Enterprise resource planning (ERP) systems are designed to streamline and automate many core business processes, including finance. However, ERPs are not a one-size-fits-all solution, and there are some important reasons why you should not rely on your ERP for all your finance processes.
ERP systems are designed to be general-purpose solutions, and they may not be able to accommodate the specific needs of your business. For example, your ERP system may not be able to handle complex vendor management requirements, or integrate with another 3 rd party software that is integral to your business.
Implementing and maintaining an ERP system can be a complex and expensive process. This is especially true for large and complex organizations. If you are not careful, you could end up spending more money on your ERP system than you save on manual processes. Many large organisations use 3rd party Implementation/Project Managing Consultants to customise their ERPs and go so far from the original setup the ongoing maintenance of the system becomes untenable.
ERP systems are typically designed to be used in a specific way. This can make it difficult to customise the system to meet your specific needs. If you need to make significant changes to the way your ERP system works, you may need to hire expensive consultants.
ERP systems can be slow and inefficient, especially for large and complex organizations. This is because ERP systems need to process a large amount of data. If your ERP system is slow, it can delay important financial processes, such as accounts payable and purchasing.
ERP systems contain sensitive financial data, which makes them a target for hackers. If your ERP system is not properly secured, it could be compromised, which could lead to financial losses.
Accounts payable and purchasing are two areas of finance that are highly complex and require a high degree of specialised knowledge. ERP systems may not be able to provide the level of support that you need in these areas.
Here are some specific examples of how a dedicated accounts payable and purchasing solution can benefit your business:
If you are looking for a way to improve your finance processes, consider using a dedicated accounts payable and purchasing solution. A dedicated solution can provide you with the level of support and functionality that you need to streamline your processes, improve accuracy, reduce costs, and improve compliance.