4 Reasons to upgrade your Basic Accounting software to an ERP Solution

4 Reason to upgrade to an erp solution cover image

Well, here at Triumph, we could give you 36 reasons why you should upgrade your accounting software to an ERP solution. But for today let’s stick to 4 Major ones that can have a tremendous impact on your business within the next decade.

Imagine you have an incredible car you put your time, effort, and sweat into building, but it runs on an older engine that guzzles fuel and after a while, it starts to concern you, the solution is an up-gradable engine that powers your creation efficiently making it in the long term, a cost-effective investment.

ERP Solution and very clean car engine

It is the same with your business. Spending years of hard work and trying to pursue ideas that made you start your business in the first place should always be your primary focus. We know it can be a messy challenge dealing with various arduous business processes, this can be especially the case with basic accounting software where basic transactions and data is captured. If you are a small business this would be perfect as it meets your basic requirements.

ERP Solution can help with inventory and delivery

But if you are experiencing growth and wish to expand your business in the coming decade, basic accounting software will not only make your life a confusing mess, but it will also cost you heavily in the long run. The time spent on managing information within a system that isn’t automated like an ERP solution can be spent furthering your vision and company instead.


Ok then, what sort of signs should I be looking for to upgrade to an ERP solution?

There are some clear benefits for you to upgrade to a platform that grows with you, but here are some very clear signs that should alert you to upgrade from basic accounting software to a fully-fledged advanced solution, which ironically is much more user-friendly.  

Sign #1 Multiple trading entities

ERP Solution can help with companies having multiple businesses

If your business is experiencing and you are looking to expand not just locally, you are looking at a state-wide maybe even a global expansion for your business. This would mean you will have to look at creating multiple businesses that are operated across different regions, and for an SME like yours, this can be especially challenging.

On the left, you have the time-consuming and cumbersome process of integrating 3rd party applications with your existing accounting software, and on the other hand, you are running lap after lap meeting different accounting standards, and tax regulations and managing differing exchange rates across your businesses as you expand on a global scale.

This is where an ERP solution like triumph comes in, the solution is not just implemented to aggregate all this data into something comprehensible and easy to follow, an ERP solution automates currency conversion, regulations, and reporting for different subsidiaries across various regions or countries, all this in real-time. Helping you make quick and informed key decisions during key moments for your business.


Sign #2 Incomprehensible Data 

How is it that Google and Facebook can target you with relevant ads so well? That you often make purchasing decisions based on them.

Facebook icon in macro shot

This is only possible because as you used these platforms more, the amount of data given to these platforms by you has grown as well, helping identify and helping you become aware of products and services you would use or have an interest in.

It is the same with your business data, it grows as you grow. 
ERP solution, coding

What you do with data will forever change the way you operate and run your business, it is a gold mine of information on how your business works internally and externally, in today’s market, data is currency as it directly correlates with increasing business performance and improving customer satisfaction.

However, with basic accounting software, important key data can be spread sparsely across various areas, especially with a business that is expanding like yours. This means keeping track of this data over your various subsidiaries or even departments through 3rd party applications and confusing spreadsheets that are incomprehensible as the data hasn’t been processed in real time for insightful reporting that can help you make informed decisions.

An ERP solution like Triumph provides you with a one-stop shop for your business data, and it isn’t built into a spreadsheet but designed to give you access to your data in a visual manner that is easy to understand and even easier to act on, in real time.

What’s great about an ERP solution like Triumph is that having real-time data accessible simply through a dashboard, gives you greater transparency surrounding not just how your business truly operates but also how customers interact with your business. This helps you essentially spot critical deficiencies across your business and gives you the ability to not just identify them but make actionable changes that will help you further become a major competitor in a busy market.


Sign #3 Micromanaging Inventory in Multiple Locations

Ship with containers, Track with an ERP solution

It is quite common for businesses to adopt an omnichannel strategy when looking at expansion, especially in a post-internet world where orders can come from various locations, making the supply chain for your products a complex system. This is why businesses usually implement a multi-location system to carry stock, this not only cuts down on delivery time increasing customer satisfaction but also saves money on shipping and handling across various locations to reach one destination.

Relying on basic accounting software which can only handle total stock across various locations, will not only be a huge task of guesstimating but also incredibly unreliable if you want to make key decisions in real-time based on available stock. This can often lead to ensuring extra stock is kept if there is stock-out at any one location, costing you more and in the long term affecting the value of your stock as it depreciates.

Accounting Software

If you are looking to expand your business in order to fulfill your vision without any costly hiccups across your supply chain, then it is best to start thinking about implementing an ERP solution like Triumph, Triumph ERP is a heavily modular system that grows with you, but importantly Triumph includes the Multi-Location stock module, helping you allocate each location/store to have its very own price, quantity, and items which can by synchronised across all of your locations.

