A recent LinkedIn question about “concrete ERP return on investment” got me into a “let me count the ways” frame of mind.
Overarching “concrete” ERP return on investment depends on how you mix and apply the concrete. Such ERP powerhouses as Microsoft Dynamics® GP can provide huge ROI if properly implemented and utilized. Benefits are myriad and span the entire spectrum of technology—from sophisticated security to ability to track receivables and payables with pinpoint accuracy.
While ROI is ongoing, it also can be episodic. For example, one regulatory audit can wreak havoc on an unprepared company—both in terms of use of the in-house workforce to assemble needed information, and payments to outside financial and/or legal counsel. Appropriate accounting software can eliminate many of the headaches—much like being prepared for a tax audit ahead of time, instead of having to gather together needed documents and data.
Following are just 10 of the ways that robust and reliable accounting system software can bring about solid ROI:
• No data entry redundancy;
• Rapid report assembly and printing;
• Up-to-date, accurate financials for forecasting;
• Elimination of time-intensive, costly “build as you go” accounting system software functionality in such areas as security, scalability, and currency;
•Facilitating reliable and straightforward employee use, thereby saving time and enhancing morale;
• Enhancing employee training on accounting solutions with clear and comprehensive step-by-step self-directed learning protocols;
• Improving employee retention programs, thereby reducing exorbitant costs related to rehiring and retraining;
• Improving employee recruitment efforts, because prospective employees view robust and reliable accounting software as a valuable employment benefit—this results in a more focused and effective recruiting effort, in turn leading to more productive hires;
• Serving as a valuable business development tool, because stellar accounting services provide one bedrock indicator of a stable company capable of providing accurate and timely information.
Of course, the ultimate key to success lies in intelligent deployment, consistent management and maintenance, and timely updating of accounting system software to address changing rules, regulations and functionality. Since it all starts with installation and accounting software training, make sure your ducks are in a row—and are able to move nimbly without getting mired down in soft concrete.
