Selecting the right enterprise resource planning (ERP) accounting software is a critical decision for organizations, one that can significantly impact the efficiency, productivity and success of their operations.
It may be time to choose a new ERP accounting software if your business is struggling with:
- Reporting taking too much time
- Inefficient, error-prone manual processes
- Reliance on spreadsheets for performance analysis, causing reporting errors or version control problems
- Backward-looking reports that are no longer valid for making decisions
- A lack of real-time visibility with your organization’s data
Cherry Bekaert’s Digital Advisory team can help you assess, and implement, the best software to fit your organization. The Sage ecosystem is one ERP solution our professionals often recommend to support organizations of all sizes, as it enables efficiencies and better data for making strategic decisions.
Getting Started On Your Sage Journey
There are six tasks involved in searching for a new software solution:
- Secure Executive Buy-In: Ensure you have the agreement and support of executives and the board for the new system before starting.
- Provide Leadership: Appoint a leader from the accounting department with the authority to guide the evaluation team.
- Set Clear Goals: Define your objectives for the new software, considering process improvements, performance enhancements and desired outcomes.
- Assemble a Project Team: Form a diverse team to drive the evaluation process, including members from various roles, both management and staff.
- Involve End Users: Identify the requirements for the new system and involve end users in both defining these requirements and evaluating vendors.
- Create a Project Schedule: Develop a timeline for selecting the new system, tailored to your organization’s size and the complexity of its needs.
Engaging with an ERP partner can be beneficial in successfully completing these tasks and setting your teams up for implementation. As a trusted Sage Partner, Cherry Bekaert offers comprehensive support throughout your journey. From migration to implementation, our professionals take the time to collaborate closely with your team and understand your organization.
Define Your Requirements
Well-defined requirements ensure the ERP accounting system software aligns with your specific business needs and objectives. However, defining your requirements can be challenging. Cherry Bekaert professionals can help you answer questions such as:
- What are your goals for the new system?
- What information do you need to enhance decision-making?
- How many users will need access, and what roles will they have?
- Which processes should you automate?
- What other applications are we currently using (e.g., fundraising, CRM, church management, grants management)? Does the accounting system need to integrate with these?
Additionally, Cherry Bekaert will work with you to document the improvements you anticipate with a new fund accounting system. Consider what you expect regarding return on investment (ROI) and total cost of ownership (TCO).
We work with a wide variety of Sage products that can meet a range of business requirements, whether you need to revolutionize your financial management, implement a tool for more effective construction project costing and management or find a manufacturing solution for automated revenue recognition.
Delivering Real-Time Visibility
Selecting accounting software goes beyond just saving time and reducing data entry. The right system should also provide real-time visibility and deeper insights to enhance decision-making.
Today’s chief financial officers need to boost productivity by determining where the organization spends most of its time. Financial leaders require more in-depth insight for better, faster decisions. For instance, they need to know if the information they use to make decisions is outdated or if there is a bottleneck in accessing data. They must also know what other financial or related systems are critical to the organization.
Sage provides the real-time data visibility your business needs to thrive. Solutions like Sage Business Cloud offer real-time cost tracking and automated compliance tracking for Sarbanes-Oxley Act (SOX) and International Financial Reporting Standards (IFRS).
Understanding Your Delivery Model Options
Choosing the right software delivery model will be a significant decision early in your evaluation. With three options to choose from, these models determine where you will store your accounting data:
- On-Premises Software: This type of software is purchased with an upfront license, installed on your internal servers and maintained and updated by your information technology (IT) department. This model is highly customizable and allows full control over your infrastructure and data.
- Hosted Cloud: This software physically resides at a remote data center operated by a third-party hosting provider. This model is much easier to scale compared to on-premises. Additionally, the hosting provider handles infrastructure maintenance.
- Native Cloud (SaaS): This is a shared, scalable system maintained by the application vendor and accessed securely over the Internet. It is quick to deploy and easy to use. The provider handles all maintenance and updates. It’s also highly scalable with flexible subscription plans.
Outlining Functional Requirements
Functional requirements are crucial when choosing software because they define what the software should do to meet the needs of its users and stakeholders. Here are some questions to answer when determining functional requirements.
- Accounting: Does your organization require software capabilities centered on general ledger, account reconciliation, bank reconciliation and project accounting?
- Finance: Does your organization need tools for cash management, financial analysis, consolidation and roll-ups or fixed asset management?
- Accounts Payable and Accounts Receivable: Does your organization need to improve in accounts payable, accounts receivable, billing and invoicing, collections management or purchase orders?
- Inventory and Order Management: Does your company need better software for batch processing, inventory management, order entry and more?
- Reporting: Does your company need better capabilities around compliance, customizable timely reporting, multi-currency and more?
- Employee Management: Does your company need better expense tracking, time tracking and payroll integration?
Contact Us
If your organization is struggling with inefficiency due to an outdated accounting system, Cherry Bekaert would like to meet with you. Contact us to learn how our professionals can help your organization choose and implement the right enterprise resource planning accounting software for your needs. Whether we determine Sage or another ERP solution aligns with your business, we are equipped to offer a seamless transition to a software system that suits your organization’s goals.