Having the ability to accurately forecast and plan for stock can be a challenging prospect without an ERP solution, this can lead to poor customer satisfaction and retention in the long term as well. Moreover, the Multi-Location stock module is so advanced it also gives you automated sales, inventory, profit, and loss reports from each location. To learn more, click here.


Sign #4 Waning Supply Chain Management

Birds eye view of shipping dock

If your software doesn’t give you a complete picture of your supply chain, including taking into account, accounting regulations, tariffs, and regulatory requirements on a global scale, this can impact product delivery and potentially cause financial and reputational damage.

If you are looking at expansion you will come across such a challenge, instead of relying on spreadsheets to keep track of your supply chain or installing additional plugins to keep up, general accounting software will not cut it.

Basic accounting software usese Excel sheets, which are very time consuming compared to an ERP solution

Not only does it put you at a greater competitive disadvantage, but general accounting software also cannot act as a central hub for all business data, this would include tracking orders through 3PL partners. Moreover, while you have the convenience of a 3PL partner fulfilling orders, accounting software will not be able to report on inventory, orders, vendors, and customers through a unified perspective, this is where an ERP solution shines.

ERP solutions like Triumph have the transformative ability of unifying your supply chain under one system, a central hub for key stakeholders within your business to easily access through an easy to read but detailed dashboard. Furthermore, unlocking the full extent of your supply chain with Triumph not only helps give you real-time information on the supply chain, but you can build backup plans, and quickly adapt to a constantly evolving market.

To find out more, try Triumph for free or better yet get in touch with us!

5 Reasons why ERP leads to Growth

People working on ERP system

As accessibility to digital technology grows exponentially each year, Digital Transformation has become the key for many organisations looking to compete in a global market that is in a continuous state of change. With a market value of $43 Billion in 2020, the ERP market is predicted to reach $117 Billion by 2030 with a consistent CAGR of 10% annually.

All in one Management tool for Growing Organisations

The key to managing any growing organisation is through a centralised perspective, there is no other highly effective tool that offers amazing utility to organisations like an ERP system. An ERP system is able to manage a multitude of key business functions under one central but integrated system that is accessible to key stakeholders within the organisation.

The reason why ERP systems are used across various industries from healthcare to manufacturing is due to their automated centralised structure that securely manages a rich variety of data from various business functions like CRM, HR, Business Intelligence, Inventory, and so on. This data is not only organised but can be further simplified into visual analytical reports that give key stakeholders on areas they can improve for the business.


Here are 5 Reasons why ERP leads to Growth:

1. Incredible ROI

Happy Businessman due to digital transformation

Yes, Implementing an ERP system can be costly, but that’s only at the start of your Digital Transformation journey. When implementing an ERP system, instead of looking at the immediate future for results, you should be looking at the next decade, as technology is being constantly updated, you would want an ERP system that is highly modular and run by a dedicated team like Triumph.

Here’s why you can expect an incredible ROI with an ERP system in the future:

As an ERP system is a centralised point of information, staff are able to utilise their time more efficiently. Instead of spending money on training staff on various systems and them wasting time to look for a piece of information across several systems, an ERP system greatly simplifies this process. Spend less time and money by training your staff on one system, and they in turn can spend more time on helping your business, instead of being information detectives.


2. Rich Analytics

Rich analytics reports due to digital transformation

With an ERP system being a centralised information database, this means it’s an incredibly rich resource as a business intelligence tool, that is highly functional for developing various reports that would otherwise take days to compile to just mere minutes, additionally ERP solutions like Triumph, provide visual dashboards for data that key stakeholders can access and make informed business decisions for the future of your organisation. 

What does this mean for your organisation?

Spending less time compiling information from various software, mean you are able to make informed decisions for your organisation quickly. This is more important than ever especially in an increasingly competitive global market, digital transformation through ERP implementation is key to keeping up or going further than the competition. The key is quick, valuable, and secure data that is automated into visualised reports that are understandable to key stakeholders within your organisation. 


3. Increased Customer Satisfaction

Happy customer due to digital transformation

Offering goods and services with the needs of the consumer in mind is the best method to increase customer happiness. There are several ways that ERP offers this. Firstly, most enterprise resource planning (ERP) systems come with or can be easily connected with a customer relationship management (CRM) solution. Your CRM gets access to data from all corporate operations thanks to an ERP.

An integrated CRM can provide facts like order history and invoice information in addition to contact information. This enables your team to view your clients more holistically and comprehend their needs and wants better. Your sales strategy for improved lead generation is formulated with the support of the increased client visibility.


