WAY #4 - Security analysis and testing
Small business accounting systems are good at tracking money coming in and going out but not a whole lot more than that. People end up using spreadsheets to make up for the lack of financial management and operational business processes.
Typically the data needed for these spreadsheets must come from multiple databases, including the production management system. Combining financial data with customer and product data provides much more complexity and framework, and that’s important in ongoing financial reporting. Without it, the numbers alone require much more analysis.
An ERP system puts the ongoing summary information executives need, right at their fingertips. Data is refreshed daily, giving them the most up-to-date information when they need it. No more waiting for month-end to get key-decision making information. This near-instant access requires a single ERP system; otherwise, constantly getting the information from distributed spreadsheets destroys productivity and morale.
Even having all the data present, it can still be difficult to determine true business operational expenses. When important information is scattered across applications it means that the databases must be combined in order to provide any truly meaningful reports. A single ERP database can do that; scattered spreadsheets cannot.
Check back to see the remaining ways ERP can prepare you for long-term growth. Or visit our website to download the full guide.
by Columbus
