There are so many assets at your disposal in business yet you never fully materialize all of them to their optimum capacity. However, you have to pay in full for the upkeep and maintenance or running of these assets. Modern day business organizations want to get maximum efficiency out of all their assets.
One of the reasons for this lapse may be not having the ERP solution fully utilized to your business advantage to timely recognize and materialize these cost saving or revenue earning opportunities. If you have made a lot of investment into any of the good accounting software installed, you need to make sure that you tap into its capabilities and get the maximum for your business.
There are many new proven process improvements like becoming a paperless organization or adoption of end-to-end process automation. Besides using accounting software for processing transactions, you can utilize it to record other operational data, measure KPIs, and use it to get planning input for future. But businesses make this common mistake of not collecting all the data that they could. This lack of valid and meaningful data could seriously hamper your organization’s decision making ability.
There are several ways in which you can get more value out of your accounting software. Let us have a look at the ways in which you can make the most out of it
Move To Shared Services
Business organizations are moving towards shared services for different tasks like human resources, payroll, payables and receivables. Shared services take care of these repetitive tasks very easily. By allowing shared services you can easily reduce your company’s overheads while conveniently streamlining all relevant business processes. This move to shared services significantly reduces costs. Some of the functions that you can start with include management of payables, receivables and purchases.
Modern ERP solutions serve as the backbone of companies and you can easily move your shared services. All the repetitive tasks will be automated and significantly reduce your operational costs.
Use of Planning Applications
ERP provides planning component but unfortunately most business organizations have overlooked this feature. However, developers nowadays are incorporating enterprise planning tools in their products. The ERP team in your organization in consultation with the IT department must educate senior management and various department heads about the things that ERP could do for them. By this kind of collaboration, you will be able to get the planning impact of your accounting software across the organization regardless of the function. Make sure that you pursue the process of evolving the ERP planning with the change in your organizational requirements to remain ahead of the learning curve. This would help you timely identify and overcome any inefficiencies which could potentially cost your company a lot more than required.
Customization of Software
ERP vendors are continuously striving to improve their solutions. Many businesses do not require customization of the software. However, the ERP solution developers are providing more customization options to businesses without involving any risks. The software customization tools rely upon standard application program interfaces (APIs) to communicate with the ERP program’s code. This allows companies to easily integrate their customizations in a step-by-step manner without impacting the functionality of the ERP solution. Before you thinking of getting your ERP solution customized, give your employees time to adjust to it. Once they have adjusted fully and understand it well enough, you can proceed to the ERP customization process. Customization is particularly very useful if the standard ERP solution does not support any particular business process automation. When you are aiming to customize your ERP solution, make sure to maintain proper documentation. This documentation would help you identify the changes made and in case you want to revert back to original, you should easily be able to do that.
Collaborative ERP Planning
Collaborative ERP Planning is a new trend in the industry, termed as cERP. This new initiative is aimed to help build a collaborative environment whereby retailers, manufacturers and suppliers could share information among themselves. This kind of exchange would help increase on-target manufacturing and reduce production times. This would also mean not producing any obsolete items or the ones no more in demand by the customers. Many organizations are using ERP as a standalone application and the collaboration is still missing. Before you make your business ready for this kind of change, you need to strategize the value of this collaboration and take all relevant stakeholders onboard. Determine the KPIs that need to be met and closely evaluate your organization’s suitability for this kind of change. Besides you also need to be extra sure that your company’s employees are ready for this big change. Start the process by discussing with the most senior management of the organization and take them onboard