4. Simplify Compliance and Risk Management across your business

Appropriate level of risk averse due to data from digital transformation

Staying on top of everything while your business continues to grow can be messy and confusing, especially when you start providing your business on a statewide or global scale. Challenges just don’t stop at supply and logistics, they can start with complying with cybersecurity, HR and even environmental regulations, these rules can impact a growing business in unfamiliar territory

ERP solutions are made with these regulations in mind, helping you to keep your business operations in check, this includes auditing and recording tax obligations for example. Simplifying this process through such an automated system not only saves you an incredible amount of time and unnecessary stress but also money, money you can spend back into your business

Managing risk without data can be stressful, leading to uninformed decisions on future business operations, this is where an ERP system comes in. An ERP solution provides financial management through data analysis, meaning less accounting errors and more accurate and dependable information. Furthermore, having a high level of financial managements helps you reach deadlines, secure budgets and continue plans for product/service development


5. Synergistic Production Planning and Resource Management

Resource management due to Digital Transformation

ERP oversees manufacturing in addition to inventory management. Moreover, an ERP system offers insight into every aspect of manufacturing, including shop floor operations. This gives users, your employees the ability to maximise capacity by optimising production schedules, machinery, and labour.

Your Bill of Materials (BOM) and fixed assets are also managed by ERP. Users may simply create and amend BOMs with this software, and they can also keep track of all past changes. Fixed asset management enables users to plan equipment maintenance to minimise unplanned downtime, enhancing your profitability and connections with your supplier chain.


So…

If you choose the proper solution, the value of ERP far overcomes the initial expense, time, and effort required for implementation. For further details on features and functionalities, implementation objectives, and queries, see Triumph

If you do sufficiently thorough study and give it enough thought, you’ll discover ERP uses that offer all the advantages mentioned above, which will help you understand why ERP is crucial for a company.

The First Step to Digital Transformation

6 reasons why ERP implementations can fail (and how your business can succeed)

ERP Mistake-fail

An ERP Implementation can be essential to succeed in the current business climate

An Enterprise Resource Planning (ERP) system can be seen as the technological brain of your business’ operations.

With the ability to process huge amounts of information about the daily operations of your business, the ERP system can provide valuable feedback to all areas within the business, as well as providing intelligence on everything from inventory movements, sales and marketing activity, accounting, and more.

Strong ERP systems can help your business win more customers, remain competitive, manage your costs, and improve overall business performance.

When you have decided that you want to implement an ERP system into your business, ensuring the success of the implementation project should be a top priority.

Here are the top reasons why ERP implementations fail, and what you can do to ensure its success.

Know what you want to achieve

Many businesses decide to start ERP Implementation with Triumph ERP because they are starting to see operational processes become inefficient and time-consuming, or are struggling to get the accurate, timely data they require.

Before you get started, it is important that you make sure you evaluate the current concerns and strengths you want to your ERP system to focus on. Discuss the ERP Implementation with your staff and discuss what is causing the most issues in their day-to-day operations, as well as identifying the recurring issues and the biggest potential time-savers.

Once you have identified the main concerns within your business, relay these issues to your ERP dealer, and discuss how they can help you solve your concerns, and bring improvements to your business needs.

Define your expectations

By discussing the expectations with your team, it will also give you the chance to clarify what is needed from them and what the whole business hopes to gain.

Be realistic with your expectations. Setting the right expectations early is imperative, and opening a dialogue with your staff about the expectations of an ERP project can remind them that they are part of the journey too, helping them build enthusiasm and momentum within the business.

This process will also help you talk to your ERP dealer about what you want to achieve, and establish the responsibilities during the project and make sure everyone knows who will be doing what- even before you get started. Defining your expectations will also assist you in fully understanding what is in or out of the scope, so you are fully aware of the process.

The need for expertise

You may be considering to implement an ERP system yourself to save a few dollars. The reality is that this is a huge risk to take, and is not something any ERP provider would want to see occur.

It is important to understand that different ERPs have different navigation, processes, requirements, and ways to leverage their technical strengths. Reality is, each business is likely to require their own specific processes which may need to be considered during the implementation of the software.

It is important to have an expert like a Triumph ERP dealer help you manage and go through the implementation with you, as this will save you a lot of time, pain, and additional costs in fixing or re-implementing your ERP system in the long run.

Cutting corners

An ERP system isn’t a short-term solution. It can bring forth a better way of managing your business, improving your process efficiencies, and boost all-round business performance- when done right.

Reality is that ERP implementation can take time and resources. This is an investment in which will effectively run your business, so cutting corners during the implementation stage can create huge risks.

Companies wanting to implement an ERP system should consider the time and resources it will take for the implementation process and consider what kind of return they are looking for their investment.

Remember- taking the time in the beginning to implement the system correctly will allow for a well-functioning, all-round system in the future.

