It is important for every business to choose a financial management system specific to their needs while also coming at a price they can afford. There are plenty of systems from which to choose, ranging from basic accounting software to comprehensive Enterprise Resource Planning (ERP) solutions.
However, unlike simple accounting solutions, ERP solutions equip small to mid-sized businesses (SMBs) with robust financial tools that deliver powerful benefits.
Powerful Benefits
An ERP solution and its financial management features offer a number of business-enhancing benefits. Because an ERP solution enables SMBs to manage their income, assets, and expenses from one platform, their financial data streams in and out of one solution. This provides businesses with a single source of truth as well as real-time information that provides insights for improving forecasting and budgets.
Choosing the right ERP system will help SMBs:
- Connect multiple departments and applications (finances, sales, marketing operations, and third-party applications), ensuring important data is accessible across teams
- Synchronize and update data to manage planning, investing, and compliance processes
- Evaluate overall financial health with sophisticated, built-in reporting and analytical tools
Selecting the Right System
When selecting a system for your business, ask these 5 questions:
Once the needs are identified, you can assess the system options to determine if they are able or unable to meet your specific business needs.
If the financial management system can’t grow alongside your business, as well as flex with internal and external changes, then it’s not the right choice.
It is important to ensure that all team members will be able to easily use the new system in order to save your business time and money.
Every business will need specific applications and integrations. Making sure integrations are possible before making the purchase is critical.
Vendor support and security expertise are two factors that can positively or negatively impact the success of an implementation.
Next Steps
At HOOPS we are a proud partner of Acumatica, Cloud ERP. With this specific Cloud-based solution, we can ensure our customers the ability to access work from anywhere, at any time, from any device. Contact the HOOPS team today to learn more and take control of your financial health with Acumatica!
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Choosing the Right Financial Management System
An ERP solution and its financial management features offer a number of business-enhancing benefits. Ask these questions to choose the right system for you!
