Finance: What Are the Top 10 Reasons to Switch to ERP?
Finanance Digital Transformation
Your billing department is critical to your success as an organization – this department is responsible for generating the income that funds your daily operations (and ideally results in profitable revenue streams). ERP systems can help you maximize your financial management to run your company more efficiently. Here are the top 10 reasons your company needs to switch to an ERP system:
- Improves functionality of customer database: ERP systems allow your company to retain and store applicable billing information about your customers safely; including their credit and financial institution data all in one location. By having all this information available in one secure place, it provides more accessible and safer access to those that need it when they need it
- Recognizes changes in buyer preferences: Traditional billing models are not always applicable to buyers’ preferences in today’s marketplace. ERP systems allow the flexibility of creating a hybrid sales model (or “convergence of billing”) to include transactional, subscription, and usage billing all in one system. By doing this, it allows buyers to purchase what they want when they want it.
- Streamlines financial planning: ERP systems cut down on paperwork and simplifies your company’s financial processes and procedures across multiple departments. This simplification not only improves workflow across your organization, but it can also improve forecast accuracy.
- Supports effective payment management systems: Customers now have a variety of options available when it comes to what form of payment they choose to complete their purchase. ERP systems make purchasing easier by being able to accept a variety of payment command options securely.
- Reduces accounting overhead: Manual procedures can account for quite a bit of your company’s cost within your accounting department. Many of these manual processes can be cut down or eliminated with an ERP system.
- Easily creates financial reports: ERP systems have powerful, comprehensive reporting capabilities that allow various departments across your organization to glean applicable information. Having real-time access to this information empowers all departments to see the same truthful and accurate depiction of your company.
- Automates billing operations: ERP systems automate billing management and invoices that are free from human error. This automation enables customers and clients to get their bills as quickly and as accurately as possible to promote faster payment.
- Has tracking capabilities to ensure accurate compliance: With an ERP system in place, you have the confidence to ensure your organization has access to correct information (free from discrepancies) that you need for government regulations and tax purposes.
- Integrates well with other systems: ERP systems promote the exchange of financial information with other external applications. They are customizable and flexible to fit your unique organizational needs.
- Improves revenue management and increases revenue opportunities: By bringing multi-dimensional automation to billing operations ERP systems not only improve revenue management, but they also can create expanded business opportunities. ERP systems do this by empowering organizations with the ability to offer their customers new and innovative offerings that ultimately improve their buying experiences.