Choosing the best solution

Businesses can be as unique and as individual as people. For businesses, there are often unique requirements and processes which have been developed over your business’ lifetime. Requirements such as these need to be considered for the ERP system you decide to implement. As some ERP systems have strengths in a variety of different industries, including Wholesale Distribution, Retail, Engineering, Transport, and Logistics- just to name a few, it is important to make sure that you’re matching the solution to your company’s individual needs.

When you are discussing your ERP needs with your ERP dealer, it is important to ask about the software’s strengths and what type of businesses they deal with the most. Paying close attention to the benefits that the ERP software can offer, and what businesses have experienced from using the same ERP software can help you learn more about the capabilities of the ERP system, and offer further considerations you may have not yet included in your own scope of implementation.

Resistance to change

By involving your staff early on an engaging them in open dialogue about the ERP system you are looking to implement, everyone will be aware of the positive changes coming.

There are some employees who thrive on learning and adapting to change, yet other are more comfortable when they know a process like the back of their hands. Implementing a new ERP system can be a challenge for the latter, as it presents a learning curve and the ability to adapt to more efficient processes and ways of managing the same tasks- however this doesn’t need to be a concern.

It is important that you make sure your staff feel comfortable providing their feedback and are involved in the process. Additionally, you may wish to appoint some of your more adaptable team members as ‘super users’, making them an easy person to answer any quick questions which may arise.

Working with an ERP system dealer who has an experienced ERP support system available to users also reassures everyone that they won’t be left to fend for themselves once the system is in place. Always to make sure that your talk to your ERP dealer about the support they offer.

Conclusion

Careful consideration with a system that will essentially become the brain of your company’s operations is important. There is always so much to consider, however, a little planning can go a long way towards avoiding failure and seeing a successful implementation.

When implementing an ERP system, remember to:

  1. Start the process by clearly defining what you want to achieve from an implementation and set your expectations for the ERP system- both internally and with your ERP provider.
  2. Invest in the expert resources you will need and remember it is a long-term solution for your business which will continue providing benefit to your business well into the future.
  3. Choose the software which is right for your specific needs.
  4. Get your staff involved, and be sure to listen to their feedback. Make sure they feel that they are supported by the ERP dealer who will be there for them after the implementation is completed.

4 Questions to ask before implementing an ERP system

implementing ERP

For many businesses, implementing ERP software is no longer a question of ‘how would it help our business’, but is rather a necessity for staying competitive in your industry.

With all the competitive pressures and new IT capabilities make ERP systems an essential business management tool for a variety of businesses.

The process of installing an implementing and ERP system involves installing the software, moving your data over to the new system, configuring your users and processes, and training your users on the software- this is why choosing the right partner for implementing your ERP system is just as important as selecting the right software in the first place.

Businesses can implement ERP software in industries such as retail, manufacturing, health, not-for-profit, agriculture, and many more, assisting with increasing the speed and efficiency of communication within the various departments.

ERP systems, if implemented successfully, can bestow impressive strategic, operational and information-related benefits to business of all sizes.

ERP systems have a vast scope and prevents companies from installing implementing a variety of software that fails to integrate well together, and offers a catalogue of modules within the sole system for businesses to customize to suit their individual needs.

To truly understand the value of an ERP system, it is important to understand not only what an ERP system does, but to ask the right questions to know what ERP system is best for your company, and if you are ready for an implementation.

Is the ERP system cost effective?

The cost of an ERP software is a very crucial element in choosing an ERP application for the business. Sometimes it can be a deal breaker because if you are unsure about the return on investment it will provide. If you are considering implementing an ERP system into your business, be sure to do your research about what costs are involved. For example:

  • What are the initial set up costs?
  • What are the subscription/ongoing costs of maintaining the system?
  • Do you require to purchase any licenses?
  • Will you have your ERP system on-premise or will it be cloud-based, and what are the costs required?
  • Do you require all aspects of the ERP system, or do you only need some of the main modules provided?

Is the software Customisable?

ERP software is implemented to increase the efficiency and make your business operations more effective. Having the option to customise your ERP system to suit your business needs will allow for the system to be optimized to your business, rather than changing your business to change suit the system.

How much training is required with implementing an ERP software?

The implementation of an ERP system into your business is quite a significant change into your business practices, and will require staff at all levels to partake in training to get the most out of the ERP capabilities. Having a new ERP system can be daunting for some people, and some staff may require more training than others, so it is crucial to take constant feedback during this phase to prevent things from snowballing.

Does ERP software implementation require technical support?

Whether you are hosting your ERP system on premise, or on the cloud, it is important that you have technical support available to you when you need it. When deciding upon an ERP system, considering a local dealer who can assist you with any concerns or problems that may occur is a valuable commodity to your business and ERP implementation.

Just because one type of ERP system works wonders for a business, doesn’t necessarily mean that it’s the best solution for you. Be sure to do your research and consider all the options that are available, and how they can benefit your business.