterprise management systems to bridge diverse business operations. Lookout for these aforementioned signs, since they shootout loud that it’s time to breakup with standalone/legacy tools and move to a cloud based accounting software.https://www.completeconnection.ca/5-signs-your-startup-is-ready-for-erp/Technology