It’s 2024, Is Your Accounting and ERP Software Right for Your Business Size?

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As your business scales, every challenge presents an opportunity to adapt for the future. Now more than ever, maximizing the potential of your accounting and ERP software is crucial. Doing so, helps businesses stay competitive and ensures compliance with evolving regulations.

Gartner anticipates that by 2027, more than 70% of businesses will use cloud platforms to accelerate their initiatives – this is up from less than 15% in 2023 and underscores the increasing importance of secure, scalable solutions​. Growth however comes with its own set of challenges. Managing expansion effectively requires careful consideration. Typically, businesses face three choices as they scale:

  1. Ride it out: Hoping to weather challenges with an existing solution often leads to feeling aimless or overwhelmed.
  2. Hire more people: While initially easing the strain, this comes with added costs and may not be the most efficient.
  3. Buy more tools: Piecing together different services can work for some time, but integration challenges and additional resource needs can arise.

What if there was a fourth option? What if you could step back and assess your needs holistically? By replacing existing accounting software with cloud-based tools, your business can quickly adapt to changes and solve critical challenges.

Why Invest in Cloud Accounting and ERP Software that is designed for your size business?
  • Keep all your vital information safe
  • Connect your people, processes, and data
  • Gain a complete picture of your business
  • Better cash flow via monthly, per-user payments.
  • Eliminate hardware such as on-site servers and maintenance.
  • Free up your IT team for more value-added tasks.
  • Securely work from anywhere with full capabilities.
  • No hardware setup, allowing quick implementation.
  • Combine tasks into a single, efficient solution to save time and money
  • Pay for and use only what you need, ensuring flexibility for a growing business.
A “yes” response to any of these questions is a signal that you are ready for cloud ERP.

Firms that transition to cloud computing see improvements in productivity and revenue growth. In fact, research from MIT suggests these companies experience 2.3% to 6.9% higher revenue growth. Adapting accounting and ERP solutions that are designed to scale with your growth, unlocks a range of strategic advantages. Firstly, scalability ensures that as operations expand, the software can accommodate increased data volume, transactions, and users without compromising performance or reliability. This flexibility supports smoother operations and minimizes disruptions during periods of expansion or change. Secondly, scalable solutions often integrate seamlessly with other business systems and technologies, enhancing efficiency and promoting better decision-making through comprehensive data analytics and reporting. Such systems typically offer customizable features that adapt to evolving business needs, allowing organizations to innovate and respond quickly to market demands.

Choosing the Right Solution

When it comes to selecting the ideal accounting and ERP software for your business, it’s important to understand the importance of a tailored approach. Here’s what to keep in mind:

  • Identify Your Goals and Needs: Spend time assessing and fully understanding your business’s unique goals and needs, as well as forecasting future requirements.
  • Look for a True Partner: Choose a provider that can help align solutions with your goals for growth. One that is committed to client success and offers support whenever you need it.
  • Ask Critical Questions to Make Informed Choices:
    1. Costs: Initial and ongoing costs?
    2. Setup: Process and timeframe?
    3. Customization: Can it meet your needs?
    4. Data Access: How is data managed?
    5. Security: What are the safety standards?
    6. Support: Response times and availability?

The goal is to empower you with the information and insights necessary to make decisions that will steer your business toward success. The global ERP software market is expected to grow to US$62.36 billion by 2028, indicating a significant trend towards adoption and reliance on these systems.

At 360 Visibility, we are constantly looking for ways to offer a partnership that supports your journey from identification to implementation. Let us help you navigate through available solutions, ensuring you See Clearly and Act Faster.

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