Outgrown QuickBooks? Look for ERP Accounting Systems

If you have a successful business, it will soon outgrow the basic accounting functionality provided by Intuit’s popular Quickbooks solution. When that happens, consider upgrading to any of the powerful Enterprise Resource Planning (ERP) solutions available in the market. All of those systems include robust accounting and financial management functionality that can empower your company’s growth by ensuring operations are executed cost effectively.

The systems offer powerful tools for any sized organization that greatly increase efficiency and productivity. However, before you upgrade, it is important that you understand the features, benefits, and shortcomings associated with switching to an ERP accounting system.

ERP Accounting System Features

ERP accounting systems come in a range of price and functionality to meet any and all requirements. Yet, even the least expensive solution offer many more powerful features than QuickBooks and similar low-end programs. The basic feature is a centralized database for all business operations that promotes better communication and information sharing across the organization to enable more informed decisions, faster responses to market changes, and greater operational flexibility.

Intercommunication between the levels of a business creates an atmosphere where fast access to required information is the norm. These features work together to identify trends and increase productivity as less time has to be spent correcting errors that elude less capable programs.

The basic features are common to all ERP systems and other functionality can be added according to the needs of an organization. When contemplating the conversion to an ERP accounting system, the features you chose to implement should reflect the requirements of your company. While most businesses benefit from converting to an ERP accounting system, some companies cannot afford the initial investment or the maintenance costs associated with supporting the system. If those initial and ongoing costs can be covered, ERP systems will very likely be a profitable investment.

Benefits of ERP Accounting Systems

The benefits associated with ERP systems center around increased productivity and efficiency across the organization enabled by greater access to information. Better organized data, coupled with real time tracking of inventory, assets, people, and processes, create a more productive and streamlined operational workflow. Better communication is crucial to increasing efficiency since more time can be spent in profitable activity instead of in the correction of errors or researching of information from disparate information silos. Increased productivity results from greater efficiency. The bottom line: a better managed accounting system will produce increased profits.

Shortcomings

Implementing an ERP system that is too expensive or complex for the organization can do more harm than good. Expensive programs may offer desirable features and powerful tools, but if your company cannot afford the time to train users or perform the additional data entry tasks required, the additional features will increase costs for a smaller company. If the additional functionality of those more expensive solutions is not critical to your operations, reconsider whether you can’t do just as well with less software.