Finding a new ERP is never a simple task, but it's an opportunity for growth and change. Selecting...
4 Best Practices To Easily Switch From QuickBooks To An ERP
There are several benefits of switching from QuickBooks to the right enterprise resource planning solution- particularly as ERP prices become more affordable all the time.
However, the path away from QuickBooks isn't always easily defined. In this blog I go over Oracle NetSuite’s best practices for this change to be as painless as possible all the while you save time and money, and also summarize key points about why the switch to an ERP is the logical step. To better service clients and remain as competitive as possible, organizations must put themselves in a position to respond to market conditions changes quickly. They need to rise to meet the demands of ever-evolving customer expectations. They need to capitalize on market opportunities as soon as they reveal themselves.
In other words, they need to do more than innovate. They need to do so with an eye towards efficiency and affordability in equal measure.
The issue is that young companies, small businesses, in particular, have historically been forced to rely on limited point solutions like QuickBooks to meet their needs. The (relatively) low cost of maintaining these systems often masks the hidden costs that their inefficiencies bring with them.
That's not to say that there is anything inherently wrong with QuickBooks because there isn't. It's just that there will come a day when you need a solution that can handle complex revenue recognition, the management of inventory levels, and fluid pricing models. You will need real-time visibility by then, and waiting until the end of the month won't be an option. QuickBooks can do many things, but these benefits aren't necessarily among them.
It is why, to streamline business processes and optimize resources as much as possible, more and more companies are investing in ERP solutions to help accomplish all of this and more. Unfortunately, the path forward (and away from QuickBooks) isn't always easily defined.
Oracle NetSuite recommends several best practices for an easy switch from QuickBooks to an ERP implementation - all while saving money and time and improving employee satisfaction across the board. I've summarized the four that are crucial for any transition, which you can check in-depth in the original publication here.
Best Practices For Transitioning Away From QuickBooks: Breaking Things Down
1. Acknowledge the benefits that an integrated suite platform will bring with it.
An ERP system allows the whole company to view operations as a single version of the truth. With a well-implemented cloud-based system like NetSuite, financial activities appear as soon as they are triggered.
Coupled with the fact that insight can be accessed anywhere, at any time, and from any device, this means that critical decision-makers can always act quickly on both adverse and favorable performance indicators.
Plus, a suite platform eliminates the need to piece together different solutions, all in the hope that they'll add up to something more meaningful as a whole than individually. An integrated suite also makes the management of data much more manageable.
2. Understand your business needs and critical business requirements before selecting any replacement.
Don't get caught up in what ERP software can do. Focus on what you need it to do and what it can do for you. Ask yourself:
Do you want to leverage automation with as many time-consuming and manual processes as possible?
Do you want to finally bring distributed data silos together into a single, unified repository?
Do you currently spend far too much time searching for data at the expense of productivity?
Are your issues some combination of the above?
These are the types of questions you need to answer before you begin your transition because no two ERP systems are the same.
3. Don't start with the solution first is best and hope that it connects with your long-term goals.
Doing so will run the risk of working with the wrong ERP vendors and building a faulty system.
You need to start listing your goals and work backward to a solution that checks as many of your intended boxes as possible.
Additionally, focus on much more than just ERP costs in your decision making. Ask your vendor how the rollout will be like; a lousy plan (or no plan at all) is one of the main reasons why ERP implementations fail in any business, followed by common misconceptions that subvert the process from the beginning.
4. Don't assume that transitioning away from QuickBooks is necessarily something that you can handle alone.
Regardless of what platform a company adopts, it can help to find a suitable ERP vendor partner who can help migrate data and perform necessary checks and balances, all before the system goes live.
This approach ensures that the transition to a new system is consistent with your most essential business processes and objectives, and puts you back in control of your enterprise at the same time.
Crucial Benefits Of Switching from QuickBooks to an ERP solution
- You will be able to improve productivity by offering a solution customized to your unique business in mind.
- You'll be easing the frustration of employees. They will no longer work with technology that can't keep up with the changes happening all around them.
- Automation will free up finance and operations employees' valuable time to focus on revenue-generating strategic projects and analysis.
- Your leaders will stop potential revenue leakage and identify upsell opportunities.
- Your administrators will reduce manual data entry and avoid errors with automated billing and invoicing.
- You will work with a platform open for innovation in a broader sense. Implementing the right ERP system can help you quickly launch new business models and evaluate possible ways to scale and increase revenue as your business evolves.
4 Key Takeaways From This Blog
QuickBooks is a short term solution that provides the basic functionalities most companies initially need when managing their finances.
However, when your business needs to evolve, this system can prevent the company from reaching its full potential.
Apply these four best practices so your migration to an ERP system runs as smoothly as possible, ideally with the help of your vendor, be that the original manufacturer or an implementation consultant.
Choosing the ERP platform that will optimize your business management is an exciting position for any business leader to be in, and it's one that can help create a genuine competitive advantage.