What do companies want? They want profit maximization with the least amount of hassle. And they want a lean and efficient organization to realize that goal. This goal is particularly troublesome for small- to medium-sized enterprises. Such businesses are set to grow in number with so many new enterprises taking birth every day. As the size of an organization grows, all the accounting and record keeping can be really tedious. This is where modern technology comes into the picture and promises to remove your headache.
Bid adieu to your CA
Cloud-based Enterprise Resource Planning technology (ERP) gives companies an edge, especially those still trying to find their feet, since all the register- and book-keeping can be a drain on the resources. The twenty-first century has brought the boon of data capture. The cloud of bits and bytes will help you store your data safely and for eternity. You can access all data at the click of a mouse, no matter where you are, without you having to stretch your purse strings. This will take an enormous burden off your shoulders and mitigate risk.
No chance of human error
ERP brings you at par with the biggest of your field as far as resource management and customer relationship management are concerned. Now you can match up to the financial muscle of big businesses and have an as-good if not better business and organization plan. And since, you would have a software do all that for you, there is no room for human error.
You will grow; you will hire
As a start-up grows revenues will increase, more employees would need to be hired, and new departments will have to get created and extra resources will have to be allocated. Generally, in such a scenario, the accounting department takes the hardest hit with new employees, their compensation, taxation, etc. All this and much more can be taken care of by ERP. Every sale gets recorded immediately; the details of every invoice is made available to the accounting department; every item can be tracked from the warehouse to the distributors to the eventual customers. Generally, all ERP modules can be integrated, obviating any external migration of data. The seamless integration will keep you up and running 24×7.
Fight corruption and fraud
ERP removes any chance of oversight or miscommunication. The accounts get updated the second data is entered, reducing leakages and chances of fraud. According to a survey conducted by the Association of Certiﬁed Fraud Examiners (ACFE), a typical organization loses 5% of its annual revenues to fraud and abuse. In today’s age of technology, fraud has become more complicated and increasingly difficult to detect, especially when it is collusive in nature and committed by mid- and upper-management who are capable of concealing it. The survey further says that such frauds cause loss running in billions of dollars for American businesses. Apart from the revenue loss, such activities can lead to audit problems, sullying the reputation of an organization. For all such reasons, paper-based accounting or invoice generation is fast becoming a thing of the past.
Easy-to-use and maintenance-free software
You may be tempted to think that all this will require the maintenance services of specialized software personnel. You can tick this box as well. All maintenance issues will be handled by the ERP provider, leaving you hassle-free. Moreover, to use the ERP, you don’t need any infrastructure, except for a computer and an Internet connection.
It’s value for money
But the biggest surprise is that ERP is affordable. It comes at a fraction of the expenses that would occur in the normal course, making this technology ideal for a start-up or a medium-sized enterprise. Simply put, it’s money well spent.