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Innovate Forward #2: When Transitioning To A Cloud-Based ERP System, Your Guiding Partner Matters Most

INNOVATE FORWARD #2 by Dixie McCurleyClick here to view all episodes.

If Our Business Is On An Archaic ERP System, Is There Hope To Transition To A Cloud-Based Solution?

The guiding partnership in a transition will dictate the ease, relevancy, and success of your digital cloud ERP transition. How much help your business needs depends entirely on the specific requirements of your business.

Trusted CFO Solutions begins the process of client engagements with an assessment. Not only are we running an outsourcing practice that does the accounting for our clients, but we also manage the software selection, software implementations, and ongoing optimization plans for larger clients that use these tools on their own. Our broad service line offering meets clients where they are on their entrepreneurial journey.

Desktop Systems Struggle To Transition In Crisis

If clients are using an on-premise product, it’s likely they don’t have the latest edition of their software. It’s those annual updates that are so inconvenient and laborious with an on-premise software tool. Companies usually have to employ an IT person to make these updated installations and keep things running smoothly. The beauty of getting into a cloud-system immediately is the seamless rollout of cloud-based automatic updates.

We saw this problem play out with payroll providers during the pandemic transition. The providers with a desktop product (not a cloud-based one) were not able to generate or deploy crisis critical reports. Those with a cloud-based offering immediately provided PPP payroll reports. Not only did they launch it quickly, but they also made around ten updates to these payroll calculations based on the quick changing context.

As things continue to change and improve, cloud-based systems (like Sage Intacct) get updates without the user having to do anything on their end. Companies no longer need an IT person to install, pay, or upgrade the software — eliminating the on-premise administrative burden. This also follows with backing up the system’s data.

Migrating from a desktop-based system to a web-based one delivers immediate and long-term benefits. You’ll eventually be forced to do it, so its best to lean in and make it happen now.

Outdated ERP System Reporting Headaches

Putting anything into a manual spreadsheet, which is where most business reporting lives, is time-consuming and problematic. With the PPP program, these funds are not normal revenue, they are other income. How do you want to state it? And does your system let you easily change it if things change?

With QuickBooks, you can’t massage the hierarchy. You can’t do proper reporting groups if you’re going to present to the bank where the funds went compared to your tax person, your management team, or your operations staff.

With Sage Intacct, you can show it all three different ways, easily. You can build a reporting group in four minutes, instead of spending four hours to restate it, and then four hours to restate it again, and four hours to again restate.

There are many efficiencies gained by having a hierarchical dimensional-type system that does not exist in other programs.

What is the Best time for a Company to Make the Switch? Now or Later?

The best time is like the best time to begin saving for retirement. After the best option of yesterday, TODAY is the best time to start.

We’ve got several new clients we’re working with that have not yet closed their financial books for 2019. Because of the dramatic advantages (up to ten times more efficient and productive) of closing in the new cloud-based system, we’re directing them to switch and close in Sage Intacct.

These clients are concerned about transitioning because their financials are not up to date. As a strong experienced partner, we’re here to help them navigate the process while helping them migrate the data that matters. Since they’ll benefit from the transition so dramatically, why not do it now?

Whether you have the time or not, now is time to make the transition happen. On the other side, you’ll kick yourself for not doing it earlier.

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About Dixie McCurley — Co-Founder of Trusted CFO Solutions

dixie mccurley holding financial leader of the year award

Never able to fully identify with the stuffy title of “accountant”, Dixie McCurley set out to revolutionize accounting practices for small- to medium-sized businesses by offering a new way of thinking about the process. With a unique method that capitalizes upon the latest technology, she walks each client through their pain points. In 2019, she was awarded the Financial Leader of the Year award for innovative solutions in finance.
Click here to learn more about Dixie.



Outgrowing Quickbooks?

Say goodbye to spreadsheet reporting and manual consolidations and start using a cloud-based financial management system.

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