What exactly is ERP and why is it so valuable?
ERP Definition = ERP stands for Enterprise Resource Planning, which is a fully integrated software suite. It allows users to view, manage and track core business processes and resources using one single database, all in real-time. Read more
Due to technology’s constant evolution, keeping up with the times poses a real challenge to many businesses. This is especially true when trying to stay efficient and accurate in Management Accounting.
In a survey conducted in 2011, nearly one third of accountants surveyed showed concern towards their business’ ability to incorporate technological change.
For the small and medium-sized enterprises, limited resources is a big reason why acquiring the latest accounting systems is put on hold.
The small business generally lacks efficient management software.
One of the reasons for this is due to the high cost of solutions out on the IT market. Company leaders not only have to think of the software’s purchasing cost but also of its high fees associated with its installation, training and technical support.Even if a company has the financial means to acquire one of these systems, they may be facing other problems. Their software solution may not have all the desired features that the company needs and wants, which make it inefficient and laborious. This in turn wastes staff time and efforts, where it eventually leads to more money wasted.
The management of clients is an increasing share of business and represents many challenges for the small and medium sized enterprises.
This post was updated to reflect current trends and information.
Small and Medium Enterprises produce a mass of business data: reports on sales, profitability, financial performance, etc. Most of those companies are not aware that management dashboard and performance indicators exist at an affordable price. To interpret that mass, they most often use a system they have developed themselves, for example from Excel spreadsheets. Read more
