ERP (enterprise resource planning) systems are one of the most valuable tools for effectively integrating and managing many facets of your business. Understandably, getting up and running with an onsite ERP system can be expensive once you factor in the costs of purchasing the software, installing and maintaining the hardware and applications required by it, and finally employing a trained staff to manage the technology.
As such, many companies have discovered the appeal of cloud-based ERP systems for its seamless setup and cost-effectiveness, making cloud accounting ERP an ideal solution for many businesses that need to manage cash flow.
If you’re on the fence about whether an on-premise or cloud-based ERP system is right for your operation, here are 8 arguments for making the jump to the cloud.
#1 Business Insight = Business Intelligence
A cloud-based ERP features a tremendous number of data tracking, reporting, and analytic tools that will give you the best access to your operational data. Machine learning tools open up new frontiers of data analysis and can help identify trends that would have gone unnoticed if left to human observation. With these new insights, company leadership can make the best possible decisions for the business.
#2 Streamline Job Processes
Many job processes are significantly streamlined with the right ERP. For instance, accounting professionals see a tremendous reduction in manual job processes, which both saves money on working hours and the costly inevitability of human error. Removing manual workarounds gives your team the ability to focus instead on more worthwhile tasks and goals.
#3 Integrate Your Entire Operation with a Single Platform
ERP systems inherently pull all of an operation’s information under a single umbrella. Still, cloud-based ERP systems are unique in how effectively the unify all data under a single umbrella with agile integrations. Integrating an onsite ERP with all of the various local and cloud-based applications necessary for competition in today’s market can be a challenge, but cloud-based ERP systems routinely experience far fewer integration hiccups than their locally hosted counterparts.
#4 Real-Time Insights from Anywhere
Cloud-based ERPs give you access to real-time data about any aspect of your operation, which means that you’ll never have to worry about making decisions based upon outdated information. Accessing your data in the cloud as opposed to local storage means that you do not have to be at an in-network workstation; you’ll have the ability to get real-time information about the business from any place with internet access and from any device.
#5 Close Out Your Month Without the Typical Challenges
The right cloud-based ERP system offers robust software and data integrations, which means that balancing and adjusting your ledger at the end of the month can be effectively automated, changing it from a frustrating, manual process to a seamless, predictable one.
#6 Stay Compliant
Business management software maintained in the cloud is kept up-to-date with changing regulations in your industry. Shifting accounting regulations can create significant problems for organizations sticking to outdated manual processes, but are handled efficiently by cloud-based ERPs.
#7 Automate Your Risk Management
Implementing risk controls is a vital part of any operation, but the process of doing so is typically quite tricky with onsite ERPs. Purchasing and maintaining an ERP onsite means that your team is fully responsible for all applications and processes in the use of the software, which means that risk management controls are entirely yours to design, implement, and maintain. Cloud-based ERPs, on the other hand, are pre-built with such controls and ready for implementation, making them much more turnkey for compliance and risk management.
#8 Expansion into Foreign Markets
Expanding into foreign markets is a significant challenge for any business in part because of the complex and different tax laws of every region. The right cloud-based ERP system handily manages such compliance issues by building the varying laws and regulations into the platform.
Which Cloud ERP do I need?
Voted #1 Accounting Software Product in Customer Satisfaction by G2 Crowd, Sage Intacct is built for finance professionals by finance experts. Through automation of your core financial processes with advanced functionality and accessibility in the cloud, you get everything you need to increase productivity and make timely decisions to drive your business forward.
The sooner your business adapts to the new normal of cloud-computing, the further ahead of the competition you’ll find yourself.
As a Sage Intacct Partner, e2b teknologies is a best-in-class provider to move your business to the cloud. Find out more about how e2b and Sage Intacct can transform your business.