BTerrell Group Blog

When to Implement a New ERP System – Reason #4 Your System is Outdated

Posted by Keith Karnes on Thu, Aug 21, 2014

I recently started a blog series discussing some of the main reasons companies need to implement a new ERP system. (Read reasons #1 and #2, and #3 here.)  Today, I'll discuss Reason #4.

Reason #4 Your System is Outdated

According to a recent study by Mint Jutras, 71% of SMBs (small and midsize businesses) are running the first solution they ever implemented at the company. If you consider the importance of accurate financials, the reliance on technology for this data, and the evolution of ERP, this statistic is a little disconcerting.

Let’s consider a start-up firm that implemented a basic accounting package 20 years ago. Over the years, the business evolved, but the processes could not develop along with the company because of the outdated platform. While the software was great for the company 20 years ago, its lack of flexibility and integration caused the company to rely on error-prone, inefficient manual processes.

Outdated Accounting System

Another company who was in a similar situation, found this out the hard way. The errors caused by their manual processes, and lack of control due to outdated software, resulted in $180,000 of improper expenses and reimbursements within a six-month period. Unfortunately, mistakes like these are common when running outdated software.

In my experience, if you compare the full costs and productivity implications of continuing to use outdated processes and software, compared to a new cloud-based financial management system such as Intacct, you will be pleasantly surprised at the outcome. More times than not, by switching to software that will grow with you; increase your productivity; and provide access to information anytime, anywhere results in tremendous, positive ROI.

Tags: Intacct, ROI, When to implement a new ERP, SMB software, outdated software

Attention CFOs: How Do You Know Your Software Investment Will Achieve a Positive ROI?

Posted by Brian Terrell on Thu, Aug 14, 2014

As a CFO who’s done his homework, you already know 90% of all there is to know about the finance and accounting software in which you are about to invest. You don’t need me telling you about the product or showing you flashy screenshots. You already know Intacct increases visibility into business performance and allows your company to continue to grow. You must now choose a trusted partner with the experience and resources to help you quantify what it will mean to your company to make this investment. This decision is arguably the most important decision you will make. Without a partner who understands your business, has a firm grasp on best practices, and possesses the requisite experience integrating ERP software with industry-specific solutions, will your software investment ever achieve the anticipated ROI?

How do you know Investment = ROI

Recently, we helped a manufacturing company leverage best practices throughout their organization and integrate their chosen finance and accounting solution with industry-specific software. Specifically, this company saved $50,000 per year in employee-related costs and has improved inventory turns, which translates into a savings of over $400,000 that may now be invested in other areas of their business.

In the 23 years since starting BTerrell Group, I’ve helped SMBs achieve quantifiable results by understanding each company’s specific needs, matching those needs with our technology, and improving performance through automation and best practices. If you are considering a new ERP solution, and you want to get the most out of your investment, we would love to speak with you to help you manage the risks, achieve the rewards, and experience the possibilities of the Intacct software you’ve already decided to implement.

Tags: ERP, Intacct, software investment, ROI, CFO software investment